Global small business accounting platform Xero and global financial infrastructure Stripe have announced the expansion of their partnership to help small businesses worldwide get paid faster.
The companies are working together to build a far deeper integration of Stripe Connect into Xero’s small business platform, which will enable greater convenience for customers and automate accounting for transactions.
The expanded partnership will see Xero continuing to leverage Stripe’s expertise in payments infrastructure to support millions of small businesses on its platform across Australia, Canada, New Zealand, United Kingdom and the US.
Chris O’Neill, Xero’s Chief Growth Officer, says that getting paid quickly can be a matter of survival for small businesses in the current economic climate.
“As we increase our focus on building customer choice and experience into the Xero platform, we’re excited to deepen our integration with Stripe to deliver seamless customer experiences,” O’Neill says. “Ultimately, we expect our continued emphasis on innovation with Stripe, a leader in embedded finance, to lead to making payment experiences easier and help small businesses make better money decisions.”
Xero started working with Stripe in 2013 to help its customers get paid faster and to streamline recurring payments. Xero partnered with Stripe so its users could accept credit and debit card payments. Today, Xero customers can set up Stripe in just a few minutes, saving hours they normally would spend chasing payments.
With Stripe, Xero customers now get paid up to twice as fast as customers who do not use online payments, which helps these small businesses be more productive and maintain a cash-healthy business.
“No company wants to chase payments when they could be focused on growing their business,” says Dorothy Copeland, VP of Global Partnership and Alliances at Stripe. “In a time when every dollar counts, expanding our partnership with Xero will help more small businesses get paid faster and manage revenue with less friction. We value our long-term partnership with Xero and becoming an instrumental lever for their customers and their strategic growth of their business.”
The partnership with Xero has evolved over the years as Xero became one of Stripe’s first ecosystem partners in 2018. With the Stripe and Xero integration, businesses can offer end customers to pay invoices using their preferred payment method, automate recurring billing and reconcile transactions in one click.
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