Small and medium-sized enterprise (SME) platform Xero has reportedly made a new technology integration with Square’s software in Australia, in order to allow users to make instant payments of small-business invoices.
The new feature will allow small and medium-sized businesses (SMBs) using Square’s platform to make instant invoice payments with their bank-issued credit or debit cards.
These digital payments are automatically registered with Xero, and are viewable in the small business’ bank feed.
Xero’s integration with Square’s software will help SMEs with their daily sales-breakdown which highlights the previous day’s transactions via Square’s platform.
SMEs can simplify the data down to transaction level and list all the different point-of-sale (PoS) transfers including small payments such as tips and surcharges.
The new integration is also expected to help SMEs in reporting their general sales tax, or GST.
Ian Boyd, Xero’s Australia and New Zealand division financial director, stated:
“Better organised data gives owners the ability to drill down into their sales and simplify reconciliation. This enhanced integration with Square ticks both of those boxes. And as with all payment services attached to Xero invoices, it can improve cash flow, which is the lifeblood of small business.”
“We know from Xero Small Business Insights data that February can be one of the toughest months for cash flow in Australia.”
Chris Rich, customer success lead for Square in Australia, noted:
“Many of our customers love using Xero and have shared suggestions on how we could improve the integration. We have worked with Xero to ensure the new integration has the deep functionality our customers need for their payments and accounting platforms to interact seamlessly.”
Xero teamed up with UK Fintech TransferWise, Stripe and GoCardless in November 2019, in order to settle SMEs payments in the United Kingdom.
Square recently confirmed its acquisition of Dessa, a Toronto-based firm developing machine learning (ML) software that aims to address significant “real-world challenges” for all types of businesses. The acquisition of Dessa by Square will help the platform further boost its ML abilities, improve its products, and ultimately pass on the benefits to our customers around the world.