Get paid faster with Stripe
Do you have a business which is using Xero? Do you also have clients who often don’t pay your invoices on time? This could be because it’s hard to pay your invoices. Not because the person doesn’t have the money to pay the invoice, but because the process is not simplified. For example, I receive an invoice every term for a sporting activity my daughter participates in from a business who uses Xero. This business doesn’t have credit card facilities at the venue nor does it have the ability to pay the invoice emailed to me by credit card. I either have to drag my 2 kids to the bank to get money out because I’m one of those people who never has cash on them or pay the invoice by direct deposit. Neither of which is a difficult task but it’s an extra step in my already busy day and something that is easily put off until later. However, if when I opened the invoice I had the option to pay the invoice right then and there with my credit card, without having to log into my online banking, I would. So how does this provider get around this? Simple: Stripe!
Stripe makes it simple for businesses using Xero to accept credit or debit card payments from their customers via online invoicing. Stripe integrates with Xero and processes the transactions for you. Funds from these transactions are added to your bank account on a seven-day rolling basis. A two-day transfer may be possible after your first transfer – you can customise the frequency of the transfers in the Transfers tab of your Stripe dashboard.
The advantage of this online payment addon for Xero is that customers may likely pay their invoices faster which will result in better cash flow for your business. While the Stripe addon doesn’t follow up your debtors for you like Debtor Daddy does, the amount of time spent chasing them will hopefully reduce significantly due to the easy process. Like all addons, there are fees associated, however, these fees are per transaction not monthly, so you aren’t paying for weeks or months that it’s not used.
If you think Stripe might help your business, please do not hesitate to contact our office on 07 4151 8898 to discuss if this addon is suitable for your business.
Nicole Sabo | Marketing Coordinator | The Money Edge