Xero Inks Swedish Deal For Mobile Payments

Digital payments service provider Xero has been busy in recent months. Just weeks ago the New Zealand-based company announced a partnership with B2B mobile sales servicer Pepperi to integrate Xero’s cloud accounting software. Just days before that, the company revealed plans to launch a new Big Data analytics tools to said SMEs in managing their cash flow.

Late last week, reports emerged of Xero’s latest venture. The firm has struck a deal with Swedish company iZettle, a mobile payments startup. The company provides businesses with payments card readers to accept payments through mobile devices. According to reports, iZettle processed $2.3 billion in transactions last year.

The startup’s partnership with Xero means that businesses using iZettle’s POS system will now be able to record and store the data of those transactions, providing companies with an ever-greater insight into their cash flow.

In a recent interview with PYMNTS, Xero U.S. President Russell Fujioka said that the company’s aim is to provide 21st-century solutions for companies to manage their cash flow, especially for SMEs. Part of that modernization involved Big Data and analytics.

“There are over 28 million small businesses in the U.S., and they use everything from incumbent desktop accounting software to Microsoft Excel and Word,” the executive said. “They hack their own solutions by using whatever is most familiar and fits their needs, so they can spend more time running their business rather than crunching numbers. Yet, we believe that without the right accounting software, small business owners could be missing out on big opportunities.”