Wouldn't it be wonderful if as soon as your customer opened your Invoice they paid you!
Now we know not all customers will do that, but you need to make it as easy as you possibly can for them to pay you.
Payment Services in Xero is a feature that puts a Pay Now (big green) button on all of your Invoices. Your customers simply click the button, enter their details and you get paid!
Not only that, but the transactions are automatically marked off in Xero as paid helping you #banadmin even more.
Take a look at what we are talking about below.
How to add a payment service in Xero and get paid faster from Xero on Vimeo.
Payment Services
Ok that looks great. What online payment services providers are available (In Australia)?
Paypal
Stripe
eWay
DPS Payment Express
We have summarised our favourites below:
Paypal
Paypal allows you to accept Credit Cards online as well as pay for goods.
You need to have a Paypal account setup for your business before you can link with Xero.
Pro's
No setup fees or monthly fees
Tiered pricing - the higher the volume the lower the fees
Con's
The setup process can be time consuming
You need to transfer the money to your working account
Pricing
2.6% + 30cents for volume less than $2,500/Month
2.2% + 30cents for volume $2,500 - $5,000/Month
2.0% + 30cents for volume $5,000 - $15,000/Month
1.5% + 30cents for volume $15,000 - $150,000/Month
Stripe
Stripe is a seamless way to enable payments online.
You can setup Stripe from within Xero making it super simple to get started.
Pro's
No setup fees or monthly fees.
Con's
Stripe only send you the money every 7 days.
Pricing
1.75% + 30cents for Domestic Cards
2.9% + 30cents for International + Amex
eWay
eWay is an award winning Xero add-on.
You need to have an eWay account setup before you can link to Xero.
Pro's
Easy to setup. You don't need a merchant facility
Same day settlement + Same day setup!
You can add credit card surcharges automagically
Con's
Setup might seem simple but becomes complex if you want more than just the pay now button (eWay has terminals + online gateways as well)
Pricing
2.6% flat rate.
Note there are volume discounts available once you start.
How do I set this up?
If you already have one of the above setup it's super simple. Just follow these instructions.
You can sign up to Stripe from within Xero.
If you don't have something setup already you will need to do that 1st.
Add payment services to online invoices in Xero from Xero on Vimeo.
Next Steps
As with everything, each of these systems are designed for different types of businesses. If you are selling online, or want to use an in person terminal one of these may be more beneficial than the other.
Beau, one of the Ninja's here at Growthwise has a very detailed list of the pro's and con's of each system depending on how the rest of your business is setup, what merchant facilities if anything you already have and what your plans are for expansion. Shoot him an email here and he can provide advice on the best solution for you.
