Xero, a Wellington City, New Zealand-based cloud accountant, as per recent reports, has announced its partnership with Stripe, a San Francisco, California-based payments tools and solutions provider, to assist small businesses with multiple, faster payments options.
“Small businesses are fundamental to the growth of major and developing economies around the world; ensuring that they get paid on time is vital to their survival and growth,” states Craig Walker, Founding CTO & Executive General Manager, Platform Business Technologies at Xero. “We built the Xero platform to help small businesses grow with better tools, smarter insights and comprehensive connections to the information they need to run their business. Our partnership with Stripe brings us even closer to helping small businesses spend less time chasing payments, and more time focusing on doing what they love.”
The two companies are currently working on solutions that are more efficient in terms of client invoicing, offering deeper performance insights about the business. The first two tools that are to be launched soon, under this partnership tag, are the Stripe Feed and Auto Pay.
With new data feed from Stripe, businesses can easily receive all transaction data on sales and invoices in the Xero platform. Prior to this partnership, Xero used to facilitate Stripe with reconciliation for credit card payments processed through Stripe. The new partnership will ensure autointegration of every payment processed through Stripe, ranging from online invoices to Shopify purchases and processing charges, as individual line items in Xero. And the Auto Pay tool will enable businesses to set up recurring payments option for repeat billing customers in Xero.