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Expanded integration aims to help small businesses manage cash flow as costs rise.
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Faster payments for SMEs spur Stripe, Xero partnership
09 February 2023
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Faster payments for small business is the force behind an expansion of Stripe and Xero’s partnership, with increasing costs faced by smaller firms raising their need for quick payment times.
Xero chief growth officer Chris O’Neil said speed of payment and cash flow were both crucial for small firms faced with increased costs.
“Getting paid quickly can be a matter of survival for small businesses in the current economic climate,” said Mr O’Neil. “We expect our continued emphasis on innovation with Stripe to lead to making payment experiences easier and help small businesses make better money decisions.”
“We’re excited to deepen our integration with Stripe.”
The move extended the integration of Stripe Connect into Xero’s small business platform to automate accounting transactions and make payments easier for customers.
The firms claimed using Stripe enabled Xero customers to be paid up to twice as fast as others and Stripe vice-president of global partnership and alliances, Dorothy Copeland, said it continued to streamline the system.
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“No company wants to chase payments when they could be focused on growing their business,” said Ms Copeland.
“In a time when every dollar counts, expanding our partnership with Xero will help more small businesses get paid faster and manage revenue with less friction.”
“We value our long-term partnership with Xero and becoming an instrumental lever for their customers and the strategic growth of their business.”
The latest data from the Payment Times Reporting Regulator shows only three out of 10 big organisations pay their small business customers within 30 days.
Australian small business and family enterprise ombudsman Bruce Billson urged larger firms to take payment times and cash flow more earnestly.
“Nearly one-quarter of big businesses are taking four months or more to pay their bills is just not acceptable and there is little sign of improvement by the worst performing businesses,” said Mr Billson.
“This needs to be taken more seriously. Cash flow is vital to these small and family businesses.”
The partnership between Stripe and Xero began in 2013 when it helped Xero customers accept credit and debit card payments along with streamlining recurring remittances.
The firms said the extended integration would see Xero leverage Stripe’s payment infrastructure to support millions of small businesses on its platform across Australia, New Zealand, the UK, Canada, and the US.
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