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Late payments pose a significant hurdle for small businesses, frequently disrupting cash flow and complicating the management of daily operations. Recognising this challenge, we’re dedicated to helping you receive payments more efficiently by expanding your payment options.
Building on our existing support for credit cards, debit cards, Apple Pay, and Google Pay, we’re excited to announce the addition of Pay by Bank. Powered by Stripe, this new feature empowers your customers to make payments instantly from their bank accounts straight from their online invoice. By offering your customers a wider range of payment methods, you increase the likelihood of getting paid faster and spending less time chasing payments. Introducing these additional payment alternatives ensures your customers have every convenient opportunity to pay invoices quickly, making it a swift, secure, and cost-effective solution for everyone involved.
Pay by Bank is a real-time payment method in the UK that enables you to collect one-time payments from your customers’ bank accounts quickly and securely, and at an affordable cost. Consider it a modern alternative to traditional direct debits. This integrated digital payment solution allows customers to authorise and approve payments through their mobile banking app or online banking portal. Payment confirmations are immediate within your Stripe account, so you know the money is en route and can confidently manage your cash flow. Once a customer authorises a payment, the corresponding invoice is automatically marked as paid, simplifying bank reconciliation.
We understand that chasing overdue payments consumes valuable time that could be better spent managing and growing your business. That’s why we’re investing in innovative solutions like Pay by Bank, alongside other payment methods, to help you receive timely payments with minimal effort. By offering your customers more convenient choices, we aim to accelerate invoice settlement, ultimately freeing you from unnecessary cash flow concerns.
Here are several advantages of using Pay by Bank for your small business:
Pay by Bank is available with a Stripe account. To activate it:
You have the option to enable or disable this setting as needed directly from your invoice.
When your customer chooses to pay with Pay by Bank, they will follow these steps:
Pay by Bank enhances Xero’s payment capabilities, providing your customers with more ways to pay, which helps you receive payments promptly and consistently.
Learn more about offering Pay by Bank here.
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