The partnership with PayPal will see Reckon’s online accounting platform, Reckon One, issue invoices using PayPal payments technology.
Invoices will now include a ‘Pay Now’ option to accept payments via debit and credit cards, including Amex, MasterCard and Visa, or via a PayPal account.
PayPal will automatically provide new Reckon One customers with a PayPal account, allowing users to receive payments instantly.
“As a result, payments are more likely to be made immediately and PayPal is able to rapidly process the transaction, transferring funds directly back to the vendor's merchant account,” Reckon said in a statement.
“The partnership assists SMEs by offering additional payment options for those that would otherwise not have EFTPOS facilities, which helps increase cash flow and removes the dependency on matching cheque and EFT payments to customer invoices.”
Managing director of Reckon for Australia and New Zealand, Sam Allert, said cash flow is a “major concern” for SMEs.
“Steps to alleviate the problem, such as setting up independent credit card processing technologies can be troublesome,” Mr Allert said.
“Setting up your own online credit card processing facility takes time, and forces companies to complete extensive steps including merchant facility approvals.
“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.
“According to ASIC, in the 2014-2015 financial year approximately 44 per cent of company failures were caused by inadequate cash flow or high cash use, so any advantage which can be gained is critical,” he said.