Blockchain Payments Firm PayStand Integrates With Accounting Software Xero

Announcements, Blockchain, News | August 7, 2018 By:

Accounting and bookkeeping software platform Xero has integrated B2B payment platform PayStand to its app marketplace.

Xero is an online accounting software that connects small businesses to their advisors and other services. It provides business owners with real-time visibility of their financial position and performance. Founded in 2006, Xero is listed on the New Zealand Stock Exchange and the Australian Securities Exchange. The company claims that its software is being used in over 180 countries by 1,000,000+ paying subscribers and integrated with more than 500 add-on solutions.

PayStand calls itself a next-generation B2B payment solution that empowers enterprises to digitally transact anywhere and keep more of their revenues. Its Payments-as-a-Service platform leverages the latest advancements in Internet, mobile and blockchain technology to dramatically lower costs, speed up time to cash, and automate billing and payment processes.

The integration, which is now available on the Xero Marketplace, allows Xero users to accept bank and card payments directly in sales orders and invoices. According to the announcement, the PayStand integration is the only plug-in for Xero that offers all of the payment methods businesses require including credit/debit cards, bank transfers, ACH and Smart ACH.

“By adding the PayStand plugin for Xero (beta), you have created a one-stop-shop,” PayStand said. “Your customer can remit digital payment within the invoice, after it has cleared, that statement is reconciled in real-time. Your customers payment information is tokenized and stored in PayStands encrypted dashboard – the data is saved without being visible, meaning you have the convenience of charging your customer at will without being required to re-enter the information.”

Jeremy Almond, CEO of PayStand, said their goal is to transform commercial finance by automating the enterprise cash life cycle.

“We are proud to offer PayStand’s innovative technology platform to the millions of small businesses that look to industry leaders like Xero to manage accounting and bookkeeping practices,” Almond said. “This partnership will enable seamless and cost-effective business payments operations—another step closer toward a frictionless payments infrastructure.”