We’ve expanded our online-invoice payment options in Xero for Australia. Xero online invoices tend to get paid an average 33% faster than invoices that aren’t sent electronically*. As well as credit card and digital wallet payments with Stripe and Paypal, you can now offer customers the option to pay with BPAY. This has been one of the most-requested additions from our small-business users. It is among Australia’s favourite ways to pay bills. The average BPAY amount is $823. And 368 million BPAY payments are processed annually via online banking, which averages to over to a million payments a day.**
Adding a payment service in Xero creates a Pay Now button on your invoice, giving your customers a convenient way to pay you faster — and reducing the need to chase payments. And now with BPAY, we’ve given your customers even more ways to pay you online and on time.
BPAY for Xero is powered by DEFT, a product of Macquarie Bank. You’ll find it in the Xero App Marketplace. DEFT also supports credit cards, so you can offer your customers multiple payment options.
BPAY payments direct from invoice
Once BPAY has been enabled in Xero, you can start accepting BPAY payments from the invoices you send. Customers simply click Pay Now on the invoice. They then log into their Internet banking platform to pay via BPAY, a secure, trusted and preferred method of payment. Once the funds are deposited in your bank account, Xero auto-matches the settlements to the paid invoices. Because customers are asked to enter their unique BPAY reference number (CRN or “Customer Reference Number”), each payment can be matched to specific invoices in Xero, making reconciliation a breeze. We think this is truly beautiful, and we hope you will too.
To get started, visit the App Marketplace to set up BPAY.
For further information on why multiple payment options for your customers is a win-win, see the Xero blog.
*Based on a comparison of almost 200,000 online invoices sent from the Xero platform in the year through March 2017 and invoices created in Xero but not sent from the platform.