Xero Stripe and PwC bring seamless payments to small businesses
The partnership enabling small businesses, announced at Xerocon San Diego 2019, has Stripe Feed and Auto pay, are being developed
The partnership enabling small businesses, announced at Xerocon San Diego 2019, has Stripe Feed and Auto pay, are being developed
Xero has announced a partnership with Stripe to develop new innovations that will help businesses get paid faster, in more ways, and gain more visibility over their business performance.
Xero, the global small business platform and Stripe, a software platform for running an internet business, are working on solutions to make client invoicing more efficient and to offer more insight into business performance. The first two tools being launched under the partnership are the Stripe Feed and Auto Pay.
This latest tech-led development in the payments world will new payments experiences that are more seamless and efficient for small business owners and their advisors. 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.
Craig Walker, Founding CTO & Executive General Manager Platform Business Technologies at Xero commented: “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.”
Xero is also collaborating with PwC to allow local PwC firms around the world to provide quick access for their clients to access the Xero platform.
Xero’s partnership with PwC builds on established relationships in the UK, Canada, Australia and New Zealand. As a result of the new global collaboration, new advantages will emerge for small businesses based in markets like Asia, Europe, the United States and other countries to help accelerate their cloud adoption journey. It also outlines a commitment from both PwC and Xero to continue to innovate together, resulting in the development of efficient products and services for small businesses around the world.
Using Xero Application Programming Interfaces (APIs), PwC will work with Xero to continue to innovate together, resulting in the development of more efficient products and services for small businesses. Xero and PwC have already established a track record of designing and building innovative tools and solutions such as PwC’s Cashflow Coach.
On an average, 51.88% US small businesses are cash flow positive each month, and they were paid 8.49 days late on average during 2018.
In the UK, owing to the overall impact of the Brexit preparations and the worries about the potential impact on the economy, many large buyers across the economy are preparing for Brexit to put a serious strain on their cash flow.
Currently, late payment contributes to 50,000 SMEs going out of business each year. The impacts of slow payment are so considerable that the Government has created a new Small Business Commissioner, with the primary objective of tackling the issue, and it is currently consulting on further action.
The Atradius Payment Practices Barometer for Western Europe, published in November 2018, indicated a rise in late payments across Europe.