At the end of the day, a vendor's purpose is to serve its customers. That's why companies invest in technology to streamline transactions and improve the buying experience. However, while customers drive the business, vendors still must implement solutions to improve their own profitability.
Xero customers have long trusted the accounting software provider to help them build efficiency into their buying and selling procedures. The technology allows vendors to better assist their customers by increasing the speed in which payments are processed. Now, Xero customers will be able to help themselves as well, as the software is integrating with Bill.com, a cloud-based software-as-a-service model for accounts payable and receivable.
By integrating with this software, payment processing will become even more efficient, but it will also allow vendors to reduce processing fees. Because Bill.com users get level 3 rates, they can enhance the value of every transaction.
Jamie Sutherland, president of Xero's U.S. operations, gave a statement last fall when the integration was officially announced and explored a number of its advantages.
"We have customers and accountants already using Bill.com and it really made sense for this [integration] to happen," Sutherland said. "We share the same vision of a paperless world where accountants and businesses are saving time and being more automated, they can now focus on more value-added things. Having data entered once is all about what we stand for, we have a full accountant solution and Bill.com does too."
Working with a payment solutions provider will help customers of Bill.com and Xero process transactions that allow them to pay the lowest interchange rates. In the B2B payments realm, this is essential as it will increase vendor profits while allowing them to stay competitive in an increasingly saturated market.
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