Most small businesses take payment from their customers via credit card. Any business should look to collect cash as fast as they can and credit cards are a great way to do that. The 3% is worth the time and effort it would take to collect outstanding invoices (see tip # 2 in our top 5 things to do now for your business). Business owners also benefit using credit cards that provide miles or cash back. It's a win-win.

The most common merchant service provider we see, by far, is Stripe. For recurring business that need to scale like eCommerce or SaaS, then Stripe is probably the best way to go.

Following the recurring revenue business model trend sen in other industries, service-based businesses are now implementing similar service offerings. Xero and other applications integrate with Stripe but that requires the customer to pay each month. The goal is to not have to wait.

IntegraPay has come up with the perfect solution, integrating directly with Xero!

IntegraPay does a some other cool things, but here are the top 3 reasons why we would recommend the solution. 

  1. Auto-debit - When you link a Xero invoice template with IntegraPay, IntegraPay will charge the card on file once it is sent. Not need to run it in Xero and then log into another system to ensure the charge runs. This is massive. 

    You can use it on a one-off invoice but the power comes in setting Repeating invoices in Xero to Approve & Send. You've now automated that process on both sides. If you need to modify the recurring charges, you only need to edit the Invoice. 
     
  2. ACH Pulls - You now have the ability to pull the amounts due via an ACH pull. This cuts down what you were paying for credit card fees of around 3% to almost nothing. If the customer is OK with pulling the amounts, which makes sense for consistent, recurring charges, then that's the way to go. 
     
  3. Reconciliation - IntegraPay provides detailed instructions on how to setup Rules in Xero and account mappings so the system almost reconciles itself. Invoices are marked paid automatically. For customers who you do need to click a link to make payment, the functionality works just like Stripe so you're not losing anything by switching. 
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We're looking forward to seeing how else IntegraPay can automate our customer's cash collections.

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