- Created by AdrianC, last modified by RonT on May 13, 2021
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https://help.myob.com/wiki/x/LRG0Aw
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Only available for early adopters using Online Invoice Payments - IS THIS WHAT WE SHOULD SAY ABOUT THE PILOT? (IN CASE THOSE OUTSIDE OF THE PILOT FIND THIS TOPIC)
Why you should set up direct debit requests
If you use Online invoice payments, you'll find that direct debit requests are another great way to maintain your cashflow. Direct debit requests are ideal for businesses that regularly invoice customers for the same amount, such as gyms, real estate agencies and childcare centres.
When you set up direct debit requests in MYOB you can:
- Give your customers the ability to pay via AMEX, Visa, MasterCard and BPAY
- Take payments straight away, plus you'll get notified as soon as they've paid you
- Combine invoice payments with automated reminders saving you heaps of time chasing payments
- Get a clearer picture of settled funds and paid invoices via an invoice payments report
How it works
You set up the details of the direct debit request, including the customer, the direct debit amount and the payment schedule. When you save these details, the direct debit request is emailed to the customer. The customer then needs to enter their banking details and authorise the request.
You can set up your direct debit requests by visiting this website <LINK REQUIRED>, or from within MYOB.
Get set up
- Go to the Reporting menu and choose Reports.
- Under Online invoice payments, click Transaction details to open the Invoice Payments page.
- On the Direct debit requests tab, click Create direct debit requests.
<SCREENSHOT> - Choose a Customer.
- Change the email address if you want.
- To set when the customer pays you, choose the Payment schedule and the First payment date.
- Enter a Description of the direct debit request.
- Select whether the direct debit will be Tax inclusive or Tax exclusive.
- Complete the details of the transaction:
- Choose the Account the income from this direct debit will be allocated to. If you're not sure, check with your accounting advisor.
- Enter the Amount to be debited each time according to the payment schedule.
- If required, change the Tax code. If you're not sure, check with your accounting advisor.
- Click Send and save to email the direct debit request to the customer.
The direct debit request is listed in the Invoice Payments > Direct debit requests tab with a Status of Pending authorisation.
What happens next
The customer you chose for the direct debit request receives an email of the request with the direct debit amount and payment schedule.
<SCREENSHOT>
If the customer agrees to the direct debit request, they need to click Setup payment. They are then prompted to enter their banking details.
MYOB then deposits $0.01 into their nominated bank account, including a verification code in the payment description. The customer finally confirms and authorises the request.
When the customer authorises the direct debit request, the Status of the request changes to Active in the Invoice Payments > Direct debit requests tab.
only Osko or PayID enabled bank accounts can be used (see showcase video from April 13 for demo) - DO WE NEED TO MENTION THIS?
Manage your direct debit requests
You can view and cancel direct debit requests. You can cancel them before or after a customer has authorised the request.
You're not able to edit direct debit requests yet – this function will be coming soon. If you need to change a direct debit request, cancel it and create a new one.
- Go to the Reporting menu and choose Reports.
- Under Online invoice payments, click Transaction details to open the Invoice Payments page.
- On the Direct debit requests tab to see your direct debit requests.
- If you want to:
- View a direct debit request, click the Customer.
Cancel a direct debit request, click Cancel in the Update payment column and Cancel direct debit in the message that appears. The Status of the direct debit request changes to Cancelled. The customer will be automatically emailed that the direct debit request has been cancelled.
How the direct debit payments look in MYOB
WILL THE DIRECT DEBIT RECEIVE PAYMENT TRANSACTION BE AUTOMATICALLY CREATED IN THE PILOT OR LATER ON? WILL THE INVOICE BE AUTOMATICALLY CLOSED WHEN PAID?
FAQs
<Pete Barber showed some client questions from research sessions - perhaps include one or two as FAQs? See OIP showcase video from April 14>
What are the fees for using direct debits?
There are no setup or cancellation fees. There's just a transaction fee of $0.25 per transaction + 1.8% of the invoice value.
You can choose to absorb the transaction fees or pass them onto customers via surcharging. HOW DO THEY DO THIS? WILL THEY BE ABLE TO DO IT FOR THE PILOT?
Associated fees and charges are direct debited on a monthly basis from a bank account of your choosing. HOW DO THEY DO THIS? WILL THIS HAPPEN FOR THE PILOT?
Can I edit a direct debit request?
Not yet. For this early adopters release, you can't cancel a direct debit request – you'll have to cancel the request and set up a new one?
Yes
No
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