Processing payments through Stripe is continuing to become more popular and is fast becoming one of the busiest methods of accepting online payments. It works equally well for businesses as it does for payments made to individuals. The money collected is kept for a waiting period to verify the recipient and then deposited to a bank account. They offer flat rates and an easy to use service. The one concern is that they make only one deposit per day into bank accounts, regardless of how many transactions may have been received to the Stripe account and transferring the date from Stripe to Xero in order to create invoices or reconcile accounts in any way needed to be completed manually.
For the average person or small business using Stripe this may be easy to handle. Their limited amount of income sources make it easy to determine where the money came from originally and know what is paid and what debts to them are still outstanding. For busier companies this is not as easy. When transferring data from Stripe payments to a cloud based software program like Xero it is time consuming to need to seek out all the details for each payment and applying it correctly. This is why services are available that make it easier to reconcile Stripe in Xero.
One of the easiest and most effective programs to use for this task is Silver Siphon. It is designed to automatically do all reconciliation between the two services. The program is designed to be the mid-point between the two and collects and the data that passes through it in a matter of minutes while operating behind the scenes. All charges associated with the account are separated and included in the bank account deposit as well, making it easy to see the details of all transactions. This simple process makes it possible for account holders to know automatically what deposits and fees in their account are from Stripe as opposed to other online processing services they use and to have access to other valuable information like duplicate transactions. The program is easy to set up and operates without the need of any input after it has been programmed.