Clik2pay has announced it is integrating with accounting software provider, Xero to make invoice payments more seamless for Canadian small businesses.
According to the payment provider, the deal will allow small businesses to pay their Xero invoices securely from almost any Canadian bank account via Interac e-Transfer. In addition, companies can save up to 50 per cent or more by opting for a payment method that removes credit card fees, Clik2Pay said.
The announcement comes as Xero’s data shows Canada’s small business sales slowing, highlighting the challenging environment businesses are facing.
“Our Xero Small Business Insights over the last several months show that small businesses are continuing to navigate the ongoing pressure of uncertainty from the dual impact of high inflation and a slowing economy,” said Faye Pang, Country Manager Canada, at Xero. “The integration with Clik2pay is coming at a crucial time to offer our customers a way to save money on their payment processing, when their other costs are on the rise.”
One extra benefit to small businesses is the ability to offer a payment method to Canadians who don’t have credit cards or who simply prefer to pay using debit instead of credit. In return, businesses also receive payments quicker and have more more efficient collections and reconciliation.
The latest partnership follows the announcement that Shopify stores are offering a direct-from-account payment option to customers via the Clik2pay app.
“In 2020, there were over 5 billion Interac debit card transactions in-store, but paying invoices online from your bank account has been very difficult – until now,” Mike Bradley, Founder and CEO of Clik2pay added.
