Xero (ASX: XRO), a global small business platform, announced on Wednesday it is teaming up with Stripe to provide seamless payments to millions of small businesses. Xero reported that the partnership will enable new payments experiences that are more seamless and efficient for small business owners and their advisors around the globe.
“Xero and Stripe are building new tools to invoice customers more efficiently, bring additional insights on their business performance and get paid, no matter how or where they do business.”
Xero also reported that the first two innovations announced that are being developed under the partnership are the following:
- New Stripe Feed: Designed to bring comprehensive transaction data for all Stripe payments into Xero for easy reconciliation and greater insights, whether small business invoices from the Xero platform or an e-commerce site
- Auto pay: Allowing small businesses to set up and receive recurring payments for repeat billing customers directly through Xero
Speaking about the partnership, Craig Walker, Founding CTO & Executive General Manager Platform Business Technologies at Xero, stated:
“Small businesses are fundamental to the growth of major and developing economies around the world; and ensuring that they get paid on time is vital to their survival and growth. We built the Xero platform to help small businesses grow with better tools, smarter insights and comprehensive connections to the information they need to run their business. Our partnership with Stripe today brings us even closer to helping small businesses spend less time chasing payments, and more time focusing on doing what they love.”
Jeanne DeWitt, Head of Revenue and Growth for North America at Stripe, went on to add:
“At Stripe, we build payments infrastructure that enables new kinds of businesses to start, run, and scale. Together, Xero and Stripe will bring sophisticated payments tools to the growing community of small businesses, advisors and entrepreneurs who use Xero daily and who are critical drivers of our internet economy.”