New Zealand software company Xero today announced a partnership with global payments platform Stripe to develop new innovations that help small businesses get handle payments faster and in more ways.

The global partnership announced at Xerocon San Diego 2019 will enable new payment experiences for small business owners and their advisors around the world. Xero and Stripe are building new tools to invoice customers more efficiently, bring additional insights on their business performance and get paid, no matter how or where they do business.

The first two innovations under development announced today include:

  • A new Stripe feed, bringing comprehensive transaction data for all Stripe payments into Xero for easy reconciliation and greater insights, whether a small business invoices from the Xero platform or an e-commerce site.
  • Auto-pay, allowing small businesses to set up and receive recurring payments for repeat billing customers directly through Xero.

Aggregated and anonymous data from Xero found that in the last 12 months, on average, 49.2 per cent of Kiwi small businesses were cash flow positive each month, and they were paid an average of 8.9 days late each month. Small businesses that enable Stripe payments in Xero invoices are already paid up to 15 days faster globally.

“Small businesses are fundamental to the growth of economies around the world, and ensuring they get paid on time is vital to their survival,” said Craig Walker, Founding CTO & Executive General Manager Platform Business Technologies at Xero.

“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.”