Xero and Stripe Expand Online Payment Solutions

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Xero is working hard to expand the payment service choices being offered for its one-million plus subscribers. Its expanded online payment solution with Stripe includes automated reconciliation as part of those efforts.

The entire process of allowing credit care payments for Xero online invoices begins with a simple set up of Stripe (shown below):

Next, when Xero users send its customers an online invoice, the customer will have the option to pay the invoice immediately using either a credit or debit card.

But simply getting paid isn't the end of the accounting process. After all, payments show up in your bank, as do the merchant fees associated with credit card processing. Xero has been working on a process to not only track the payments and credit card fees, but insure they are properly accounted for. 

That credit card payments typically are bundled together for all the charges appearing in one period sometimes make reconciling your bank account difficult. This latest feature is designed to automate Stripe payout reconciliation.

When a Stripe payout comes through your bank feed, Xero will automatically match all the transactions tied to the Stripe statement line so that users can reconcile them with just one click.

But let's face it folks, not everything can work perfectly, every time. So, if there is a difference between the payment amount from Stripe and the Xero total, Xero will still help you reconcile by finding all the relevant transactions so you can easily make the final decision and match.

This new "smart technology" is available to make it easier for you to accept credit card payments and process those payments against your outstanding invoices. It also will help you finish the accounting process with perfectly matched and reconciled payments to deposits, along with the associated merchant transaction fees.