Xero has announced a partnership with Stripe to develop innovations that help small businesses get paid faster, in more ways, and gain more visibility over their business performance.
The global partnership aims to enable payments experiences that are more seamless and efficient for small business owners and their advisors around the world. Xero and Stripe are building tools to invoice customers more efficiently, bring additional insights on their business performance and get paid, no matter how or where they do business.
The first two innovations announced that are being developed under the new partnership include:
- A new Stripe feed, designed to bring transaction data for all Stripe payments into Xero for easy reconciliation and greater insights, whether a small business invoices from the Xero platform or an ecommerce site.
- Auto pay, allowing small businesses to set up and receive recurring payments for repeat billing customers directly through Xero.
Aggregated and anonymous data from Xero found that, on average, 51.88% of US small businesses were cash flow positive each month, and they were paid 8.49 days late on average during 2018. Small businesses that enable Stripe payments in Xero invoices are currently paid up to 15 days faster globally, and up to 16 days faster in North America compared to those without a payment gateway.