Australian accounting software provider MYOB announced its new mobile payments product, MYOB PayDirect, is now in limited release to early adopters within the Australian small and medium enterprise community.

MYOB PayDirect turns businesses' smartphones into payment terminals and offers deep integration with cloud accounting solution AccountRight so payments are automatically entered into clients' books, the company said in a press release. It also enables receipts and invoices to be delivered to customers on the spot.

MYOB cited recent research about SMEs that indicates two in three operators don't offer credit card payment options (61 percent), with one in four (27 percent) citing the cost of processing these payments as a barrier to entry. One in 10 said they have lost customers due to not having credit card payment options.