Athletes aren’t the only ones testing their extremes at the moment — small businesses regularly have to go to extraordinary efforts to ensure they are paid on time, if at all.
More than a third of small business owners point to cash flow as their biggest challenge. Independent research commissioned by Xero found small businesses often wait a month or more to get paid, with 19 per cent of Aussie businesses waiting more than six months or a year to have an invoice paid.
As a result, many businesses have had to resort to extremes to get paid. More than half said they called and emailed debtors repeatedly, and one in five said they had visited customers in person to ensure invoices are processed.
To help business owners fix their cash flow issues, Xero and PayPal have partnered to build a better integration between the two platforms that helps to remove unpaid invoices as a headache for businesses. With PayPal Express Checkout for Xero, customers will be able to pay in just a few clicks from directly within the invoice, speeding time to cash.
Libby Watkins, Founder of Libby Watkins Art, said, “We are currently preparing for the launch of our latest collection and the integration of PayPal and Xero has streamlined the financial management of my business and allowed me to focus on the creative outputs of my brand. Xero ensures no overdue invoices are outstanding and PayPal facilitates efficient and secure payments which is a massive weight off our shoulders.”
Xero customers have sent almost 9.5 million invoices over the last 30 days alone. In the seven months to July 2016, more than $US88.6 million worth of PayPal transactions were processed by small businesses on the Xero platform, representing a 40 percent growth over the period.
“We constantly hear about businesses who spend their time chasing unpaid invoices instead of actually running their business. Making it easier for customers to pay an invoice from Xero speeds up the time to getting paid, and PayPal is one of the easiest payment solutions around,” said Trent Innes, Managing Director of Xero Australia. “By connecting the Xero accounting dashboard to PayPal, small businesses can get paid faster, improve their cash flow, and focus on the important things that help them grow their business.”
Libby Roy, Managing Director of PayPal Australia, said, “We know from working with thousands of Australian business owners that they don’t start a business because they love admin. We also know that cash flow is one of the things that keep them up at night. The integration of PayPal within Xero delivers a simple and secure payment solution for Xero’s customers making it easier for their clients to pay quickly – straight from the invoice with just a few clicks.”