Are you spending a lot of time chasing customers for money, or forever wondering why it takes so long to get paid. Did you know there are now more ways for your customers to pay invoices?
Xero offers integrated software to make paying invoices easier, quicker, and minus the headache.
Below is some further information on some payment options offered within Xero invoicing, which you may wish to consider for your business.
Stripe
When your customers pay using Stripe, the transactions are sent to your account as a single ‘batch’ deposit. Xero automatically reconciles these for you so all you need to do is hit OK.
Stripe provides you the option of adding a ‘pay now’ button to your invoices, enabling the customer the ability to pay right on the spot.
Stripe also offers Auto Pay which allows customers to set up recurring card payments for ongoing invoices.
You will be given the choice as to whether you want to cover the Stripe fees for your customers or pass them forward by surcharging.
Key Highlights on Stripe payments:
- Credit/debit card payment
- Choice to cover fees or surcharge to customer
- ‘Pay now’ button on invoices
GoCardless
GoCardless allows customers to pay directly from their bank account. They can also set up a recurring Direct Debit for regularly occurring payments.
Unlike Stripe, GoCardless automatically deducts their fee from each transaction. Depending on your subscription type, their fees start from 1% per national transaction. You may also chat with one of their experts to arrange a Custom subscription to suit your individual business needs.
GoCardless is a particularly great option for businesses who offer reoccurring or subscription type invoicing, with the ability to set up payments from the outset and then have the peace of mind you will continue to get paid.
Highlights:
- Bank Account/Direct Debit payment
- Accept local & foreign currency
- Low fees automatically deducted
How?
To explore and manage the payment services you would like to offer, simply log in to your Xero account and select the following:
Business -> Online payments
Once you have selected a service you will be prompted to create a Stripe and GoCardless account by following the instructions provided by Xero.
In no time at all your business will be ready to collect faster and more streamlined payments!
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