Due to all the tweeting about the Xero/Stripe integration I thought we would give it a try at CloudCounting.
Previously we had used Paypal as our merchant gateway, but there are two things I didn’t like about that:
- The fee of 2% is very pricey
- When the customer clicks on the pay now button, the screen that they jump to make payment looks off brand.
Setting up Stripe was very easy. Go to www.stripe.com and open a new account. All you need is to select a logon name, password, and enter some information about your business such as the ABN, address, and linked bank account. After this, a test email was sent over to the nominated email address, confirmation was done, and the account was active!
Setting up Stripe to link with Xero was even easier. Go to Settings | General Settings | Payment Services | Add Payment Service and enter your Company name. Connect to Stripe, enter your password and the connection is complete!
The visual on the invoice looks great – the first picture is what the client sees when they open your e-invoice and the second picture is what they see once they click on pay now.
Once the client makes payment, you will be advised by Stripe. Each day any funds collected by Stripe will clear to your nominated business bank account and will be received within seven days.
Within Xero you can select which payment methods you wish to accept (i.e. Visa and MasterCard are standard, but you can also choose to accept American Express and Diners)
The fees charged by Stripe are .30 cents plus 1.75% of the transaction total. Not cheap, but .25% cheaper than Paypal which charges 2% of the transaction total. The fee for American Express and Diners is .30 cents plus 2.9% of the transaction total. There are no other fees, so you only pay for what you use.
Contact us at CloudCounting today if we can help you set up a merchant gateway to integrate with your Xero account to speed up your payment process.