SME accounting firm Xero has joined forces with digital payments firm Stripe to allow their users access to Automated Clearing House (ACH) bank transfers.
For making ACH transfers, users need to log in to their Stripe account through the payment settings in the Xero dashboard. Users then need to connect the system to an invoice that will enable the “Pay Now” button to be sent to customers.
Stripe creates unique bank account details for a specific invoice to maintain privacy of the sender’s data, while Xero matches the processing fee and payment.
The latest alliance between the two parties builds up on another partnership signed in August 2017 for automated reconciliation services, which allows Xero to automatically match transactions to Stripe’s statement line.
Xero chief technology officer Craig Walker said: “Our ultimate goal at Xero is to make sure small businesses are getting paid as quickly as possible, while making the experience from set up to reconciliation seamless.
“Building on our partnership with Stripe, this new feature gives our customers even more ways to get paid efficiently while keeping sensitive information safe.”
Stripe head of business development Cristina Cordova added: “While ACH is one of the most efficient payment methods for businesses, it has been a traditionally cumbersome option to set up. We’re thrilled to partner with Xero to make this payment method easily available to the millions of subscribers that rely on its software.”