A New Way to Collect One-Off Payments

There’s a new way to collect one-off payments, directly from your Xero invoices! 

Introducing Instant Bank Pay, a new payment method from GoCardless.

It’s quicker and easier than a manual bank transfer, providing a direct ‘Pay now’ button to your customers without the need to share your bank details. Plus, you can set up a Direct Debit at the same time if you want to collect future payments automatically.

How does it work?

When creating an invoice in Xero, select ‘Bank Payments’ from the ‘Online payments’ section. Then, choose how you would like the customer to pay, and click ‘Done’. Once your GoCardless account has been set up, a ‘Pay now’ button will be added to the invoice.

How much does it cost?

Instant Bank Pay costs the same as GoCardless Direct Debit payments, 1% + 20p per transaction. 

Who can use it?

It is currently only available for UK bank accounts and transactions in pounds sterling.

Reconciling payments

Xero marks your invoice as paid as soon as your customer makes the payment, and then reconciles it in your existing GoCardless clearing account.

A transfer transaction is created once the payment arrives in your bank account in Xero. Xero then records the GoCardless fee as an expense at the same time.

You can find out more on Xero Central.

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