Stripe Announces Partnership With Cloud Accounting Service Xero

Payment processing company Stripe on Tuesday afternoon announced a partnership with cloud accounting software service Xero at Xerocon in San Diego.

Xero says the global partnership will enable new payment experiences that are more seamless and efficient for small business owners.

The firm says the first two new innovations include a new Stripe feed within Xero software and Auto pay, allowing small businesses to set up and receive recurring payments for repeat billing customers.

“At Stripe, we build payments infrastructure that enables new kinds of businesses to start, run, and scale,” said Jeanne DeWitt, Head of Revenue and Growth for North America at Stripe. “Together, Xero and Stripe will bring sophisticated payments tools to the growing community of small businesses, advisors and entrepreneurs who use Xero daily and who are critical drivers of our internet economy."

According to Xero, 51.88% of U.S. small businesses were cash flow positive each month, and they were paid 8.49 days late on average during 2018.

The company says small businesses that enable Stripe payments within Xero invoices are paid up to 15 days faster globally, and up to 16 days faster in North America compared to those with a payment gateway.

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