For those of you sending or receiving invoices through Microsoft Outlook, there is good news!
Quicker payments are coming your way. Xero, Stripe and Microsoft Outlook have teamed up to enable customers to pay invoices straight from their inbox.
Stripe, you ask? Stripe is a technology company, providing online payment software for individuals or businesses. They take care of the technical, fraud-prevention and banking infrastructure necessary for online payments.
If you’re wondering how it all works, wonder no more. Businesses can now send invoices via Microsoft’s Adaptive Cards. For customers, this means opening an email and, a few clicks later, voila – the invoice is paid. This is all made possible by the integration of Microsoft Pay into Outlook, via Stripe. The image below gives a visual example of this.
The customer clicks ‘review and pay’, chooses their preferred payment method, then simply clicks ‘confirm’. If the user’s card details aren’t already saved, they can be added on the go.
(Image credit: Xero)
Because the payment processing is done through Stripe, who are already integrated with Xero, transactions are marked against the correct account code in Xero and the invoice is then marked as paid, making for easier reconciliation.
The benefit of this is, of course, ease and efficiency to the customer – who will no longer have to follow a link and fill in additional forms in order to pay their bills. They can deal with payments as they are received, resulting in companies receiving quicker payments and less time spent chasing invoices.
For Microsoft, this is also a beneficial move. Other technology companies, such as Apple and Google, have already integrated payment services within their framework for some time, meaning consumers no longer have to look to other companies for these services and it locks them into the company’s ecosystem. So by providing this service, Microsoft are offering convenience to their customers, making their products and services more favourable to their customers.
Initially, this service will be rolled out to a limited number of US Outlook.com customers, with a broader release in the following months.