History tells us that the system of payments had been evolving for some time now: From simple exchanges of goods, to the emergence of coins and bills as well as cheques and other amounts that would later come in the form of cryptocurrencies and e-wallets — it’s evolving in a sense that it has moved forward to such convenient options, that payers would never need to probe their pockets and search for their wallets, but instead just swipe their phones and click the “Pay” button.
Image credit: Xero Blog
In retrospect to these convenience that was made over the years, whenever we hear the words “business”, “money” and “payments”, these 4 questions would still come into mind:
- How Much Money Do I Have?
- Who Do I Owe?
- Who Owes Me?
- Am I Making a Profit?
Xero is fully aware of these questions, and what they wanted all throughout was for their users to quickly answer these questions and be able to pay their customers inside the platform, which is why they acquired the services of Stripe, one of the world’s leading industries in online payment processing to do the job.
In Paving the Future of Payments
During a Stripe sessions panel talk in San Francisco, Mary Buckley, Xero’s Head of Financial Partnerships for the Americas, got the chance to talk with Jeanne DeWitt, Stripe’s Head of Sales, as they discuss the relevance of this integration that would provide such positive cashflows to businesses as they end the struggle in managing unpaid invoices.
In a statement, Mary said:
“Xero’s primary focus has been to help small businesses understand how much money they have, what do they owe, what do others owe them and are they making a profit. Integrating with Stripe to help users manage payments, was a natural extension of our invoicing features to streamline the experience for business owners and their advisors.”
All along, Stripe has been living the mission of helping businesses of any size to grow with the help of today’s technology. This integration of Stripe with Xero had truly raised the standards especially in paving the future of transactional payments, as it helped most of their customers get paid in a much faster manner.
They would never have to chase their customers for payments — All they have to do is set up Stripe as their payment service option in Xero and after that, they would now be able to send out invoices and even pay from Xero using both debit/credit cards and even ACH credits. With this breakthrough, users could receive payments in a lesser span of time, and there’s no need for one to pay via online banking or cut cheques, as things can be done directly in Xero.
What Happens During the Integration? The goal of this integration between Xero and Stripe did not only focus on automating payments of transactions such as invoices and bills within the software, but it also focused in making bank statement reconciliation an easy one for customers.
The integration had allowed credit card payments to be accepted directly in Xero, as well as pay the amount straight from the accounting software with the use of their debit/credit cards. As per bank statements, Xero made it sure that users would only have to do just “one click” in order to get those statements reconciled, which is why all Stripe-related transactions within Xero are automatically matched.