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Hello I am the product manager for the group within Xero which looks after the currency capability.
I follow the digital currency space closely, I find it incredibly interesting both sociologically as well as technically. However as a product manager my role is to ensure that my engineering group works on the things that create the most value, for the most people, and in alignment with the company's long term goals and aspirations.
Digital currencies continue to have an extremely passionate, but also extremely small group of users who want to see them handled in Xero. The cost remains very high for us to deliver this feature, and does not make a difference to enough peoples lives to justify that investment. There are a lot more touchpoints than many people appreciate to implement crypto properly. Huge decimal precision, UX, currency rate feeds, revaluation logic, reporting - all need changes to…
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Mathew Merlehan
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An error occurred while saving the comment Mathew Merlehan
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I would like to see the acceptance of payment for goods and services in crypto assets made easier through Xero.
This can currently be done through third party apps like Request Finance (https://app.request.finance) - when invoicing through this app, the end user can connect their wallet (e.g. MetaMask) to the app and it will calculate the AUD-equivalent amount to pay in the nominated crypto asset. Upon confirmation of payment, the invoice is automatically updated to be marked as paid.
The problem I find at the moment, however, is that we are caught between two worlds. We have our usual invoice that we send through Xero, the template of which is not easily replicated through Request. However, if a client advises us that they wish to pay in crypto, we then need to generate and send the same invoice in Request that has the added payment functionality. It is also not possible to simply add a custom payment URL to invoicing templates, as the payment URL will be different every time.
I propose that Xero either (1) works to integrate Request (or something similar) as an additional payment option; or (2) allows businesses to add unique payment URLs that hyperlink to the relevant invoice in the Request UI.
Since first posting this, I have moved to a firm that specialises in the taxation of crypto activity. Not only is the rate of adoption of crypto as a speculative asset ever-increasing, so too is its use case as a borderless payment rail. This is particularly valuable for our business as we accept the payment of crypto for tax agent services.
An increasing amount of payment solutions are coming online as well, like Request Finance for business invoices, bills and payroll as well as POS solutions like Wallet of Satoshi (Bitcoin Lightning Network) and Slice (Base, the OP Stack chain being built by Coinbase).
However, the solution to maintaining half-decent records is a solution stack that mediocre at best. Request has a CSV import only with Xero (but has full integration with Quickbooks) and the integration with CryptoTaxCalculator (CTC) is not flexible in the way records are bridged across. In both instances, the end result is major UX roadblocks and inefficient completion of work required.
Please kick this up the priority list. By the time you realise crypto is 'here', it will be too late.