Integrated Payment Technologies (ASX:IP1) CEO, Robin Beauchamp, discusses the company's payment solutions, PayVu and ClickSuper integration with accounting software, adoption and regulatory update.
Rachael Jones: Hello I’m Rachael Jones for the Finance News Network. Joining me today from Integrated Payment Technologies Limited (ASX:IP1) is CEO, Robin Beauchamp. Robin, welcome back.
Robin Beauchamp: Hi Rachael, nice to be back.
Rachael Jones: First up, can you tell us about the business and your offerings today?
Robin Beauchamp: Integrated Payment Technologies has two products, ClickSuper and Payment Adviser. ClickSuper is a superannuation clearing house and has a SuperStream gateway. Payment Adviser looks after all non-superannuation and payroll related payments. However, we do have a new product, which we’re just bringing to the market now and that’s called PayVu. Which brings together, the functionality of those other two products into a much more integrated fashion, with same day payments.
Rachael Jones: Now let’s talk about your payment processing solutions. What can you tell me about PayVu?
Robin Beauchamp: PayVu is a revolutionary approach to the way that businesses can conduct their financial affairs, when it comes to making payments. The Cloud computing environment has led to an explosion in the usage of accounting systems, by small business owners. That in turn has led to an explosion in the number of bookkeepers that are being engaged, with those small business owners. Because everybody realises that accounting is a little more complicated than it first appears. A major part of accounting is to look after payments for the business. And what we’ve done is to produce a solution, which really adds elegance and simplicity to that process.
Rachael Jones: What can you tell me about ClickSuper?
Robin Beauchamp: ClickSuper is a superannuation gateway and clearing house. The gateway is a very secure environment and the latest development that’s happened in that area, is all to do with Single Touch Payroll. Single Touch Payroll contains all of the details about your salary, about you and what you’ve earned so far this year. And obviously needs to be transported in a highly secure environment. That certification that’s necessary for that, involves whitelisting with the ATO to be available for employers to be able to select you, as a transport mechanism for that data. And that’s the process that we’ve been involved in for the last few months and I’m glad to say, that we’ve now achieved and fully whitelisted with the ATO.
Rachael Jones: What is the regulatory timetable for the introduction of STP?
Robin Beauchamp: STP was legislated to be introduced on the 1st of July. However, a number of payroll software providers have requested a deferment of the implementation date, because they’ve needed more time to get their solutions ready, to put that data together. Subsequently those deferments have been granted by the ATO, and employers are now given the opportunity to defer their take up, in some cases, to as late as April next year.
Rachael Jones: How is the ClickSuper business performing, and what impact will the delay in its full introduction have on the up take of STP by your existing clients?
Robin Beauchamp: Superannuation is a mature business now. The introduction of SuperStream generated a lot of competition in this market. However, ClickSuper continues to attract the attention of payroll providers. And quite a good bit of interest from providers from overseas, as they enter Australia and taking up our services. STP is a different matter of course. That’s a data only transmission service, whereas ClickSuper as a superannuation service looks after money and data.
The fact that the ATO has allowed companies to defer that compliance means of course, that the normal approaches to defer compliance, until as late as possible. And so that means that we’ve had a much slower uptake for STP in ClickSuper.
Rachael Jones: Last question now. What can investors look out for over the coming months?
Robin Beauchamp: In a word expansion. There are three major areas that we’re expanding the product in. First of all, the interface is to the accounting products that we support. That’ll be growing from zero as we support now, to MYOB next month and then QuickBooks Online, shortly after that. On the banking side, we look after the big four banks right now. We’re increasing that support by taking on their larger business banking types of platforms, like Commbiz and NAB’s Connect and so on.
And then with the areas of business that we’re trying to cover, so we’ve focused on bookkeepers so far, but we’re seeing attention from accountants. And indeed from payroll services, like bureaus that need to get that real time response to payments happening right there and then, when salaries need to be paid.
Rachael Jones: Robin Beauchamp, thanks for the update.
Robin Beauchamp: Thank you Rachael.