New Xero integration to make it easier to get paid with Stripe
The expanded online payment solution will help more than one million small businesses get paid faster.
Xero has announced a new integration for its 1-million+ small business subscribers, this time with global payment platform Stripe.
This latest integration follows on from the launch of Xero Connect in mid-July, which aimed to simplify invoice payments between its large and small business customers. This new integration is an extended payment solution for small business customers with automated reconciliation.
Xero is the first accounting platform to deliver this for Stripe merchants.
Xero chief technology officer Craig Walker said the company is "constantly focused" on designing and automating as many manual processes as it can.
"Last year, Xero began automating Stripe fees, and now we’ve completely automated the matching work for you, eradicating what was a largely manual process to reconcile payments. We’re thrilled to partner with Stripe to deliver seamless online payments for our mutual small business customers,” he said.
For Stripe merchants, the reconciliation functionality means Xero matches any Stripe payments that come through your bank feed. All the transactions in Xero are tied to the Stripe statement line and will be automatically matched so they can be easily reconciled with just a click.
Xero will automatically match multiple transactions to a statement line and identify payments and fees associated with their corresponding Stripe payout. Transactions will still be identified and be brought back as a partial match if there are any differences in the Stripe and Xero total.
Christina Cordova, head of business development at Stripe, says the company is excited to work with Xero.
“Sinking resources into needlessly laborious tasks isn’t a good use of time for any small business," she said. “We continue to develop tools and features that make starting and scaling an internet business easier and we're excited to work with Xero to simplify payment reconciliation for our users."
There is also a simple setup process for small businesses to start accepting credit card payments for online businesses. This means they can start getting paid faster.
Walker says this is part of the goal to make getting paid with Stripe as smooth as possible.
"We’re also trying to look at ways we can improve your cash flow and we’re working hard to bring you more innovations in this space,” he said.