Xero helps small businesses get paid faster with Stripe
Freeing up cash flow and boosting conversion for Xero's customers globally
Xero is a global cloud-based small business platform that powers over 2 million small businesses around the world. It helps these businesses save time on bookkeeping by automating everyday tasks, and uses Stripe Connect to help their customers get paid faster globally and streamline recurring payments.
Xero customers get paid 14 days faster with Stripe
Receiving online payments with Stripe means that Xero small businesses get paid 14 days faster globally on average versus businesses that don’t use an online payment service. Getting paid faster not only frees up cash flow but reduces precious time that business owners spend chasing invoices. In turn, this improves customer attraction and retention, as well as boosting overall revenue for Xero.
Commenting on the partnership, Xero’s cofounder and Executive General Manager of Payments and Billing Solutions Craig Walker says: “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.”
Maximizing conversion with payment methods and mobile wallets
With Stripe, small businesses using Xero can let their customers pay invoices by credit or debit cards and mobile wallets like Apple Pay. Customers love the convenience and, because it’s all in Xero, businesses can see who has paid, what services or products are selling well, and how their cash flow stands.
Ahead of the enforcement of Strong Customer Authentication (SCA) in Europe, Xero migrated to Payment Intents to ensure compliance while maximizing conversion for their customers.
Powering recurring payments with auto pay
Stripe partners with Xero to power their auto pay product which helps streamline and automate recurring payments. This lets businesses and customers set up and approve scheduled, recurring payments so the invoice and the payment happen automatically, saving time for both the business and the customer, and helping the business get paid even faster.
Every transaction accounted for and reconciled with one click
71% of Xero accountants and bookkeepers said that bank feeds and reconciliation are their favourite feature of Xero, so Xero teamed up with Stripe to integrate a Stripe data feed into the platform. Now, when a Xero user receives payment via Stripe, whether on an invoice or in an e-commerce store, they automatically see that payment transaction flow into Xero as an individual line item, making reconciliation a breeze.
Rapid global expansion with a single point of integration
Xero has grown from powering a handful of small businesses in New Zealand in 2006 to a global technology company today, working with customers in over 180 countries around the globe. Their partnership model has seen them integrating with Stripe’s Global Payment and Treasury Network to streamline their global expansion.