DirectPay, a Xero certified app by Payment Source, allows fast, low-cost bank payments for Xero customers in Canada.
Payment Source, the Canadian fintech powering digital payments, today announced its integration of Interac e-Transfer® with DirectPay to Xero, the global small business platform. DirectPay enables e-Transfer as a payment option on Xero invoices with automatic payment matching and reconciliation.
DirectPay solves a common pain point for businesses by making it quick and easy to accept e-Transfer payments. The benefits of offering DirectPay include faster payments, reduced administrative work and lower payment processing costs when compared to other payment methods in Canada.
According to the Xero Small Business Insights (XSBI) Canada Quarterly Update, late payments and time to be paid create cash flow pressures on small business owners. In addition, “Canadians pay some of the highest interchange (a.k.a. ‘swipe fees’) in the world” according to the Retail Council of Canada. DirectPay helps ease this pressure by making it easier for a customer to make a payment that is low in cost to the business.
“It was important for us to help Canadian businesses keep more of what they earn while improving time to cash,” says Robert Hyde, CEO of Payment Source. “We’ve had tremendous success with our retail partners in eCommerce, so it was no surprise that the initial response has been positive with bill payments on Xero”
Faye Pang, Canada Country Manager at Xero, adds: “We are excited to have this integration with DirectPay now available in the Xero App Store. As time to cash becomes even more important for Canadian small businesses during unpredictable times, having Interac e-Transfer payments is a welcomed addition for Xero customers.”
DirectPay makes it easy for Xero customers to get paid by removing the effort required to initiate a payment. A customer can authorize a secure e-Transfer in as little as a few clicks with no apps to install or card details to enter. The invoice in Xero is automatically marked ‘Paid’ and the funds are secured fast with automatic payment matching and reconciliation. Xero users including accountants and bookkeepers save administrative time, reduce errors and don’t have to worry about chargebacks or high fees.
About Payment Source
Recognized as one of Canada’s Best Managed Companies for five years in a row, Payment Source, the parent company of DirectPay, is the established and ubiquitous Canadian fintech, powering digital payments for everyone. Payment Source gives every Canadian more ways to pay and provides businesses and governments with more ways to be paid. Learn more about Payment Source at www.paymentsource.ca.