Azupay today announced the launch of PayID powered by Azupay – the first real-time payment option on Australia’s New Payments Platform (NPP) to integrate with Xero.
Small businesses using Xero can now display a PayID on their invoices and receive payment in seconds, significantly improving cash flow at a critical time for Australian businesses.
Azupay uses the NPP to enable businesses to accept payments in real-time, without the need for their customers to enter card details, BSB and account numbers or a separate password every time a payment is made PayID, powered by Azupay is the first example of the NPP being used as part of a large-scale accounting solution and will transform how businesses get paid.
Azupay CEO John Murphy said “PayID Powered by Azupay marks a turning point in B2B and B2C payments in Australia. Australian businesses can use _PayID powered by Azupay _to help accelerate cash flow and at the same time reduce their payment processing costs.
This is a huge win for Australian small businesses, many of whom are struggling in the current climate.” Ian Boyd, Director of Partnerships - APAC, Xero said: “Real-time, predictable payments can lead to greater stability and confidence among the small business sector. Giving customers the flexibility to pay how they want, has a real benefit to small business cash flow.
We’re excited to see the first integration with Xero and the NPP through Azupay, which will enable better outcomes for small businesses through a fast, secure, and simple payment method.”
PayID powered by Azupay is perfect for businesses looking for an instant payment option. An invoice can be generated in the Xero mobile app and shared with the customer, who simply makes their payment using the invoice-specific PayID displayed.
A matching QR Code is also provided, which the customer can scan to make their payment instantly via their mobile device. This will help businesses get paid faster and even before they finish the job.
PayID powered by Azupay, also provides automatic invoice matching in Xero and straight-through reconciliation to reduce the time spent on administration.
Katrina Stuart, Head of Engagement at NPP Australia commented on the launch saying, “It’s great seeing the capabilities of the New Payments Platform, in particular PayID, being used to enable businesses to get paid in real-time, particularly during these more challenging times.”