A few weeks ago we shared some interesting information from Xero’s Small Business Insights.
It revealed that only 51% of UK’s small businesses are cashflow positive in any given month.
Not one to stand back and watch businesses need desperate help, Xero have decided to try and fix this problem, by announcing a brand new integration at Xerocon London.
A New Integration With TransferWise
There are loads of benefits to having an up to date cashflow. Perhaps the most important is that it gives you an understanding of the health of your business.
Getting paid on time is obviously one half of the battle, however controlling your cashflow is the other side – and is something you have complete control over.
At Xerocon London, it was announced that a new integration would be available to solve this half of the problem: Pay with TransferWise.
This new integration seeks to bring a solution to domestic bill payments. It helps UK customers to pay and manage their bills more efficiently.
Customers will also be able to pay their bills using their preferred existing bank account!
Who Are TransferWise?
TransferWise are a leading and trusted international payments provider.
They will help to replace the current manual and time consuming method of paying bills through Xero.
The process will be seamless and simple, something that Xero are always striving for in the lives of business owners.
The integration is built on a secure API connection between Xero & TransferWise. The process also allows you to have a digital audit trail and will provide checks for any fraudulent activity to keep everything safe and secure.
What’s more, is that TransferWise use the Faster Payments scheme, and will usually make payments within seconds of processing them.
Managing bill payment from within Xero just became a real thing!
What Difference Will The TransferWise Integration Make?
Stuart Gregory, the Managing Director at TransferWise had this to say on the integration:
“Xero shares our vision for bringing fairness, convenience and transparency to small businesses all over the world, so from the beginning we knew this partnership would be a perfect fit.”
“The UK’s entrepreneurs can now spend less time on financial admin and more on growing their businesses, safe in the knowledge that their bills are taken care of.’
To use the integration you will need to set up a TransferWise account.
You’ll then be able to purchase Pay with TransferWise as an add-on to your Xero subscription. Then, you can choose the payment tier that will be relevant for the number of bills you pay each month.
The integration will be available from early 2020 and you can register your interest to be part of the Beta testing here!
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