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Xero and Stripe join forces to streamline payments for SMEs worldwide

Stripe and Xero have announced their expanded collaboration and integration of Stripe Connect into Xero's primary offerings. This move will bring greater ease and efficiency to small businesses globally, allowing them to receive payments, typically 14 days sooner.

Financial infrastructure platform, Stripe and SME platform Xero have announced the expansion of their partnership aimed at providing support to small businesses globally. 

The companies are looking to enhance their integration and improve the ease of use for customers. The collaboration will result in the automation of accounting for transactions and a more seamless experience for the millions of small businesses on Xero’s platform in various countries, including Australia, Canada, New Zealand, the United Kingdom, and the United States. 

Why this matters? Small businesses continue to be the biggest victims of late payers, according to the latest CreditorWatch data, which indicates that late payments for smaller firms are three times that of larger businesses. 

Read: Late payments continue to wreak havoc on small businesses

This new development is expected to help these businesses get paid faster and support their growth. Xero will continue to leverage Stripe’s extensive experience in payments infrastructure to ensure the success of this initiative.

Global small business platform Xero has teamed up with financial infrastructure platform Stripe to enhance its existing partnership and provide a more seamless payment experience for small businesses. 

The partnership began in 2013 to simplify the payment process and enable faster payments for Xero customers. Today, Xero users can easily integrate Stripe into their platform, saving valuable time and effort that would otherwise be spent on collecting payments.

“Getting paid quickly can be a matter of survival for small businesses in the current economic climate,” said Chris O’Neill, Xero’s Chief Growth Officer. “As we increase our focus on building customer choice and experience into the Xero platform, we’re excited to deepen our integration with Stripe to deliver seamless customer experiences. 

“Ultimately, we expect our continued emphasis on innovation with Stripe, a leader in embedded finance,  to lead to making payment experiences easier and help small businesses make better money decisions.”

“No company wants to chase payments when they could be focused on growing their business,” said Dorothy Copeland, vice president of global partnership and alliances at Stripe. 

“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.”

Learn more about the partnership with Xero here

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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