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Why you should set up MYOB direct debit requests

If you use Online Invoice Payments, you’ll find direct debit requests are another great way to enhance your invoicing workflow, giving you more time to focus on growing your business rather than spending time on administration. 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 an easy way to pay you without having to manually enter invoices and payments. Having regular scheduled payments from your customers can also help with your cashflow planning.

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 in MYOB by following the steps below. If you need more information, visit this website.

Hands-free payments

Once a direct debit request is set up, everything is done automatically for you. The customer is automatically reminded when a payment is due, the invoice for each payment is automatically created in MYOB and it's automatically closed off when the customer pays it. And, if you've got bank feeds set up on the account the payments go into, those payments are automatically reconciled for you.

Create a direct debit request

Create a direct debit request

  1. Go to the Sales menu and choose Direct debit requests.
  2. On the Invoice payments > Direct debit requests tab, if prompted:
    • enter your business's ABN and the details of bank account you want your customer to deposit funds into
    • if you use bank feeds, choose an account in MYOB to match these payments to
    • acknowledge that you've read the terms and conditions 
  3. Acknowledge that you've read the terms and conditions and click Enable direct debits.
  4. Click Create direct debit request.
  5. Choose a Customer.
  6. Change the email address if you want.
  7. To set when the customer pays you, choose the Payment schedule. You can set up a direct debit to be paid weekly, fortnightly or monthly. More schedule options will be available in a later release of direct debits requests.
  8. Choose the First payment date.
  9. Enter a Description of the direct debit request.
  10. Complete the details of the transaction:
    1. Choose the Account the income from this direct debit will be allocated to. If you're not sure, check with your accounting advisor.
    2. Enter the Amount to be debited each time according to the payment schedule.
    3. If required, change the Tax code. If you're not sure, check with your accounting advisor.
  11. Click Send and save to email the direct debit request to the customer.

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.

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. MYOB will send a copy of the agreement to them via email. 

You can view the direct debit request on the Invoice payments page > MYOB Direct Debit tab (go to the Sales menu > Direct debit requests). It will have a Status of Pending authorisation. When the customer authorises the debit plan, the Status of the plan will change to Active.

Manage your direct debit requests

Manage your direct debit requests

You can view direct debit requests and the status of those requests. You can also cancel a direct debit request 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.

  1. Go to the Sales menu and choose Direct debit requests.
  2. On the Invoice payments page > MYOB Direct Debit tab you'll see your direct debit requests and their Status (Pending authorisation for requests not yet authorised by the customer or Active for those that have been authorised).
  3. If you want to cancel a direct debit request, click Cancel payments 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

If a customer has authorised a direct debit request, they'll be emailed a reminder that a direct debit is scheduled two days before a payment is due. When the payment is debited, the Status of the invoice in your MYOB will change from Open to Closed:

You'll also receive an email that the invoice has been paid.

  FAQs


What are the fees for using direct debits?

What are the fees for using direct debits?

There are no setup or cancellation fees. The fees for each payment are 0.7% +25c, capped at a maximum of $4. So, you'll never pay more than $4.

Associated fees and charges are direct debited on a monthly basis from the bank account you pay your MYOB subscription with.

Can I set an end date for direct debit requests?

Can I set an end date for direct debit requests?

Not yet, but that feature is coming soon.

When are payments settled into my account?

When are payments settled into my account?

Payments will be settled into your nominated settlement account within 3 days from the direct debit plan date.  

What account types are supported?

What account types are supported?

Most bank accounts are Osko-enabled or PayID-enabled and these are the bank accounts that can accept direct debit requests. When the customer tries to accept a direct debit request, a check is made to ensure they have the correct bank account type.