Xero, NAB and You
These certainly are amazing times we live in. Rather than working harder to be productive, there are apps and services popping up everywhere in all aspects of life, to not only make you work smarter, but barely work at all.
One of the latest great partnerships has been between Xero and NAB.
NAB have come to the table with 3 great innovations for Small Business owners, to enable them to use their time more effectively.
Now the first is like a lot of the other banks out there, NAB can be linked to Xero to provide a bank feed. However, NAB have made this service available for over 35 account types, including credit cards. Making reconciling transactions in Xero nice and easy, and keeping accounts up to date.
The second innovation is the NAB QuickBiz loans.
By being connected to the Nab through Xero, when you apply for any of their amazing business credit lines, loans or overdrafts, your finance information is securely shared.
This means the bank can have direct access to required reports and Xero data they need to accompany the application. Faster access to information means they can decide a lot faster, enabling the Business owner to make timely decisions.
To be able to use this feature there are some minor criteria:
- 1.Use Xero accounting software, and have 12 months of business financial data in your Xero account
- 2.A valid ABN/ACN registered for at least 12 months and registered for GST
- 3.Have an annual turnover of at least $75K
- 4.Be a sole trader, partnership (up to two), company with up to five directors, or a trustee of an eligible trust†
- 5.Be over 18 years old and an Australian citizen or permanent resident.
But this will make it easy to apply for:
- 1.An unsecured business loan of up to $100K
- 2.An unsecured overdraft with a linked NAB Business Transaction account
- 3.Finance for your business vehicle or equipment of up to $150K
- 4.Our range of business credit cards
The third and latest amazing feature is the Xero NAB Payments. Usually paying suppliers through Xero and the bank means the download/upload of an ABA file.
Now there is a more automated service available, that after connection, at the click of a button Xero will send the payment details directly to NAB and they will be received within 60 seconds.
The authoriser then just logs into the NAB either on computer or phone app and authorises the payments.
This option removes another step of possible error in the payment process and reduces processing time. It increases security and enables Business owners who use their phone as their office to easily be in control of the process while out and about.
As this is an additional service, there are 3 pricing plans available:
- $3 for 10 monthly transactions (35c per transaction thereafter)
- $10 for 40 monthly transactions (25c per transaction thereafter)
- $20 for 100 monthly transactions (20c per transaction thereafter)
At this stage it seems this option is only available to pay creditors that would have had an EFT, and so Bpay and Payroll are not included in this service. However, as technology moves forward and customer demand increases we never know what innovations will come next.
Here is a link the most FAQs about this great Xero NAB Payments feature.