Xero is attracting partners and customers all over the world it seems, as B2B payment platform provider PayStand is one of the latest global companies to announce an integration.
PayStand is a US-based and venture-backed firm that uses internet, blockchain and Software-as-a-Service (SaaS) technologies for business-to-business payments.
The integration is now available on Xero Marketplace and allows Xero users to accept bank (including ACH, Smart ACH/eCheck), debit, and credit card payments directly in sales orders and invoices.
The end result is a faster time to cash, automated accounting processes and lowered transaction costs, the company says.
“Our goal is to transform commercial finance by automating the enterprise cash life cycle,” notes PayStand CEO Jeremy Almond.
“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. This partnership will enable seamless and cost-effective business payments operations—another step closer toward a frictionless payments infrastructure.”
According to PayStand, the integration is the only plug-in for Xero that offers all of the payment methods businesses require including cards, bank transfers, ACH and Smart ACH.
The company further states this plugin optimises B2B payments and delivers Xero users the capabilities to dramatically up-level billing, invoicing and reconciliation processes while driving significant bottom-line savings.
In November last year, PayStand announced it had raised a US$6 million Series A funding round led by investors BlueRun Ventures, with participation from Cervin Ventures, Serra Ventures, TiE, and Capital for Founders.
Almond said at the time that a financial revolution is coming, and PayStand is one company that is taking B2B payments into the digital age.
“With technology advanced enough to give us self-driving cars and rockets to Mars, there’s no reason finance should be stuck with paper checks and spreadsheets anymore,” he added.
PayStand is using the funding to scale its account receivable systems, and to launch a new free accounts payable product line, PayStand Digital AP.
“Like the consumer and retail payment innovation that has preceded it, PayStand’s focus on building the future of back-office commercial payments, melds seamlessly into our investment themes of digital transformation,” commented BlueRun Ventures general partner Jonathan Ebinger.
"The company is doing what we see common in every great fintech company: removing unnecessary friction and cost from the key financial processes that are vital to our economy. We see big things ahead for PayStand.”