With the new development, small businesses using Xero will be able to take payments in real-time and without the need for customers to enter card details, BSB and account numbers or a separate password each time to make a payment.
“This is a huge win for Australian small businesses, many of whom are struggling in the current climate,” Ian Boyd, director of Partnerships, APAC at Xero, said. “Real-time, predictable payments can lead to greater stability and confidence among the small business sector. Giving customers the flexibility to pay how they want, has a real benefit to small business cash flow.”
Boyd added, “We’re excited to see the first integration with Xero and the NPP through Azupay, which will enable better outcomes for small businesses through a fast, secure, and simple payment method.”
Using a QR code that is provided, the customer will be able to make a payment instantly by scanning the code with their mobile device. Businesses will thus be able to get paid faster — potentially even before the job is done.
Invoices can be generated via the Xero mobile app. Once the invoice is shared with the customer, the customer is then able to make a payment using the invoice-specific PayID.
PayID also allows for automatic invoice matching in Xero and straight-through reconciliation. This helps decrease time spent on administration work.
Australia has spent time developing its own real-time payments platform, finally rolling out the New Payments Platform in 2018. Earlier this year, PYMNTS wrote that the platform has seen a new glut of activity as of late, with its daily transaction volumes exceeding 2 million as of March 2021.
PYMNTS wrote that the COVID-19 pandemic has been a driver of activity there, with many smaller businesses now using it for accepting payments in a contactless way as the pandemic made it harder to do things in person.