After many months of testing and customer feedback, we’re happy to announce that Xero NAB Payments is launching this week. It’s available to all Xero customers in Australia who use NAB Internet banking. We think it’s a game changer for accounts payable, which has traditionally been a tedious, time-consuming task.
Here’s how it works: Once you’ve loaded your bills into Xero, it’s time to pay them from your bank account. But there’s no longer any need to manually download ABA files and upload them separately to your bank. Together with NAB, we’ve designed a more automated process that sends your payment instructions from Xero directly to NAB, Australia’s largest business bank.
You just approve the payments in a few steps on the NAB mobile app, whether you’re in the office or on the go. The payment is then recorded automatically in Xero, ready for you to reconcile. You can send payment instructions of up to $40,000, depending on your daily NAB limit.
Simply put, Xero NAB Payments enables small businesses to pay multiple bills quickly, seamlessly and securely. That leaves more time for your business, knowing that your bills have been taken care of and your suppliers have been paid.
A simple, secure and seamless way to pay and manage bills
The benefits accrue not just to business owners. Xero NAB Payments allows accountants and bookkeepers to see both sides of their client’s transaction. This means they’re working with accurate, near real-time data to better understand cash flow and can provide deeper advisory services.
Andrew Haynes, Founder of Kindred Accounting who was part of the pilot group said, “Xero NAB Payments is super exciting! I love having my accounting software connected to my bank – the more systems that talk to each other the better. It’s intuitive, reduces the risk of human error and speeds up the process of paying bills.”
Here are some of the other features.
Better visibility: Get notified of the status of your payments as they update in NAB, and know that your suppliers have been paid on time. You’ll get a digital record of all your payments in Xero, rather than having to manually go back and mark bills as paid.
Greater accuracy: Before a payment instruction is submitted to NAB, customers will be alerted of any potential errors, such as a missing payment field or incomplete account number, reducing the risk of failed payments.
Safe and secure: Payment instructions are securely sent from Xero to NAB. Our industry-leading security ensures payment instructions are transmitted safely, protecting the information you store with Xero. This direct connection is a more secure way to pay than manually handling ABA files, which contain sensitive payment details.
Pricing plans to suit your needs
When you consider that time is money, the value of Xero NAB Payments is clear. That’s why we’ve created three payment tiers to best suit the number of bills you pay each month. And your first month is free.
- $3 for 10 monthly transactions (35c per transaction thereafter)
- $10 for 40 monthly transactions (25c per transaction thereafter)
- $20 for 100 monthly transactions (20c per transaction thereafter)
You can find the full details here.
If you’re ready to get started, it’s simple. You just need:
- Your NAB ID that you use to log into NAB Internet banking
- Your NAB transaction account linked to this ID
- To send payments from Xero to NAB, you’ll need to be a creator on the bank account
- To approve payments on the NAB mobile app, you’ll need to be an approver on the bank account
You can either add the Bill Payments (NAB Accounts) add-on to your plan in Subscription Management. Otherwise you can add it the next time you pay your bills from within Xero.
We think you’ll love Xero NAB Payments, and we look forward to hearing about your experience with our latest feature.
For more information check out our FAQs.