Kammys Musing

This is the second method we tried last month. Check out this link if you are looking for Paypal.

The past month we have had the opportunity to try out 2 methods of payment; Paypal and MYOB. The client was coming to Australia from overseas and we needed a way to invoice them and also receive payment in a quick and safe manner.

Invoicing through MYOB
With MYOB, as it is a fully fledge accounting software, you have more items to customised compared to Paypal. You can even add BPAY or Paypal to your clients.

MYOB charges are lower (1.8% + 25cents transaction fee) compared to Paypal (3%). You can opt to absorb the surcharge or pass it to the clients. (However, seller cannot pass the surcharge to client who makes payment through BPAY.)

We tried absorbing the surcharge a couple of times for good friends – a $50 charge comes back as $48.85 and a $70 charge came back as $68.49. More details here at MYOB page.

It took at least 2 days for the transactions to appear on MYOB and the bank account. A bit slow but it kind of compensate for the low fee.

Reminder
You need to register to have this option in your invoice; it it not an automatic option. It took us approximately 26 hours from applying to approval.

Likes
1. Option to pass the transaction fee to client.
2. More option for client to pay besides Visa & Mastercard (+BPAY, Paypal, American Express, Google Pay, Apple Pay)

Dislikes
1. Days to get the money into your bank account.
2. Need to subscribe to MYOB.

Verdict
We prefer this method over Paypal. More options for the clients to pay.
The fact that it is also under the same accounting software makes it easier to manage and trace.

Until then, stay hungry, stay safe.