MYOB’s Partnerships with Butn and Valiant Produce Lending and Funding Center
After partnering with invoice financier Butn, as well as business lending marketplace Valiant, MYOB has launched a new lending and financing hub that removes much of the friction from SME financing.
MYOB SME Success Report, published in March, found that the digital transformation caused by the pandemic had not accelerated bill payment times as much as SMBs might have hoped. While 32% of SMEs surveyed in early 2022 said more of their invoices were being paid on time, 38% said they had noticed no change and 22% said fewer of their invoices were being paid on time.
MYOB research echoes countless other studies that show that small business owners often have to wait a long time to get paid by their customers, especially if they are large companies, while having to make regular payments to staff and to suppliers. If an unexpected expense is added to the equation, business owners can face an existential cash flow crisis.
Most of the time, SMEs can get the extra funds they need from an invoice financier or small business loan provider. But even in the best-case scenario, getting financing involves a significant amount of time, paperwork, and patience. In the worst case, this may mean accepting exorbitant interest payments and harsh terms to avoid an impending cash crisis.
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The MYOB Lending and Funding Center, which officially launched on April 19, aims to change all that. If you are a customer using MYOB’s browser-based products, you can now log into the hub and, with just a few clicks on your keyboard, get the money you need, on reasonable terms, in as little as three hours in some cases.
The hub is an outgrowth of MYOB taking a stake in innovative bill financier Butn in April 2021, then concluding a exclusive partnership with high-tech business loan market Valiant Two months later. Now, if a money-hungry MYOB customer chooses to go the invoicing funding channelthey simply go to the MYOB hub, select an eligible invoice, and request the funds from Butn.
If they want a business loan, they provide basic information (no credit check is required to generate quotes). Valiant then leverages its industry-leading proprietary technology and relationships with over 80 lenders to generate a selection of no-obligation quotes. Once the SME owner has made his selection, he can begin the process of accessing the loan.
“The goal is to provide nearly frictionless lending to our customers,” says Andrew Baines, Managing Director of Financial Services at MYOB.
“Rather than having to wade through third-party vendors, our customers can use MYOB as a one-stop-shop and feel confident borrowing from trusted MYOB partners. Easy and quick access to loans and financing allows our customers focus on what’s important: running and growing their business.”
The new hub is just the “first step in the integration between Butn, Valiant and MYOB”, says Baines.
“MYOB’s loan and financing offerings for small businesses will continue to be refined. Our goal is to continue to improve our customers’ cash flow and make their business processes ever smoother.