Banking & chart of accounts

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1. Instant international payments

   Ability to collect instant international payments from customers (next day settlement). Having this feature will improve international trade as foreign inbound payments currently take 4 - 7 days depending on the currency.

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   0 comments  ·  Bank accounts  ·  delete…  ·  Admin →
   Existing functionality  ·  AdminRidhwaan Uddin (Admin, Xero) responded

   Hi there! Thanks for sharing this.

   
   

   I’ve classified this idea as Existing Functionality, as you can actually achieve next-day settlement for international payments right now by using Xero’s integrated payment services!

   
   

   The 4–7 day wait you’re currently seeing is usually down to the traditional bank-to-bank (SWIFT) network. By switching to an online payment service, you can bypass those delays.

   
   

   How to get next-day settlement in Xero:

   1. Connect a Payment Service: Go to Settings > Payment Services and connect a provider like Stripe.
   2. Add a 'Pay Now' Button: Once connected, your international customers can pay your invoices instantly using credit/debit cards or digital wallets (like Apple Pay).
   3. Faster Payouts: Providers like Stripe typically offer next-day payouts to your bank account, which meets your goal of speeding up international trade.
   4. Automatic Reconciliation: When the customer pays, Xero automatically marks the invoice as paid and handles the currency conversion for you, saving you even more time.

   
   

   You can find out how to get this set up here: Accept online payments in Xero.

   Hi there! Thanks for sharing this.

   
   

   I’ve classified this idea as Existing Functionality, as you can actually achieve next-day settlement for international payments right now by using Xero’s integrated payment services!

   
   

   The 4–7 day wait you’re currently seeing is usually down to the traditional bank-to-bank (SWIFT) network. By switching to an online payment service, you can bypass those delays.

   
   

   How to get next-day settlement in Xero:

   1. Connect a Payment Service: Go to Settings > Payment Services and connect a provider like Stripe.
   2. Add a 'Pay Now' Button: Once connected, your international customers can pay your invoices instantly using credit/debit cards or digital wallets (like Apple Pay).
   3. Faster Payouts: Providers like Stripe typically offer next-day payouts to your bank account, which meets your goal of speeding up international trade.
   4. Automatic Reconciliation: When the customer pays, Xero automatically marks the invoice as paid and handles the currency conversion for you,… more