Cloud accounting software provider Xero has partnered with online payments platform Stripe, to offer Xero customers an expanded online payments solution with automatic reconciliation. “The seamless integration gives Xero’s more than one million subscribers greater choice of payment services, more cash flow control and enhanced efficiency through automation,” the vendor stated.
Stripe reconciliation functionality means when a Stripe payout comes in via a bank feed, Xero carries out the matching work. All transactions in Xero are tied to the Stripe statement line and will be automatically matched against it, enabling them to be reconciled with a single click.
Xero can automatically match multiple transactions to a statement line, identifying payments and fees associated with their corresponding Stripe payout. Additionally, if there is a difference between the payout amount from Stripe and the total found in Xero, Xero will still find all the relevant transactions and bring them back as a partial match.
“The simple set-up process enables small business owners to quickly begin accepting credit card payments for online invoices, giving a small business owner more ways to get paid faster,” said Xero, which in the past year has processed nearly £800bn (US$1,043bn) worth of incoming and outgoing transactions on its platform over the past 12 months.