Xero teams up with Apple Pay and Stripe for payment service

‘Invoices paid with a payment service get paid almost 80 per cent faster than invoices that don’t offer a payment service’

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By connecting Xero users with Apple Pay, transactions will be automatically entered and matched against invoices in Xero

Xero has announced the integration of its payment service with Apple Pay through Stripe, making it faster and easier for customers to get paid.

Xero’s 862,000 subscribers can now offer their customers the ability to view and pay an invoice using Apple Pay through Stripe.

Invoices paid with a payment service get paid almost 80 per cent faster than invoices that don’t offer a payment service. This new feature is available automatically to everyone on Xero using Stripe where Apple Pay is available.

Small business owners consistently point to delays in getting paid as one of their biggest pain points, which puts a strain on cash flow.

Xero customers sent 15 million invoices globally in the last 30 days alone and based on our current data, over 60 percent of those invoices will be paid late, says Craig Walker, Xero chief technology office.

He says Xero’s connection to the payment services of Stripe and Apple Pay will help address this concern for small businesses owners and help businesses get paid faster.

“Mobile payments are the way of the future,” says Walker, in a statement.

“Attaching a payment option to online invoices helps Xero customers get paid almost 80 per cent faster than invoices that don’t use a payment service - so they spend less time chasing unpaid invoices for a more productive and cash healthy business.”

“By enabling these connections with payment services, small businesses are able to offer multiple payment options on an invoice, giving them and their customers choice of payment and also the ability to pay the invoice as soon as it arrives, ensuring they get paid faster.”

Currently businesses that want to pay an invoice via credit card need to enter their credit card details to complete the payment.

Credit card payments via Stripe mean that customers can confirm payment with Apple Pay using their fingerprint ID on their Apple device to confirm the payment quickly. Businesses who take payments via Stripe and Apple Pay also have an extra level of security. All payments made require a fingerprint or passcode, decreasing fraud, and with it, chargebacks.

By connecting Xero users with Apple Pay, transactions will be automatically entered and matched against invoices in Xero. Automating the invoicing reconciliation process makes accounting easier for small businesses, says Xero.