Xero is Clay Shaw Thomas’ chosen online accountancy system. Xero is an online accountancy software system that is safe and secure and you can update your accounts anytime, anywhere.
There are over 1,000 Xero Add-On’s that integrate easily with your accounts and make your life a lot easier. Here we look at two of the best payment add on’s Xero can offer.
- PayPal (Global)
- GoCardless (UK) – actually uses a direct debit process rather than credit card payments and you don’t even need a merchant account.
One of the favorite features in Xero is the bank reconciliation and what makes it so appealing to users is not just the game-like feel to it, but the daily automatic feeds from major banks in the UK.
PayPal users out there will be excited to hear that you can now receive daily automated feeds from your PayPal account into Xero – for free. However there is a cost for your transactions currently at 3.4% +20p per transaction
If you use multiple currencies in PayPal, then you can import each currency separately using Xero’s multi-currency capability. To keep your accounts clean, Xero will only import transactions that change your PayPal balance – so you don’t need to deal with credit card purchases on your PayPal account or with currency conversions.
3.4% +20p per transaction
Take invoice payments online through GoCardless and automatically reconcile them with Xero. Instant, free setup, and low transaction fees
GoCardless makes collecting by Direct Debit easy for everyone from one-man bands to multi-national corporations.
Directli’s role is to manage the payment handshake between Xero and GoCardless—generating invoices remains within Xero. Using Directli enables Xero users to automate the routine of invoice payment processing and settlement to your bank account, using variable amount (pre-auth) Direct Debit.
Payment collections through the system are processed via pre-auth as the process can be automated without your customers having to do anything beyond their initial mandate approval (customers must have an email address).
£99 per year + 1% transaction fee (capped at £2)