PayTo now available: More payment options, healthier cash flow

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Chasing payments is a major headache for small businesses. Late payments disrupt cash flow and make it hard to manage day-to-day expenses. We’re focused on helping you get paid quicker by offering more payment options via Stripe.

Now, alongside credit card, debit card, Apple Pay, and Google Pay, you can use PayTo. Powered by Stripe, PayTo lets your customers easily pay you directly from their bank account. When your customers have more ways to pay, you’re more likely to get paid faster. That’s why we’re making more payment options available – so when the invoice lands in your customer’s inbox, they have no excuse to not pay. It’s fast, secure, and cost-effective.

What is PayTo?

PayTo is a real-time payment method in Australia that allows for both single and recurring payments, launched by NPP Australia, the organisation that operates the New Payments Platform, (Australia’s real-time payments infrastructure).

Think of it as a modern alternative to direct debit. It’s an integrated digital payment solution that lets customers authenticate and approve payments using their mobile banking app or online banking.

With PayTo, you can get instant payment confirmation in your Stripe account, so you can say goodbye to long processing times. You’ll have peace of mind knowing the money is on its way and can manage your cash flow confidently. When your customer authorises the payment, it will mark your invoice as paid, making bank reconciliation a breeze.

Chasing late payments takes time away from running your business. That’s why we’re investing in PayTo and other payment methods, to help you get paid on time, with less hassle. More choice means more invoices paid on time – so you can spend less time worrying about cash flow.

Benefits of using PayTo

Here are some of the ways PayTo can benefit your small business:

Fast and easy for your customers: PayTo lets customers authorise payments instantly and securely using their mobile banking app or with online banking. They don’t need to set anything up – they can pay using their PayID or BSB and account number.

Real-time payment visibility: When your customer pays, it confirms payments in your Stripe account, giving you peace of mind your money is on the way. Stripe typically settles your funds within two business days.
Less admin: PayTo’s simple payment process increases the likelihood of on-time payments – meaning less chasing up.
Lower processing fees than credit or debit cards: PayTo offers fast, secure transactions at an affordable cost, so you keep more of your hard-earned money.

How to use PayTo in Xero

If you’re a Xero customer using online payments, you can access Stripe’s beta version of PayTo. For now, PayTo is currently available for one-off payments only.

PayTo requires a Stripe account (and a valid ABN). To get started:

From your Dashboard, click Business, then Online Payments
In the Manage payment methods tab, click “Turn On” next to PayTo
It is now enabled for all future invoices and any invoices you have already issued but are unpaid. You can toggle this on or off as needed right from your invoice

If your customer chooses to use PayTo, they’ll need to:

Choose PayTo as their payment method on their invoice and enter their full name.
Next, they can choose to use their BSB and account number, or their PayID. (Note, their bank must support PayTo as a payment option. Check eligible banks here)
Once they proceed to pay their invoice, their banking app will notify them on their mobile device, prompting them to log in and authorise the payment. They can also log in to their bank online in a web browser.
Once the payment is authorised, it will mark the online invoice as paid

PayTo expands Xero’s payment options, giving your customers more ways to pay, so you can get paid on time, every time. Ready to streamline your payment process and improve your cash flow?

Learn more about offering PayTo here.

The post PayTo now available: More payment options, healthier cash flow appeared first on Xero Blog.

Source: Xero Blog