At Xerocon Auckland, Kiwi accounting firm Xero revealed it is teaming up with Paymark to eliminate paper receipts in New Zealand.
At present, the Paymark EFTPOS network processes more than 75 percent of all electronic transactions in the New Zealand retail market.
Coupled with Xero’s 138,000 New Zealand business customers, the companies are well positioned to eliminate paper receipts to small businesses and consumers.
Xero and Paymark have been working in partnership on mechanisms to allow electronic receipts (eReceipts) to flow directly into accounting software and expect to have the service in market during 2015.
“New Zealand is already the leading country in online business with around a quarter of small businesses already using Xero’s online accounting software and half the population using online banking,” says Rod Drury, CEO, Xero.
“We have a leading EFTPOS network and by working with Paymark we can dramatically reduce paper receipts and save small businesses money and time by accurately and automatically capturing expenses directly into the Xero platform.”
“Our vision for New Zealand is to be the world’s leader in electronic business and this is a clear example of how we can work together to make a real difference.
“We want this to be open and we are sure that other accounting and expense management vendors will leverage the work done by Paymark and Xero to fulfil our vision.”
Mark Rushworth, CEO of Paymark says the collaboration presents unlimited opportunity.
“Wouldn’t it be great if, as you leave a taxi, you could simply wave your bank card or phone over the EFTPOS terminal to complete the transaction, and leave knowing that your eReceipt is instantly expensed in Xero,” he adds.
“Revolutionising the way we store and use receipts will streamline many processes. It means no more waiting for receipts only to put another piece of paper in your wallet that you’ll need to do something with later.
“eReceipts will undoubtedly result in increased productivity for businesses.”