Under the “enhanced” strategic partnership the two companies say the integration will help to remove unpaid invoices as a headache for businesses. With PayPal Express Checkout for Xero, customers will be able to pay in just a few clicks from directly within the invoice, “speeding time” to cash.
Trent Innes, managing director of Xero Australia, says Xero customers have sent almost 9.5 million invoices over the last 30 days alone, and in the seven months to July 2016, more than $US88.6 million worth of PayPal transactions were processed by small businesses on the Xero platform, representing 40% growth over the period.
“We constantly hear about businesses who spend their time chasing unpaid invoices instead of actually running their business. Making it easier for customers to pay an invoice from Xero speeds up the time to getting paid, and PayPal is one of the easiest payment solutions around,” Innes says.
|
|
Libby Roy, managing director of PayPal Australia, said: “We know from working with thousands of Australian business owners that they don’t start a business because they love admin. We also know that cash flow is one of the things that keep them up at night. The integration of PayPal within Xero delivers a simple and secure payment solution for Xero’s customers making it easier for their clients to pay quickly – straight from the invoice with just a few clicks.”
PayPal Express Checkout for Xero leverages the newest PayPal API so customers have an in-context experience tied directly to their invoice.
Roy says clients can now either log in and pay with PayPal, or pay with a credit card, eliminating the process of being directed to a separate website to complete payment, and the integration also allows business owners to automatically view and reconcile PayPal transactions from within Xero.
PayPal Express Checkout also offers new functionality when set up with Xero bank feeds that significantly cut down manual processes, including:
• Invoice auto-marked as paid: Invoices are now automatically marked as paid within one business day of the transaction being entered into Xero.
• Easier reconciliation: Invoices are easier to reconcile when the bank transaction matches with the invoiced amount and PayPal transaction ID.
• Auto-creation of fees: The PayPal fee will come through as a separate line item and the business owner can create a rule so they can reconcile fees to an account.
PayPal Express Checkout for Xero will be available to Xero subscribers in the next few weeks.
