Xero.com, the cloud accounting software leverages the power of the internet by integrating with a number of other online solutions. I believe that one of the most important of these integrations is Paypal. Paypal enables you to collect money in any currency from a wide variety of sources that can be expensive to set up individually.
Xero also allows you to place Paypal payment buttons directly on your electronic invoices that are emailed directly to your clients. Paypal can alos keep reminding your clients that payment is due.
Xero treats Paypal as one of your bank accounts and has the same main features in Xero such as automatic bank feeds and the ability to match receipts and invoices.
Paypal increases the number of avenues that you can be paid such as Mastercard, Visa, Amex and direct bank transfers improving your cashflow.
One of the great advantages to using Paypal as your gateway is that the you never store your clients credit card details, those details are stored with Paypal. The theft of millions of credit cards numbers from Sony Playstation confirmed for me that I do not want to hold my clients credit card details.
Most people now have a Paypal account becuase they have bought of sold something through eBay. The Paypal Business Account allows you to also accept payments from people you don’t have a Paypal account.
We are Xero Partners and we can help you set up and understand your Xero accounting system saving you time with less hassle. Call us now on 02 9411 5422 o see how we can help.
A video from Xero themselves on Xero & Paypal Integration: