Xero, online accounting software for small business, and PayPal announced a strategic partnership at Xerocon 2016 in San Francisco yesterday. This strategic partnership will result in a faster, smoother payment experience for businesses.
Small business owners consistently point to delays in getting paid as one of their biggest pain points, since it puts a strain on their cash flow. Xero customers sent almost 9.5 million invoices in the last 30 days alone. Unfortunately, statistics show that over 60 percent of those invoices will be paid late. Because unpaid invoices are a major headache for small business owners, the PayPal Express Checkout for Xero, will enable clients to pay invoices in just a few clicks from directly within the invoice.
In the seven months to July 2016, more than $US 88.6 million worth of PayPal transactions were processed by small businesses on the Xero platform, representing a 40 percent growth over the period.
Craig Walker, Chief Technology Officer at Xero said, “By enabling third party financial services providers such as Braintree and Paypal to integrate with Xero globally, small businesses are able to offer multiple payment options on an invoice, giving them and their customers choice of payment, ensuring they get paid faster.” Walker went on to say, “Working with PayPal has allowed us to address one of the biggest concerns for small businesses owners—delayed cash flows. By extending our integration with PayPal payments and automating the invoicing reconciliation process, we are giving customers the tools they need to spend less time chasing money and more time focusing on growing their business.”