To us payments geeks, when Square launched, it just made sense. A simple, elegant solution to small merchants’ credit and debit card acceptance problem? How come I didn’t think of that?!
Square actually solves more pain points for small merchants than meets the eye. Complicated fee structures, expensive hardware and merchant account underwriting requirements were the norm for many years. These archaic demands made it impossible for many small businesses to even qualify, let alone afford a merchant account. Not only did Square remove all of these issues, they did it via a tiny piece of plastic and customer cell phones. In short, Square effectively democratized payments for the small guys, giving every person in the US with a mobile phone access to a point of sale system!
I’ve been a Square fan since the early days and am thrilled to finally offer its merchants an integrated accounting solution that does the heavy lifting for them. Other combined payments and accounting solutions just dump raw data on users. But Square and Xero work together in lock step – intelligently sorting transactional data and building an accurate view of accrual balances. A once tedious process is now made simple with Square and Xero.
To get a taste of how the integration works, check out our video:
With this integration, Xero will automatically sync all of the previous day’s transaction data from Square, summarize it and create an aggregated transaction in Xero – allocating any payments, refunds, fees and sales taxes to the appropriate account. Sellers and small businesses can now save time, which was previously spent manually inputting sales.
Using this approach, Xero will keep track of the money Square owes you while breaking out all Square fees, tips and refunds. In addition to credit card receivables, Xero can also help keep track of cash receipts. Using auto-generated bank rules, each bank deposit from Square will be matched with outstanding receivables using a settlement account methodology. This will also allow for importing of historical transaction data from Square, and quick and easy bulk coding of multiple daily summaries.
We are thrilled to announce this partnership, and hope you enjoy the time that Square and Xero together give back to you.
Xero customer, Andy Ciordia of The Secret Chocolatier is especially excited about the integration. “I used to spend my Sunday afternoons manually dragging, dropping and categorizing my weekly Square transactions into Xero,” says Andy. “This integration gives me my weekends back – I have more time for my family and my business.”
Want to learn more about Square point of sale software for retailers?
- Hear more of Andy’s story over at Xero TV.
- Learn all about Square and Xero on our website.
- Check out the Help Center for information on how to get set up.
Square is available in Canada too. Will it work here?
“WOULD YOU LIKE US TO REMEMBER THIS EMAIL ADDRESS ON THIS COMPUTER?”
That message would be absolutely a god send mr XERO man. Have to type my email address in everytime and im a one finger typing bandit!!!!!!
If you type this address then save in your bookmarks bar, it will remember your login email.
Replace YOURUSERNAME with your email address.
Square is mega, shame their growth into new territories (such as the UK) is non-existent! I’ve been following them closely for 2 years and nada! Squat! Xero! Pardon the pun…
@Allan, good question. US only for the time being. As soon as we can we would love to bring the integration to Canada. No timeline as of yet. Thanks for the feedback!
Square is great but it has one fundamental problem. All our research keeps showing that there is resistance amongst Australian consumers (may be diffrent in other countries) to give their credit card to someone else to swipe through their mobile device. We’ve found that Australian consumers are far more receptive to taking control of the payment transaction – processing their payment themselves on their own device.
We’ve developed a great product nearly 5 years ago called ScanPay that enables consumers to scan a QR or Data Matrix code printed on an invoice and instantly make payment anytime, anywhere.
We have tried contacting Xero on several occasions over the past couple of years to explore the possibility of any partnership opportunities but never get to communicate with anyone past the standard “thanks for your enquiry”
Every Xero invoice should feature a ScanPay mobile payment option. Cheers 🙂
Any plans on a similar feature for Stripe’s integration with Xero – specifically the reconciliation piece?
@Grant I can’t find a partnership enquiry in the system, you can register here: http://developer.xero.com/partner/#become-a-partner and info in our developer center on how you can integrate: http://developer.xero.com/documentation/api-guides/payment-services-integration-with-xero/
Can you get the square in new zealand
This looks great! How do you end up connecting with them? Through their API?
Canada want it too!
I have been super happy with square for a year now, and will soon do xero trial to see about integrating the two with my Cliniko practice software. I need simplicity. !!
Damm! Wonderful to have this cloud based payment system. In future this will work in all shops . Xero your going on top in cloud based application .
I was super hyped up.
Then I realized it was U.S. only for now. 🙁
Can’t wait for you guys to bring this to Canadians.
Please bring Square integration to Canada ASAP.