fumopay is excited to announce that small businesses can now integrate fumopay directly into Xero, the global small business platform. This means full access to immediate invoice payments for businesses without the need to register a payee or the need to share card or bank details.
Thanks to fumopay’s pure-play focus on Open Banking, suppliers can pay invoices directly with only a few clicks and your bank’s authentication method quickly and efficiently through the fumopay app, now available in the Xero App Store. Payments of invoices through the fumopay app will now be immediately visible in Xero and ready to be reconciled, tagged or set against invoices to show them as paid.
The process requires no cards and no sharing of financial details; it doesn’t require a payee to have an account with the merchant, so for one-off or irregular payments, the fumopay app and integration with Xero are the perfect tool. Alongside this, no payment through fumopay is ‘rolled up’, meaning you won’t need to spend hours reconciling one monthly credit card amount against numerous payments on the platform. And because we don’t hold payments, each transaction can immediately be reconciled against an invoice.
fumopay is a direct bank-to-bank transfer method. Due to the customer having to pay using strong customer authentication, there is a reduction in risk against the potential for surprise chargebacks after payment has been made, as can be the case with credit cards or cheques.
Alongside this, the fee for a fumopay transaction is roughly one-fifth that of a regular payment processor—immediate payment for a fraction of the cost. All integrated seamlessly with Xero.
Kevin Ludford, Founder and CEO of fumopay, says:
“This is the next step in expanding fumopay as a multi-purpose payment provision system. Originally conceived as a peer-to-peer payment platform, as we’ve grown, it’s become more apparent that a pure-play Open Banking service without an alternative agenda is difficult to find. Most of our competitors focus on forex or credit, with a side of Open Banking and payment processing. However, fumopay’s only aim is to democratise payment and make it as affordable and quick as Open Banking was conceived to be. This means less than 1% fees, with no hidden costs down the line; it means immediate transfers and invoices paid in seconds, and now, thanks to our new integration with Xero, it will become a real asset to any small business worried about cash flow. ”
You can find the fumopay app in the Xero App Store, here: https://apps.xero.com/uk/search/app/fumopay#overview