According to Xero the seamless integration gives its more than one million subscribers greater choice of payment services, more cash flow control and enhanced efficiency through automation.
Xero chief technology officer Craig Walker says the Stripe reconciliation functionality means when a Stripe payout comes in through a bank feed, Xero will do the matching work.
He says all the transactions in Xero are tied to the Stripe statement line and will be automatically matched against it so users can reconcile them with just one click.
Walker says Xero can automatically match multiple transactions to a statement line, identifying payments and fees associated with their corresponding Stripe payout.
And additionally, if there is a difference between the payout amount from Stripe and the total found in Xero, Walker says Xero will still find all the relevant transactions and bring them back as a partial match.
“We’re constantly focused on designing beautiful experiences and automating as many manual processes as we can. Last year, Xero began automating Stripe fees, and now we’ve completely automated the matching work for you, eradicating what was a largely manual process to reconcile payments. We’re thrilled to partner with Stripe to deliver seamless online payments for our mutual small business customers,” Walker said.
The simple set-up process enables small business owners to quickly begin accepting credit cardpayments for online invoices, giving a small business owner more ways to get paid faster.
“Our goal is to make getting paid with Stripe as smooth an experience as possible so you can spendless time chasing payments on outstanding invoices and more time growing your business. We’re also trying to look at ways we can improve your cashflow, and we’re working hard to bring you more innovations in this space,” Walker said.
“Sinking resources into needlessly laborious tasks isn’t a good use of time for any small business,” says Cristina Cordova, head of business development at Stripe.
“We continue to develop tools and features that make starting and scaling an internet business easier, and we’re excited to work with Xero to simplify payment reconciliation for our users.”
According to Xero chief partner officer Anna Curzon, more than $1.4 trillion worth of incoming and outgoing transactions were processed on the Xero platform over the past 12 months, a data point which she said highlights the importance of small business in the global economy.
“The growth of small business is increasingly more important for the overall prosperity and health of the world. The way small business owners pay for services and receive payment continues to evolvewith the help of cloud technology and mobility. Increasingly, these entrepreneurs are using smartphones to make transactions and run their businesses. By working with partners like Stripe, Xero has been able to collaborate on building digital rails which open the flow of information.”