Xero Adds Stripe ACH Bank Transfer Payments to Benefit Small Business Customers

An online accounting software firm is providing a new payment gateway to small businesses that can get them paid up to 10 days faster with smaller transaction fees. As part of the next phase of its partnership with Stripe, an online payment software company, Xero (NZE:XRO) customers will be able to accept Automated Clearing House (ACH) bank transfers. These ACH payments essentially streamline the payment process through automation. It’s an electronic network where transactions like vendor payments can be made efficiently and securely. One of the big advantages for small business is it allows invoices to be paid through debit transactions at the client’s end. “These are often credit card-based transactions, which come with transactional fees. For a lot of SMBs this is the cost of doing business,” he told Small Business Trends. “But if the invoice total is large enough, it can be prohibitive for small businesses to offer payment via credit card without passing on a significant additional expense to the customer.”