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Payment system, Eftpos and business software platform MYOB, have announced a partnership to deliver low cost, real time* eCommerce transactions to Australian merchants.

The partnership will see MYOB leverage Eftpos' eCommerce payment processing and settlement capabilities which will help to offer low cost efficiencies and real time transactions to merchants and consumers in digital channels in the coming months.

Eftpos CEO, Stephen Benton, said that digital was a logical next-step for Eftpos.

"With more than 51 million eftpos-enabled cards, Eftpos offers real-time eCommerce capability to almost every Australian with a bank account.

"This means merchants and consumers can get their money quickly while merchants may also benefit from lower costs which they can pass on to consumers through lower surcharges."

"Eftpos is striving to create innovative and cost effective solutions for Australians, while upholding the reputation, integrity, security, reliability and stability of the Eftpos payments system."

MYOB COO, Andrew Birch, said that the partnership will provide businesses with greater freedom which will help them to keep on top of their cashflow.

"MYOB’s core purpose is about helping businesses succeed; we are always looking for new ways to innovate to ensure our customers have the tools and options they need to deliver their own business success.

"We know payments and cashflow are one of the biggest headaches for businesses. Providing greater freedom to accept more payment methods, such as Eftpos, means our customers’ payees have more options to pay, helping them keep on top of their cashflow."

The capabilities will be rolled out in stages, with consumer payments making up the last stage.

The partnership was announced on 15 May.

*In some instances, funds may not be available in real time as the bank or merchant may hold the funds for risk management purposes.

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