In this fast-paced environment, people have gotten so used to being able to do things at the snap of their fingers. We get our information in milliseconds, our food in minutes, and we are taking that trend to our business dealings as well.
As businesses, we aim to make receiving payments from our clients as easy and as effortless as possible. Payment services, like Paypal, are online service providers that accept payments from various sources and somehow acts as a middle man between the bank and the business. In this article, we will be learning about the different payment services available to be used with Quickbooks and Xero.
Let’s start with Xero.
Xero is a cloud-based accounting system that was created because the traditional desktop accounting software had become outdated. To this day, Xero keeps on innovating and giving us more and more features that make our lives easier. One of those features are the various payment services that you can connect to your Xero account to receive payments. There are 7 payment services that integrate seamlessly with Xero.
Adding a payment system to your Xero account is pretty straightforward.
From the home screen, click on Company Name on the upper left side and select Settings.
You will be directed to a screen where you can select Payment Services on the right hand side of the screen.
Once you are in the Payment Services screen, Select Add Payment Service and you will see the list of payment services you can connect with Xero.
Let’s start with Stripe. When you click on Stripe, a window will appear where you can input your Name, Payment Account and Fees Account. Click Connect to Stripe and you’re ready to receive payments.
It is pretty much the same thing with PayPal, once you click PayPal, a window will pop up and ask for your details. Once all the details have been filled out, all you need to do is click Save and it is set up.
Next is GoCardless.
When you tap on GoCardless, a new tab will open with the option to set it up.
Once you click Set Up Now, GoCardless will walk you through setting up an account and connecting it to your Xero account.
We now move on to eWay.
Setting up eWay is very easy as well. Once all the fields have been filled out, just click Save, and you’re all set up.
Moving on to DPS, the steps are pretty much the same as the previous payment service providers. A few fields have to be filled out and it is set up.
Second to the last is Braintree. Just a few more fields than DPS, but as straightforward as the other ones. Just fill out the fields and Voila! You have your payment service set up to receive payments.
Lastly, we have custom URL payments. You can set up your own personalized payment URL on your Xero account just by filling out three fields and clicking Save.
There you have it! That’s it for Xero and the payment services that connect to it.
Xero has made setting up payments as easy as can be.
As many of us know, Quickbooks preceded Xero by a couple of years. Quickbooks is also a cloud-based software that helps us stay on top of the financial side of our businesses.
Currently, Quickbooks only offers Paypal as a payment service you can connect to your Quickbooks account. PayPal is probably the biggest and most common payment service right now.
Setting up PayPal on your Quickbooks account is a quite easy to do. It only takes a few steps to set it up and receive payments.
Here are the steps on how to set up PayPal on Quickbooks.
On the Dashboard, hover over the Banking icon and select Banking.
Click on the Add Account icon on the top right.
Select Paypal among the choices on the screen.
Enter your Paypal Email Address and Password and select Continue.
Click on the Verification and select Continue. Paypal will then start connecting to your Quickbooks account and the next screen will let you know if it has been set up.
If we compare these two, Quickbooks and Xero, it easy easy to see that Xero is a better option when it comes to the number of payment services that are able to be connected to it. As widely used as PayPal could be, people are starting to use other payment service providers as some are able to cater more to their needs.
While Xero may be a better option than Quickbooks where payment services are concerned, it is not to be discounted that Quickbooks is still a very powerful tool that can be of great use.
If you have any other questions regarding Quickbooks or Xero or other software that integrate with those, please feel free to contact us