RECKON LINKS UP WITH TECH GIANT PAYPAL
Written on the 14 July 2016
RECKON (ASX:RKN) has partnered with digital payments giant PayPal to diversify payment options for clients.
The Sydney-based company's online accounting platform Reckon One will issue invoices using PayPal technology, including a 'pay now' option to accept debit and credit card payments.
New Reckon One customers will be automatically set up with a PayPal account to streamline the transaction.
Reckon Australia and New Zealand managing director Sam Allert says the partnership offers SMEs without EFTPOS facilities an alternative payment option.
"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," Allert says.
"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."
Allert says figures from ASIC show about 44 per cent of company failures were caused by inadequate cash flow in FY15.
PayPal Australia managing director Libby Roy says the platform services more than 6.3 million customers in Australia and more than 184 million across the world.
"PayPal is the most widely used and trusted digital wallet in the world, giving Reckon's customers broad acceptance and freedom of choice," Roy says.
"PayPal never closes; monitoring transactions 24/7 and we use the latest anti-fraud technology to help safeguard Australian small businesses."
The alliance between Reckon and PayPal follows a strategic partnership with OzForex Limited (ASX:OFX) announced last week.