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E-invoicing, SCF & E-procurement

PayStand partners with Xero

Thursday 9 August 2018 | 11:20 AM CET

B2B payments platform Paystand has teamed up with Xero to enable the cloud accounting company’s customers to accept bank and card payments directly in sales orders and invoices.

This will give Xero users a way to capture payments and reconcile them directly into their accounting systems. Paystand’s Xero plug-in is now available at the Xero Marketplace.

Paystand’s Xero plug-in provides support for ACH and Smart ACH/e-check bank payments, as well as both debit and credit card payments.

The integration enables customers to make digital payments within the invoice which, once cleared, are reconciled in real-time. Payment information is tokenised and encrypted. Data is “saved without being visible”.

Last month, Paystand reported that it would participate in the fintech accelerator, Commerce.Innovated. In June, the company announced that it was expanding to Canada.

At the beginning of the year, Paystand raised more than USD 8 million in funding. The company includes BlueRun Ventures and LEAP Global Partners among its investors.

Xero made headlines earlier this month with its acquisition of paperless accounting company, Hubdoc, and the news that it would partner with UK-based GoCardless.

In July 2018, Xero announced an alliance with Gusto, a firm offering payroll, benefits, and HR management technology.

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