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 support this in the way that needs to be done to allow proper accounting.
Digital currencies aren’t prioritised in the next year, but our group is working on other initiatives which lay the groundwork so that in the future I truly believe we will be able to justify working on crypto, and that what we produce will be world class.
I continue to monitor this thread and I look forward to sharing news that is more in line with what you hope for in the future.
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…
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.
Mathew Merlehan
supported this idea
·
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.