Speaking at Xerocon in Auckland today, Rod Drury, Xero CEO, said the new paperless receipt technology was the result of two years’ collaboration with Paymark and anticipated release of the technology sometime in 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,” told an audience of more than 1000 accountants, bookkeepers, and financial professionals.  

“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.”

Xero’s partner on the project, Paymark, currently processes more than 75 per cent of all electronic transactions in the New Zealand retail market.

“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,” Drury said. 

Drury also said that the companies intend to make the software “open”, making it available to other accounting and expense management vendors.

Mark Rushworth, CEO of Paymark, says the collaboration will produce streamlined transaction processes for customers and increased productivity for New Zealand businesses.

“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?” Rushworth asked.

“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.”