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Australian businesses using Airwallex can now automatically embed a payment link into their Xero invoices so that the funds are directly credited to their Airwallex account.
Airwallex launched the integration with Xero invoices to provide a faster way for businesses to receive payments.
Airwallex’s head of growth for ANZ, Sam Kothari, said the feature would help businesses manage cash flow.
“Invoice recipients can now pay in one click, increasing the speed and likelihood of getting paid for our customers, which in turn will improve their business cash flow,” he said.
Once paid through the Airwallex link, funds are automatically reconciled to the invoice in Xero and a payment receipt is sent to the payer.
The Airwallex link can handle multiple currencies, with the ability to receive payments in more than 170 currencies and have funds settled in eight using a wide range of payment types.
Mr Kothari said: “We’ve also brought our unique cross-border payment capabilities to this solution to help our customers collect and hold in the currencies that are important to them, avoiding unnecessary conversion fees.”
He said the direct link invoice integration was a key enhancement as it synchronised the payment trail for Xero customers, from collections to bank feed reconciliation.
The development was an extension to Airwallex’s partnership with Xero that began in 2020 when bank feed integration was introduced between the two platforms.
“We are pleased to be extending our partnership with Xero to simplify accounting and bookkeeping for our customers,” said Mr Kothari.
In 2021 Airwallex launched its online payment acceptance capabilities, providing different integration methods including links. These links, either one-off or reusable, enabled businesses to have seamless invoice payments without having to host payment services within their own website.
Earlier this year Airwallex was picked by Qantas Loyalty to power its financial services offering, Qantas Business Money, which is a method for Australian companies to do business overseas and still earn Qantas points.