Australia-based Reckon, which provides business accounting software
has teamed up with digital payments company, PayPal
. The partnership aims at providing payment options to small and medium sized enterprises which cannot afford proper electronic funds transfer at Point of Sale (EFTPOS) facilities.
According to the company, the deal will potentially strengthen Reckon One
, Reckon’s online accounting software by easy card payments and multiple payment options invoices. Reckon users will be able to access its cloud accounting platform to issue online invoices and pay via PayPal.
How will it work?
Reckon claims that these invoices will feature a ‘pay now’ option. And customers can then pay through their own PayPal accounts or by other debit and credit cards. An account will be created by PayPal later to Reckon One SME clients if they don’t already have one so that they can readily accept payments through the digital payments provider.
Sam Allert, Managing Director for Australia and New Zealand (ANZ), Reckon believes that cash flow is a major concern for small business and steps to alleviate the problem, such as setting up independent credit card processing technologies can be troublesome. He said:
Using an Accelerated on Boarding capability, PayPal will automatically provide new Reckon One customers with a PayPal account, simplifying the set-up process and giving users the ability to take payments instantly.
“We see this partnership with PayPal as a very innovative step forward for Reckon One. We are able to enhance our technology to help solve a real business problem and we are able to do this so efficiently we create substantial time and cost savings in the invoicing and payments process,” he added.
Allert also stated that according to The Australian Securities & Investments Commission (ASIC
), in the 2014-2015 financial year, approximately 44 percent of company failures were caused by “inadequate cash flow or high cash use so any advantage which can be gained is critical.”
Libby Roy, Managing Director for Australia, PayPal, said:
Our partnership with Reckon offers its customers freedom of payment choice and confidence that payments are being made securely. Each PayPal transaction is monitored and heavily guarded behind advanced encryption to help prevent fraud and identity theft.
PayPal claims to have a spread of over 6.3 million customers in Australia and Reckon has inked the deal to assist SME owners to increase cash flow and lessen EFTPOS dependency.