now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk
Treasury & Capital Markets
Xero joins forces with Stripe on payments, collaborates with PwC
Xero is partnering with Stripe on innovations that help small businesses get paid faster, collaborating with PwC to allow local PwC firms to provide quick access for their clients
The Asset 20 Jun 2019

Global small business platform Xero is partnering with Stripe to develop new innovations that help small businesses get paid faster, in more ways, and gain more visibility over their business performance. Xero is also collaborating with PwC to allow local PwC firms around the world to provide quick access for their clients to access the Xero platform.

The global partnership with Stripe, announced at Xerocon San Diego 2019, will enable new payments experiences that are more efficient for small business owners and their advisors around the world. Xero and Stripe are building new tools to invoice customers more efficiently, bring additional insights on their business performance and get paid, no matter how or where they do business.

The first two innovations announced that are being developed under the new partnership include:

• A new Stripe feed, designed to bring comprehensive transaction data for all Stripe payments into Xero for easy reconciliation and greater insights, whether a small business invoices from the Xero platform or an ecommerce site, and

• Auto pay, allowing small businesses to set up and receive recurring payments for repeat billing customers directly through Xero

Data from Xero found that, on average only two-fifths (39 percent) of payments to Singapore small businesses were made on time and more than one in ten (11.3 percent) were paid more than 31 days late. Small businesses that enable Stripe payments in Xero invoices are currently paid up to 15 days faster globally, and up to 16 days faster in North America compared to those without a payment gateway.

“Small businesses are fundamental to the growth of major and developing economies around the world; and that ensuring they get paid on time is vital to their survival and growth,” says 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 today brings us even closer to helping small businesses spend less time chasing payments, and more time focusing on doing what they love.”

A new data feed from Stripe — a first-of-its-kind integration with a major cloud accounting platform — will make it easier than ever for small businesses to receive comprehensive transaction data on sales and invoices within Xero.

Xero previously enabled automated Stripe reconciliation for customers who accepted credit card payments with Stripe through Xero online invoices. With the new Stripe feed, the small business user will see all transactional data processed through Stripe — whether an online invoice from Xero or an e-commerce platform such as Shopify — this includes automatically seeing all payment transaction data, processing charges, flow into Xero as individual items.

The Stripe feed will be available in the next few months.

Small businesses will be able to set up and accept recurring payments from customers who do repeat business, enabling greater on-time payment of invoices. On a monthly basis, more than 1.6 million repeating invoices globally are paid in Xero.

Auto-pay will be available soon to businesses in the United States before rolling out globally.

 

Xero and Stripe are continuing to explore new payments experiences and will announce more features in the coming year.

Xero’s partnership with PwC builds on established relationships in the UK, Canada, Australia and New Zealand. As a result of the new global collaboration, new advantages will emerge for small businesses based in markets like Asia, Europe, the United States and other countries to help accelerate their cloud adoption journey. It also outlines a commitment from both PwC and Xero to continue to innovate together, resulting in the development of efficient products and services for small businesses around the world.

Anna Curzon, Xero’s chief product officer, says, “Internationally, less than 20% of small businesses use cloud accounting technologies. Australia and New Zealand are much further advanced in this area, there is a huge opportunity to bring the benefits of real-time tools to businesses and advisors around the world. This alliance means Xero and PwC can work together to help small businesses increase productivity and provide them valuable time back in their day.”

“Accountants, bookkeepers and their customers want beautiful technology and intuitive online experiences to drive efficiency which helps their businesses thrive. PwC has big ambitions for delivering the innovations their clients want and are asking for. By leveraging Xero’s global platform and strengthening our relationship, we’re able to build a more connected network to accelerate innovation. We see this as helping small businesses succeed by opening up even more opportunities to deliver beautiful products and services around the world,” Curzon says.

Using Xero Application Programming Interfaces (APIs), PwC will work with Xero to continue to innovate together, resulting in the development of more efficient products and services for small businesses. Xero and PwC have already established a track record of designing and building innovative tools and solutions such as PwC’s Cashflow Coach. 

Conversation
Darius Liu
Darius Liu
co-founder & chief operating officer
ADDX
- JOINED THE EVENT -
Asset Servicing Leadership Series
How digital assets are transforming Asia's investment landscape
View Highlights
Conversation
CJ Fong
CJ Fong
head of Asia sales
GSR
- JOINED THE EVENT -
In-person roundtable
What next for digital assets
View Highlights