CFOtech Australia - Technology news for CFOs & financial decision-makers
Story image
MYOB extends partnership with Stripe to tackle cash flow issues
Wed, 28th Feb 2024

MYOB has announced an extended partnership with Stripe to facilitate efficient and quick invoice payments through a billing as a service provision. This mutually beneficial collaboration is in response to cash flow difficulties, which continue to be a significant concern for businesses.

MYOB had previously leveraged Stripe's capabilities in New Zealand last year for online invoice payments. The successful implementation of this technology, thanks to Stripe Connect, has led to the expanded partnership. The benefits of the integration extend beyond MYOB's internal operations, with customers set to enjoy enhanced flexibility and improved efficiency when managing their own bills.

As Caroline Rawlinson, Chief Operating Officer at MYOB, explained, "MYOB wanted a solution that would provide greater flexibility, and more automation, to streamline how we bill our customers, so we can focus on bringing more value to them to help them run their businesses."

The decision to work with Stripe was influenced by its reputation for rapid market response. Ms Rawlinson added, "The MYOB platform grows with our customers, bringing together key workflows to enable real-time insights and to streamline tasks. One of the biggest headaches for businesses is cash flow, enabling faster invoice payments helps to alleviate cash flow pressures for customers."

This sentiment was echoed by Karl Durrance, Managing Director at Stripe ANZ, who stated, "68% of finance leaders believe that streamlining financial operations is an essential part of their company's strategic growth. We're proud to enable businesses like MYOB to scale, optimise operations with Billing, and continue to support the small and medium-sized businesses of Australia and New Zealand."

Mr Durrance also expressed enthusiasm for the future of this partnership, remarking, "We look forward to helping them drive further success." Stripe's impressive portfolio of over 12,000 platform partnerships, developed as these businesses have adopted embedded finance functions, points to a proven track record for helping businesses scale and optimise their financial operations.

Through the innovative partnership between MYOB and Stripe, widespread benefits are anticipated not only for the business management platform itself but also for the small and medium-sized clientele it supports in Australia and New Zealand. The two companies are confident that streamlined billing and rapid invoice services will address long-standing cash flow concerns while providing a robust foundation for future growth.