PayPal has made its latest strategic moves in the B2B payments space.
Reports on Wednesday (Aug. 17) said the payments company has integrated with SME accounting platform Xero to allow small business users to use PayPal to pay the invoices generated on the Xero platform.
Their collaboration will see the launch of a PayPal Express Checkout option for small businesses, reports said, enabling companies to pay their invoices as soon as they’re received. Xero will also allow its small business users to check the status of outstanding invoices and receive updates when they’re paid.
Reports pointed to PayPal’s efforts to grow with small businesses, pointing to the 40 percent growth rate of transactions processed through Xero between this year and last.
“This partnership with Xero has allowed us to continue our mission of delivering secure and easier ways for businesses to get paid online,” said PayPal’s Steve Fusco, VP and GM of North American distribution.
“Sometimes, it feels like you have to go above and beyond to get your invoices paid, but with PayPal Express Checkout, we are offering Xero customers a faster and simpler way to get paid and reduce time spent on the payment process to just a couple of clicks,” the executive added.
In July, PayPal revealed a partnership with another SME accounting platform, Reckon, its first major foray into B2B payments. That deal sees PayPal also enabling small businesses using the Reckon platform to generate invoices to get paid via PayPal.
Reports also pointed to the collaboration as part of Xero’s efforts to expand in North America from its home base of Australia.