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Online & Mobile Banking

Stripe enables ACH Payments for Xero

Wednesday 7 February 2018 | 02:02 PM CET

Xero has announced that it is expanding its partnership with Stripe to enable Xero customers to accept ACH bank transfers via Stripe’s platform.

According to Xero, by including ACH payment acceptance, its more than 1.2 million subscribers now have another way to get paid quickly in a secure manner.

In order to enable ACH payments via Xero, customers just have to log in to Stripe from within the Payment Services setting to enable Stripe ACH bank transfers as a payment gateway. After that, they can connect it to an invoice and even create a “Pay Now” button on invoices that are sent to customers.

When a payment is made with ACH, Stripe will generate and display the bank account details for that invoice but keep the bank details of the payee secret. The invoice recipient logs into their bank and initiates the ACH payment using the bank details that were provided on the invoice. Upon the ACH payment clearing, the money will show up in the Xero customer’s Stripe account. The invoice is automatically marked as paid at that point, Xero explained.

In 2017, Xero and Stripe announced an expanded online payment offering that included automated reconciliation, the companies noted.

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