Small businesses need every advantage they can get to stay competitive and thrive, especially in the current economy!
Imagine being able to instantly accept payments from your customers with nothing more than your smartphone—no bulky hardware, no long delays, and no complicated setups. Enter Xero Tap to Pay, a revolutionary tool that empowers small businesses to process payments on the spot, streamline their accounting, and get paid faster than ever before. If you’re looking for a way to enhance your cash flow and deliver an exceptional customer experience, this could be the game-changer you’ve been waiting for…without any additional cost!
Say goodbye to payment delays and hello to a seamless, efficient way to boost your cash flow and enhance customer satisfaction. Get paid on the spot with no additional hardware thanks for Xero Tap to Pay!
What Is Xero Tap to Pay?
Xero Tap Pay enables businesses to receive payments on the spot using a mobile phone. Customers can tap their digital wallet, card, or wearable device on the business owner’s phone to make a payment. This feature is integrated with Stripe, a popular payment processing service that most astute Xero users already have (or if they don’t it can be setup at no additional cost).
How can it help Small Businesses?
- Faster Payments and Cash Flow
By accepting payments on the spot with Xero Tap to Pay, businesses can get paid faster. Gone are the days of waiting for invoices to be settled. Whether you’re on-site with a customer or at a market stall, payments can be processed immediately, leading to funds being available sooner than would otherwise be the case. This is especially beneficial for businesses with tight cash flow where every day matters. - Reduced Hardware Costs
Traditional payment terminals can be expensive to rent or purchase. With Xero Tap to Pay, all you need is a mobile device. This reduces upfront costs for small businesses, allowing them to direct those funds toward other essential areas of operation. - Improved Customer Experience
Today’s consumers value convenience. With Xero Tap to Pay, you can offer your customers a fast and easy way to pay using their preferred contactless method. Whether they want to pay using their credit card, Apple Pay, Google Pay, or a smartwatch, you’re covered. This makes the payment process smoother and can enhance customer satisfaction. - Automatic Reconciliation
Since Xero Tap to Pay is part of the Xero ecosystem, payments received through the app are automatically recorded and reconciled in your accounting software. This eliminates manual data entry, reduces the risk of errors, and ensures that your books are always up-to-date. For small business owners who often juggle many roles, this automation saves valuable time. - Enhanced Security
Xero Tap to Pay is built on secure technology, using encryption and tokenization to protect payment information. This means small business owners can trust that their customers’ data is safe, and they’re complying with strict industry standards. - Reduced Costs: There are no sign-up, setup, or monthly costs for using Xero Tap Pay. Businesses only pay a transaction fee (no different to the stripe fee’s if they have enabled the card payment feature on their invoices) when a payment is processed, which can be passed on to the customer if desired.
- Paperless Transactions: With Xero Tap Pay, businesses can go paperless, reducing the need for physical receipts and invoices. This not only saves time but also contributes to environmental sustainability.
It’s estimated that unpaid invoices for Tradesman contributes to a $20 billion issue annually. To minimise this risk we recommend business owners provide on the spot payment alternatives to cash, and Xero Tap to Pay is one of those that can be setup by existing subscribers at no cost.
Tangible examples of Xero Tap to Pay
Let’s explore a few scenarios where Xero Tap to Pay can make a real difference for small businesses.
- Example 1: Mobile Service Providers
A mobile mechanic or a home-based hairdresser can use Xero Tap Pay to accept payments immediately after providing their service. This eliminates the need for follow-up on unpaid invoices and ensures they get paid promptly. - Example 2: Plumber
A plumber used to send out invoices and wait days for bank transfers. With Xero Tap to Pay, they can now accept payments on-site after completing a job, ensuring payment has been made before they leave the site. This has significantly improved cash flow, allowing them to focus on growing their business rather than chasing unpaid invoices. - Example 3: Market Stall Owner
A small business owner running a weekend market stall in Melbourne found it challenging to manage cash and reconcile sales at the end of the day. Since adopting Xero Tap to Pay, they now accept card payments and enjoy automatic reconciliation in their Xero account. The process is hassle-free, saving time and reducing the chance of errors. - Freelancers and Consultants: Freelancers, such as graphic designers or consultants, can use Xero Tap Pay to accept payments during client meetings. This immediate payment option can help maintain a steady cash flow and reduce the risk of late payments.
Xero Tap to Pay is more than just a payment solution—it’s a tool that can help small businesses improve cash flow, reduce operational costs, and provide a better customer experience. By integrating directly with Xero’s accounting software, it takes the stress out of payment processing and bookkeeping, letting business owners focus on what they do best.
Note that as this is a newly released feature, Xero Tap to Pay is only available on Android (others coming soon) and that some functionality, such as the PIN verification for transactions over $100 (only when a physical card is used) isn’t yet available. No limits apply to payments made using a digital wallet or a wearable device.
For any small business looking to modernise their payment systems and stay ahead in today’s fast-paced environment, Xero Tap to Pay is definitely worth considering. Contact us if you would you like more details on any specific aspect of Xero Tap Pay.
