The news from Xero’s London conference that could make a huge difference to our clients’ businesses
Some have Glastonbury, accountants have XeroCon. The conference is often regarded as one of the biggest dates in the accounting calendar.
This year’s Xerocon brought exciting news that could transform the way businesses handle transactions. “Tap to Pay” stood out among the cloud accounting platform’s major announcements as a game-changer for small and medium-sized enterprises (SMEs) looking to streamline their payment processes. Here we summarise what Tap to Pay is, its benefits, and how it could revolutionise the working relationship between business owners and accountants.
What is Tap to Pay and how will the changes benefit our clients?
Tap to Pay is a contactless payment technology that allows customers to make transactions by simply tapping their smartphones or contactless cards on a compatible terminal. So far, not so ground-breaking. You might use your phone to pay for your personal transactions already. However, the added benefit is that by partnering with Stripe to deliver the update, as well as immediate payment, an invoice is generated and instantaneously reconciled on receipt of payment. This will mean less action for you and the seamless transfer of data to your accountant, keeping the reporting of the transactions accurate and almost in real time.
Other benefits of Tap to Pay
The shift towards a cashless society has been accelerated by the COVID-19 pandemic, pushing contactless payments to the forefront. Tap to Pay is a reflection of a broader move towards more efficient and secure payment methods that offer customers multiple ways to make payment for goods and services in easeful and hassle-free ways.
For businesses, this would improve cashflow owing to the speed that payment could be received. It could also be demonstrably cost-effective, removing the need for traditional POS systems, physical hardware and maintenance, thus making it an attractive option for SMEs with limited resources.
The Future is Here
Tap to Pay represents a significant step forward in the evolution of payment technologies. By adopting this innovation, businesses can not only meet the rising expectations of their customers but also streamline their operations and speed up cashflow operation. As we move towards a more digital and connected world, Tap to Pay stands out as having great potential to improve convenience and efficiency for small and medium sized businesses.
We can expect a beta version of the technology for UK android users of the Xero app in August. We’ll be keeping an eye out and keeping our clients updated . Read more about the new features and key announcements at xerocon on the Xero blog.
