PayStand enters integration land with Xero
B2B payments platform Paystand is teaming up with Xero to enable the cloud accounting firm’s customers to accept bank and card payments directly in sales orders and invoices. This will give Xero users a way to capture payments and reconcile them directly into their accounting systems. Paystand’s Xero plug-in is now available at the Xero Marketplace, reports David Penn at Finovate.
Paystand CEO Jeremy Almond calls the partnership “another step closer toward a frictionless payments infrastructure”.
Paystand’s Xero plug-in provides support for ACH and Smart ACH/eCheck bank payments, as well as both debit and credit card payments – the only one of Xero’s plug-ins to do so.
The integration enables customers to make digital payments within the invoice which, once cleared, are reconciled in real-time. Payment information is tokenised and encrypted. Data is “saved without being visible”.
Last month, Paystand reported that it would participate in the fintech accelerator, Commerce.Innovated. In June, the company announced that it was expanding to Canada.
At the beginning of the year, Paystand raised more than $8 million in funding. The company includes BlueRun Ventures and LEAP Global Partners among its investors. Paystand was founded in 2013 and is headquartered in Scotts Valley, California.
Based in Wellington, New Zealand, Xero made headlines earlier this month with its acquisition of paperless accounting firm, Hubdoc, and the news that it would partner with UK-based GoCardless.
In July, Xero announced an alliance with Gusto, a firm offering payroll, benefits, and HR management technology. Xero has a market capitalisation of $3.7 billion.
