Xero and Square in B2B payments integration
Xero, a New Zealand-based software company, has partnered with US-based mobile payments firm Square to create a tool for small businesses to make faster payments that are automatically recorded in Xero.
With this integration, small and medium businesses (SMBs) using Xero can email invoices with the Square payment functionality for customers to pay with credit or debit card. As soon as the customer pays the bill and it is received in the business bank account, Xero will record it.
This integration also creates a daily sales summary invoice in Xero that captures the previous day’s transaction. Businesses can also capture POS transactions and report GST (Goods and Services Tax) through this integration.
“Better organised data gives owners the ability to drill down into their sales and simplify reconciliation” said Ian Boyd, Financial Director for Xero Australia and New Zealand. “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”.