MYOB, an Australian software company that serves small businesses, has teamed up with Mastercard to offer a payment solution that will automate management of supplier invoices and payroll.

With the new solution, customers can make supplier and payroll payments within MYOB’s accounting software platform.

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This will phase out the previous requirement for business owners to manually rekey payment details into their internet banking. Instead, businesses can now pay suppliers and employees using credit or debit card.

The tool will facilitate same-day payments, as well as offer mobile and web-based support. Besides, it will offer alerts in case of due payments.

Mastercard Australasia division president Richard Wormald said: “In the next five years we will see more change in payments than we’ve seen in the previous fifty years.  Enabling small business owners with enhanced payment technology is just the first of many initiatives we will deliver in partnership with MYOB.”

The new tool is expected to be rolled out in the first quarter of next year.

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MYOB CEO Tim Reed said: “The strategic partnership with Mastercard will introduce a host of new backend functionality that automates the process and allows business owners to pay suppliers without having to manually upload files or leave their online accounting software.

“This is another example of how we’re developing a financial ecosystem around the needs of customers. By identifying pain points such as manual processing and working with global partners to come up with solutions, we can give small business owners more control over their operation.”