With many businesses and consumers finally recognising the boundless benefits of fumopay Pay by Bank,Xero - the innovative and very widely used accounting software brand for businesses - have partnered with fumopay on a Pay by Bank option, allowing you to streamline your finances.
The fumopay integration allows a payer to settle an invoice directly into the recipient’s bank account without the lengthy process of setting up as a new payee. This will then be immediately reflected in the business’ Xero software, meaning one can reconcile a payment instantly as ‘paid’ without the need to work out a monthly credit card remittance.
Primarily catering for the SME community, Xero helps businesses consolidate transactions into one place, making it easier to see the overall financial landscape of the business. This integration with fumopay Pay by Bank furthers their offer by making payments immediate and takes out laborious reconciliation and the - often crippling - issue of late payments.
Pay by Bank is an account-to-account instant payment transfer method that pays 100% of the invoice value directly into the recipient's bank account. Due to the customer having to pay using Strong Customer Authentication, there is not only a significant reduction in risk of fraud but there are no chargebacks after payment has been made - as is often the case with cards or cheque payments.
Payments do not require cards or sharing of financial details, payees don’t even need to have an account with the merchant which allows ease for one-off or irregular payments. The fumopay Xero integration also means the vendor won’t need to spend hours reconciling monthly card transactions as this is immediately reconciled against the invoice.
As with many ‘in the know’ businesses, Pay by Bank is growing exponentially and is fast becoming a preferred way of executing payment transactions due to its countless benefits for both payee and payor alike.
To find out more about the Xero integration - please click here