How to pay your bills faster and easier with Xero and open banking

If you’re a small business owner in the UK, you know how time-consuming and tedious it can be to pay your bills. You have to log in to your online banking, set up each payee, enter the amount, confirm the payment, and then record it in your accounting software (via the bank feed for most Xero users). And if you have multiple bills to pay, you have to repeat this process for each one.

But what if there was a better way? A way that lets you pay your bills directly from Xero, without having to switch between different platforms or enter the same information twice. A way that uses open banking, a secure and convenient way to share your bank data with trusted third parties like Xero.

What is open banking and how does it work?

Open banking is a secure and convenient way to share your bank data with trusted third parties like Xero. It allows you to access new products and services that can help you manage your money better. For example, you can use open banking to connect your bank feeds to Xero, so you can get your bank transactions imported automatically and securely into Xero. This way, you can always have an up-to-date view of your cash flow and easily reconcile your transactions. You can find out more about open banking and Xero bank feeds here.

What is Xero Pay with Crezco and how does it use open banking?

Xero Pay with Crezco is a new feature that lets you pay your bills in GBP from your UK bank account, either individually or in bulk, using open banking. It’s free for the first 30 days*, then only £0.20 per bill payment (price is in GBP and excludes VAT). It’s easy to set up — all you need to do is connect your bank in Xero (don’t forget to check that your UK bank supports bulk payments via open banking). You’ll then be able to select ‘Direct bank transfer’ as a payment method to pay bills in GBP from your bank account, either individually or in bulk.

What are the benefits of using Xero Pay with Crezco?

Here are some of the benefits of using Xero Pay with Crezco:

• Save time and reduce errors: You don’t have to manually enter the payment details or reconcile the transactions in Xero. Xero Pay with Crezco automatically fills in the payee information, amount, and reference, and marks the bills as paid in Xero once the payment is confirmed.
• Save money and avoid fees: You don’t have to pay any transaction fees or currency conversion fees when you pay your bills in GBP from your UK bank account. You also get the best exchange rate if you need to pay bills in other currencies, thanks to Crezco’s low-cost and transparent pricing.
• Stay secure and in control: You don’t have to share your bank login details or card information with anyone. You only need to approve the payment in your bank’s app or website, using your usual security method. You can also revoke the access to your bank data at any time in Xero or in your bank’s app or website.

How to get started with Xero Pay with Crezco?

To get started with Xero Pay with Crezco, follow these simple steps:

• In the Business menu, select Bills to Pay.
• Under Bills, click the Awaiting Payment tab, then select up to 200 bills to pay.
• Click Make Payment, then click Pay [number] bills to confirm.
• Select the bank account to fund the payment from, then select Pay with Crezco as the payment method.
• Review the payment details, then click Confirm and pay.
• You’ll be redirected to your bank’s app or website, where you’ll need to approve the payment using your usual security method.
• Once the payment is approved, you’ll be redirected back to Xero, where you’ll see a confirmation message and the bills marked as paid.

That’s it! You’ve just paid your bills with Xero Pay with Crezco and open banking. Now you can focus on growing your business and doing what you love.

*Terms and conditions apply.