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MYOB launches new mobile payments product

Australian accounting software company MYOB has revealed it will be adding a mobile payments product to its portfolio.

The new technology, known as MYOB PayDirect, is scheduled for a limited release at the end of next month.

It will allow users to accept payments via their smartphones, which is expected to come in useful for travelling salespeople and tradesmen.

MYOB chief executive Tim Reed said that research conducted by the company indicates one-in-ten businesses already take payments on the go, however, a third said they would benefit from being able to.

"They could significantly improve their cash flow, a top five SME pain point, by incorporating this solution into their business - taking payments on the spot and receiving funds in two days instead of in 30, 60 or 90 days," he added.

The application will be made available for iOS and Android initially and makes use of a card reader that can be added to simplify MasterCard and Visa payments.

By Gary Cooper