July 7, 2017 – Friday — Xero and Stripe are working together on automating payments for the accounting software to help businesses get faster payments for online invoices.
Image credit:www.xero.com/blog/2017/07/stripe-first-class-payment-experience/
Cashflow Is Vital
Xero believes that a good cashflow is vital when it comes to running a business, and for cash to flow smoothly, invoices should be paid on time.
Considered as their first step in automating payments, Xero added an online payment option to the accounting software. With just a few clicks, you can already accept credit card payments for your online invoices once you integrate with Stripe. Also, once you send online invoices to your customers in Xero, they would have the option to pay it immediately using their debit or credit cards.
Image credit: Xero Blog
Automated Reconciliation for Stripe Payments
Image credit: Xero Blog
Automating Stripe payments is just a start… and it does never stop there.
One of the struggles that most customers are having is reconciling bank statements. This usually starts with identifying payments in the statement line, and searching for Stripe payments/fees via find and recode, before ending the reconciliation process by clicking the Ok button.
Xero believes that this is a long manual process that would take time and effort for users, which is why they included an automated reconciliation feature for Stripe payments!
With this new feature, all transactions in Xero under the Stripe statement line will be matched automatically, allowing you to easily reconcile in Xero. Once there are different amounts found within Xero and Stripe payout, Xero will automatically search for the possible transaction which will act as a partial match.
You can check out this blog to learn more information about this new feature, and be sure to visit the Xero app marketplace to see the benefits of integrating Stripe with Xero accounting software.
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