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February 10, 2020

Xero, Square partner to enable instant invoice payments in Australia

SME business platform Xero has launched an enhanced Square integration in Australia to enable instant payments of small-business invoices.

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The move will enable small businesses using Square to make instant invoice payments using a debit or credit card.

Such payments will be automatically recorded with Xero as well as appear in small business’ bank feed.

The integration will also provide the businesses with daily sales-summary detailing previous day’s transactions in Square.

SMEs can break down the data to transaction level and identify all point-of-sale transactions such as tips and surcharges.

Additionally, it will also help businesses in reporting GST.

Xero Australia and New Zealand financial director Ian Boyd said: “Better organised data gives owners the ability to drill down into their sales and simplify reconciliation.

“This enhanced integration with Square ticks both of those boxes. And as with all payment services attached to Xero invoices, it can improve cash flow, which is the lifeblood of small business.

“We know from Xero Small Business Insights data that February can be one of the toughest months for cash flow in Australia.”

Square customer success lead for Australia Chris Rich said: “Many of our customers love using Xero and have shared suggestions on how we could improve the integration.

“We have worked with Xero to ensure the new integration has the deep functionality our customers need for their payments and accounting platforms to interact seamlessly.”

In November last year, Xero partnered with TransferWise, Stripe and GoCardless to facilitate SMEs payments in the UK.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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