Back in November Xero announced that Pay with TransferWise was about to launch and we invited you to join the Beta programme.
We’re delighted to announce that the feature is now available to all UK customers
Pay with TransferWise is a new, domestic (GBP to GBP) bill payment solution designed to give UK businesses a simple, fast and secure way to pay and manage bills with Xero.
Until now, there hadn’t been a standardised way for businesses to pay bills through UK banks. Bill-paying was manual, disjointed, time-consuming, and error-prone for small businesses.
Pay with TransferWise makes everything easier
This is a standardised way to make UK bill payments, regardless of your bank. It makes it easier and faster to pay suppliers.
Pay bills in clicks
No matter which UK bank you're with, you can pay and reconcile multiple bills in just a few steps.
You’ll see the status of payments in Xero and know that your suppliers have been paid on time. You can also send suppliers an invoice detailing what was paid for.
The system will alert you of potential errors before a bill payment is processed, reducing the risk of failed payments.
- Easy reconciliation
Regardless of how many bills you pay, you’ll be able to reconcile payments in just one click, through a statement line in Xero.
How to use Pay with TransferWise
- Enter your bills into Xero, and select the ones you want to pay;
- Choose to pay using Pay with TransferWise and enter the payment details — they’re sent directly to TransferWise;
- Transfer money from your preferred bank account to TransferWise, using the payment reference;
- Once TransferWise receives your funds, they’ll pay all of the bills. You can see the status of the payments in Xero, and bills will automatically be marked as paid.
As they launch this new feature, Xero have decided to include it at no additional cost, as part of Xero business edition subscriptions, until 31 July 2020. New Xero customers will have the option to add Pay with TransferWise to their subscription when they sign up. Standard pricing will apply from 1 August 2020 – find out more about each plan.
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