YOCO ANNOUNCES INTEGRATION WITH XERO – A FIRST IN AFRICA:
Yoco and Xero – Run Your Business Wherever You Are (Yoco and Xero run on today’s mobile devices)
YOCO AND XERO LAUNCH INTEGRATION TO ENABLE LOCAL SMES
Cape Town, South Africa (23 May 2016) Yoco, a fast growing South African payments company that officially launched in October 2015, today announced their integration with Xero, the New Zealand-based cloud accounting software for SMEs. The announcement was made at Xero’s sold-out South Africa roadshow held at The Forum Campus, Bryanston, Johannesburg and at Workshop 17, V&A Waterfront, Cape Town.
Yoco’s point-of-sale app and card readers enable SMEs in South Africa to accept card payments at the store or on the go with no monthly fees. For Yoco merchants who use Xero as their accounting software, this integration means their cash and card sales, VAT, bank account settlements and processing fees will be seamlessly updated into their Xero account. This is a major step towards automated booking and making it easier for merchants to do business.
The integration is currently being beta tested with a handful of small businesses and will be live on the Xero Add-ons marketplace next month.
This integration marks Yoco’s second integration with a global tech company and is a first in South Africa and Africa.
“Cash flow is the lifeblood of any business and accounting is the means by which a business owner can answer the question, ‘How am I doing?’ Our integration with Xero is an extension of Yoco’s mission to empower the growth of small businesses by allowing our merchants to spend less time administering their business and more time growing and engaging their customers. We want to make running a business as easy as swiping a card,” Comments Carl Wazen, Yoco Co-founder & Chief Business Officer.
“Nowadays, accounting platforms are no longer an in-house facility running on a mainframe somewhere. Xero represents a new breed of business support technology based in the cloud, specifically suited for SMEs. This fits in perfectly with Yoco’s fully cloud-based architecture, making this integration possible by leveraging open standards like OAuth and HTTP-based web services. Xero’s existing web services interface made integration of the Yoco back-end a straightforward development exercise,” adds Nick Jacobs, Senior Software Engineer at Yoco.
“Xero is committed to provide simple, easy to use and functional solutions for small businesses. We welcome when other tech companies, like Yoco, integrate with our platform and enhances the user experience,” comments Gary Turner, Xero co-founder and managing director for Xero in the Europe, Middle East and Africa region.
Benefits to SMEs
Yoco and Xero share a common purpose of empowering the growth of small businesses. SMEs, bookkeepers and accountants using this integration will save time and money by having their Yoco payments automatically feed into their Xero accounting package, enabling them to perform simpler and quicker cash-flow reconciliations. Less time will now be spent on manually reconciling Yoco-managed transaction flows. This means, today Yoco merchants can:
- Run their businesses from anywhere and have complete mobility.
- Track their daily Yoco card and cash-originated receipts volume.
- Access all statements in real time – Xero converts the Yoco daily summary into an invoice with sales, tips, fees and a tax breakdown.
- Monitor the cost of using Yoco with complete fee transparency.
- Leverage Xero’s powerful, automated reconciliation tools to track Yoco payments.
- Have peace of mind in never having to back up work with no data loss.
Various measures have been put in place to ensure that the integration is secure.
The integration will be another addition to Xero’s vibrant add-on marketplace, which makes it easy for applications to integrate into Xero’s accounting platform. This however will be the first POS payments add-on for Xero on the African continent.
Yoco performed its first integration with TabletPOS (powered by iKentoo) in 2015, which enables restaurants, bars and cafés to have their Yoco payments integrated with their iKentoo point of sale solution for increased table turnover and quicker cash-ups.
Yoco is based in Loop Street, Cape Town in the heart of the financial district but operates nationwide. They currently have 1,500 merchants using the system and growing by over 200 merchants per month. They employ 25 individuals.
To learn more about Yoco’s integration to Xero, visit yoco.co.za/xero
For more information visit yoco.co.za, like facebook.com/YocoZA, follow Twitter @yoco_za and Instagram: @yoco_za
Yoco and Xero – Fully Integrated (this screenshot is from the Yoco Business Portal provided to each merchant free of charge)
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