Xero announced Wednesday (Aug. 2) that it has partnered with Stripe to help small business owners get paid faster.
In a press release, the companies announced they have expanded a online payment solution to include automated reconciliation. According to the companies, the integration gives Xero’s more than 1 million subscribers greater choice of payment services, more cash flow control and enhanced efficiency through automation. The Stripe reconciliation functionality means when a Stripe payout comes in through a customer’s bank feed, Xero will do the matching work. All the transactions in Xero are tied to the Stripe statement line and will be automatically matched against it so business users can reconcile them with just one click, the companies added. Xero can automatically match multiple transactions to a statement line, identifying payments and fees associated with their corresponding Stripe payout. Additionally, if there is a difference between the payout amount from Stripe and the total found in Xero, Xero will still find all the relevant transactions and bring them back as a partial match.
“We’re constantly focused on designing beautiful experiences and automating as many manual processes as we can. Last year, Xero began automating Stripe fees, and now we’ve completely automated the matching work for you, eradicating what was a largely manual process to reconcile payments. We’re thrilled to partner with Stripe to deliver seamless online payments for our mutual small business customers,” Xero Chief Technology Officer Craig Walker said in the press release. Xero noted there is an easy setup process which means small businesses can quickly begin accepting card payments for online invoices. ”Sinking resources into needlessly laborious tasks isn’t a good use of time for any small business,” said Cristina Cordova, head of business development at Stripe in the same press release. “We continue to develop tools and features that make starting and scaling an internet business easier, and we’re excited to work with Xero to simplify payment reconciliation for our users.”