Xero is making huge strides towards a great online revolution in small business: to build a financial web that connects small businesses, banks, accountants and bookkeepers, and online software, that really allows businesses to grow by zeroing in on what they do best — building their own business.
But it’s hard for businesses to do that when they’re spending their time doing important yet time-sucking tasks like chasing payments, instead of innovating and growing. For example, we’ve found that Xero customers have sent almost 9.5 million invoices over the last 30 days alone. That’s a sure sign of healthy small businesses. Yet based on our current data, over 60% of those invoices will be paid late.
Xero + PayPal
With unpaid invoices causing a major headache for small business owners, we are pleased to announce at Xerocon San Francisco a slick new integration with PayPal, which is due to be released later this month.
This update will deliver a seamless new checkout experience for customers that will make it easy for invoices to get paid as soon as they are received, using Xero’s online invoices and PayPal Express Checkout. In addition to a fast payment experience, Xero users will now be able to see real-time status updates on outstanding invoices. Payment reconciliation will also be a breeze, with Xero doing all the heavy-lifting for you by auto-matching payments and fees.
I’m excited to have PayPal join us on our journey to rewire the small business economy. As small businesses move to simple, easy-to-use online tools like this latest integration in our ecosystem/App Marketplace, financial institutions and large enterprises are being made aware of the fundamental architectural shift. They’re connecting to these new platforms and as a result, the financial web is evolving quickly, especially where shared transactional services have become the expectation, shifting the focus on to revenue, opportunity, compliance, and risk management.
PayPal are a major online player. They’re providing an open and secure payments ecosystem across more than 188 million active accounts using 100+ currencies in over 200 countries.
Paypal Express Checkout offers a quicker, easier payment experience meaning customers can complete a payment in just 3 clicks once they receive an online invoice, removing the barriers of completing payment.
