Small business online accounting software provider Xero just recently announced the integration of Apple Pay through Stripe into its mobile accounting app.
This new development will allow Xero's 862,000 subscribers, distributed across 180 countries worldwide, to view and pay an invoice on their iPhones using Apple Pay through Stripe — which Xero said can lead to 80 percent faster payment compared to not using a payments service.
Xero said that small business owners cite delays in getting paid as one of their biggest pain points. Its customers sent 15 million invoices globally in the last 30 days alone, and Xero estimated that more than 60 percent of those invoices could be paid late.
Paying via Stripe allows customers to confirm payment with Apple Pay using their fingerprint ID rather than entering card information. Additionally, businesses who take payments via Stripe and Apple Pay add an extra level of security, which can decrease instances of fraud and chargebacks.
Craig Walker, Xero CTO, said in a press release: “Mobile payments are the way of the future. Attaching a payment option to online invoices helps Xero customers get paid almost 80 percent 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.”
Invoice transactions completed via Apple Pay will be automatically entered and matched against invoices in Xero, thereby speeding up the invoice reconciliation process and saving small businesses additional time, which we all know equates to money.
“By enabling these connections with payment services,” Walker continued,” 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.”