Digital payments firm Stripe has joined forces with Xero to support faster payments for small businesses and also offer them more cashflow visibility.
The alliance will result in the creation of Stripe Feed and Auto pay.
Expected to be rolled out in the coming few months, Stripe Feed will bring transaction data for Stripe payments into Xero.
Through Auto-pay, businesses can receive recurring payments for repeat billing customers via Xero.
The solution will be initially launched in the US, with plans for a broader rollout later.
The two companies intend to expand their partnership in the future with the launch of additional features.
In announcing the new offerings, Xero cited internal data.
According to the data, 51.88% of small businesses in the US were cash flow positive on a monthly basis, and were paid 8.49 days late on average in 2018.
Xero founding CTO and executive general manager platform business technologies Craig Walker said: “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.”