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Xero, a globally renowned accounting platform catering to small and medium-sized businesses (SMBs) worldwide, has announced an enhanced collaboration with Stripe. This expansion enables Xero’s vast subscriber base of over 1.2 million businesses to seamlessly accept ACH bank transfers through Stripe’s platform, providing a secure and rapid payment option.

Craig Walker, Xero’s Chief Technology Officer, emphasized the company’s core objective of facilitating prompt payments for small businesses while ensuring a streamlined experience from setup to reconciliation. “Expanding our partnership with Stripe allows us to offer our customers additional efficient payment methods, ensuring both convenience and security,” stated Walker in the press release.

Enabling ACH payments via Xero is a straightforward process for users. Within the Payment Services setting, customers can easily activate Stripe ACH bank transfers as a payment gateway. This integration allows for the incorporation of a “Pay Now” button directly onto invoices, streamlining the payment process for clients. Once an ACH payment is initiated, Stripe provides bank account details related to the invoice while safeguarding the payee’s banking information. Subsequently, upon the successful clearance of the ACH payment, funds are seamlessly deposited into the Xero customer’s Stripe account, automatically marking the corresponding invoice as paid, as explained by Xero.

Cristina Cordova, Head of Business Development & Partnerships at Stripe, highlighted the significance of simplifying ACH payments, noting, “While ACH is among the most efficient payment methods for businesses, it has traditionally been cumbersome to set up.” Cordova expressed enthusiasm about partnering with Xero, aiming to make this payment method easily accessible to the millions reliant on its software.

This recent development further builds upon the prior collaborative efforts between Xero and Stripe, which included an expanded online payment offering encompassing automated reconciliation, reinforcing the commitment of both entities to continually evolve and enhance their partnership.

Source: ByPYMNTS

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