Xero is enhancing its payments platform with TransferWise, Stripe and GoCardless, to help UK SMEs get paid faster.
In particular, Xero is making it easier for small businesses to set up card and debit payments for customer invoices.
And Xero’s platform upgrades will help SMEs pay multiple bills quickly, and reconcile everything against their accounting ledger.
Zero says that Pay with TransferWise offers a new way for UK SMEs to manage and pay bills using TransferWise. This can be direct from customer’s Xero account, no matter who they bank with.
The result is less time spent paying suppliers and increased efficiency with seamless reconciliation.
Xero says that seamless onboarding makes it simple for SMEs to accept credit card, debit card or Apple Pay payments. These can be made via Stripe, or direct debit payments through GoCardless.
Again, the result is that SMEs will be paid faster.
Moreover, Xero is enhancing its offering to include instalment payments for invoices in GoCardless for Xero.
In addition, SMEs can now access the first global network for recurring payments through GoCardless. This collects global payments with just one bank account, settling in their ‘home currency’ with foreign exchange powered by TransferWise.
“Small businesses have to juggle many things to ensure success but incoming and outgoing payments shouldn’t be one of them. We are partnering with the world’s best payments providers, from Stripe to GoCardless and TransferWise,” says Craig Walker, Executive GM Payments and Billing Xero.
“So we’ve developed smarter and seamless ways for SMEs to go from idea to payment as quickly as possible. This ensures that everyone gets paid faster and the small business economy can grow at an even faster pace.”
TransferWise for Business
Xero is making it easier for small businesses in the UK to pay and reconcile their bills on the platform. This is thanks to Pay with TransferWise, giving them an accurate, real-time picture of their business health.
This is the first ever domestic bill pay solution from TransferWise in the UK. It offers a standardised way for small businesses in the UK to pay bills, regardless of who they bank with.
By plugging into the TransferWise API, Xero will provide its customers with alerts about potential payment errors before they occur. And they can view the status of payments, and automatically reconcile transactions in a single statement line. Once payment has been made, business owners can easily provide remittance to suppliers. In addition, they can see a real-time picture of their payments to understand the impact on their cash flow.
“Xero shares our vision for bringing fairness, convenience and transparency to small businesses all over the world. From the beginning we knew this partnership would be a perfect fit,” says Stuart Gregory, MD TransferWise for Business.