Here at Flow, we understand how important a fast and user-friendly payment process is for businesses. After all, who doesn’t want to receive faster payments? One of the best ways to do that is with Xero’s cloud accounting software. According to Forbes, Xero was the “most innovative growth company in the world”for 2015. And, as you’ll see from this guide to Xero’s payment features, for good reason too.
If you’re not sure where to start, Flow’s team of expert cloud accountants can help you make the most of your Xero software. But first, here are Xero’s payment features in a little more detail:
Online payments in Xero
By enabling your customers to pay in the most convenient way for them, you will receive payments faster and improve your company’s cash flow.
Whether you use Authorize.Net, DPS, eWAY, GoCardless, PayPal or Stripe, you can add it as a payment service in Xero and apply it to your invoice template. Add a ‘pay now’ button so that your customers can pay immediately in a way most convenient to them when they receive your invoice by email.
Some of Xero’s payment options include:
GoCardless – GoCardless and Xero are now integrated, meaning that you can take invoice payments online through GoCardless and automatically reconcile them with Xero. For your customers, this means making quick and secure online direct debit payments directly from your invoice.
PayPal – PayPal is one of the most accepted forms of payment worldwide. It is a safe and easy way to send and receive money online and allows businesses to accept major credit and debit cards too. By linking your PayPal and Xero accounts, you can import your transactions history and contacts from PayPal directly into Xero. Plus, you can create Xero invoices from PayPal sales. Your invoices can include a link to PayPal, providing customers with a convenient payment option.
EPOS and Worldpay – Electronic Point of Sales (EPOS) and online payment processor Worldpay are not currently supported by Xero. However, Flow’s team of expert cloud accountants can advise you on the best finance solutions if you’re looking for alternative options.
Here’s how you can get paid online in just five simple steps:
- Create accounts with the payment service Xero supports.
- Add a payment service and apply it to a branding theme.
- Apply the branding theme to your invoice.
- Email the invoice to your customer.
- Your customer can use the ‘pay now’ button to make a secure payment through your payment service.
Managing e-commerce payments
Xero also integrates with these two e-commerce platforms:
Magento – Running an online shop with Magento has never been easier thanks to the recent integration of Magento with Xero. Flow cloud accountants specialise in Xero and Magento management, and can help you with the following tasks:
- Add and update products in Xero when they are created in Magento.
- Create sales invoices in Xero when an order is placed in Magento.
- Create customers and payments in Xero when payments are due in Magento.
WooCommerce – Magento isn’t the only e-commerce site integrated with Xero. WooCommerce is also available, allowing you to manage your orders and payments with ease. Our accountants can help you link your Xero account and WooCommerce shop correctly and carry out the following tasks:
- Add and update products in Xero when they are created in WooCommerce.
- Create sales invoices in Xero when an order is placed in WooCommerce.
- Create customers and payments in Xero when payments are due in WooCommerce.
Need help with your e-commerce payments? With Flow’s assistance, keeping track of your orders and invoices will be a breeze, saving you valuable time and money.
Receiving multi-currency payments
Did you know that Xero supports over 160 currencies from across the globe? Foreign exchange rates are updated on an hourly basis allowing you to keep track of how gains and losses affect your cash flow.
Sound complicated? Help is at hand! Your dedicated client management team at Flow can help you get to grips with Xero’s automatic currency conversions, real-time gains and losses, and flexible reporting in any currency.
Keeping track of expenses
As well as receiving payments, you can use Xero to efficiently manage your personal expenses and those of your colleagues or employees. In addition to adding receipts on the go with Xero’s mobile app, Flow can help you streamline your weekly or monthly expenses process so that you can approve claims quickly – making lost receipts and lengthy reimbursement times a thing of the past.
Our accounting service package means no more time-consuming procedures and payment woes. By integrating your payment services and streamlining your expenses process, Flow provides the right tools for you to manage your business efficiently and effectively.