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Xero Ltd. (OTC:XROLF) inked a strategic partnership with BILL Holdings, Inc. (NYSE:BILL) to embed a bill pay solution for small businesses.
Once available, the solution will deeply integrate BILL’s payments options, allowing customers to more efficiently pay their bills, without leaving the Xero Platform.
With over 33 million small businesses in the U.S., timely bill payments and receipts are vital for effective cash flow management. Despite this, many small businesses still rely on highly manual processes.
Xero and BILL are partnering to make financial automation and cash flow management easier and more accessible for Xero’s U.S. customers.
Upon the release of the new embedded bill pay solution, small businesses can circumvent manual tasks such as bank transfers, check writing, and credit card entry for bill payments.
This solution streamlines transaction reconciliation across various banks, enhancing cash flow management with improved visibility and control for both small businesses and their advisors.
The bill pay solution will empower Xero customers to tap into BILL’s exclusive network of 5.8 million members, allowing small businesses to quickly locate their vendors and initiate payments seamlessly. Additional information regarding the bill pay solution will be disclosed later this calendar year.
Price Action: BILL shares are trading lower by 0.11% to $63.69 premarket on the last checked Thursday.
Photo via Shutterstock
