Xero needed a way to get its customers paid faster and to streamline recurring payments. They searched for a partner that could solve both of these issues so they could help their customer -including a thriving ecosystem of 700+ third-party apps and 200+ connections to banks and financial service providers eliminate some lag time and legwork around getting paid.
Xero partnered with Stripe so its users could accept credit and debit card payments, thus getting paid faster. Now that Xero’s clients can set up the Stripe payment method in just a few minutes, they save hours (and sometimes days or weeks) they normally would spend chasing payments. Stripe Connect allows customers to pay invoices immediately by simply entering their credit card details or authorising the payment with mobile wallets like Apple Pay.
With Stripe, Xero customers now get paid 14 days faster on average, which helps these small businesses be more productive and maintain a cash-healthy business. Making it easy for customers to pay invoices has helped Xero customers transform always-late into on-time payers, and has boosted the company’s overall retention rates.
Auto Pay: Click, pay, repeat
Who doesn’t love automation? The Auto Pay feature allows Xero customers to set up and receive recurring card-based payments for repeat billing customers. Thanks to this feature, businesses get paid on time, every time.
Reconciling payments has never been easier
Xero integrated a Stripe data feed into the platform. When a user receives payment via Stripe (whether on an invoice or in an e-commerce store), Xero will automatically create the payment for the business owners. This makes it easier to reconcile books than ever before. The partnership between Xero and Stripe has resulted in faster payment cycles for business owners, a frictionless experience for end customers, and a revenue surge for Xero.
Partnering with Stripe has allowed us to make a meaningful impact on small businesses by reducing payment times and helping the small business economy grow at an even faster pace. The speed Stripe moves at is unparalleled. Everything Stripe does fits within our wheelhouse; we are close as companies, and we work hard together to drive better cash flow outcomes for Xero customers.