Imagine no more end-of-month hassles reconciling paper receipts while trying to remember who you had coffee with on the 7th of the month. Now when you swipe your card at a Paymark EFTPOS terminal, Paypr will generate a digital receipt in real time, ready to be easily coded and sent directly into your Xero account.
Paypr is the only application that provides 100%-accurate receipt data digitally, finally removing the total reliance on collecting paper receipts in order to manage your expenses.
Paymark Chief Marketing Officer Tim McFarlane says Paypr is the first system in the world to connect the entire payment process in digital form, from swiping your card through to inputting the expense into your accounting system.
"The fact we have paper receipts is a throwback to the old days of paper book keeping. These days our payments are typically digital, our expense management systems are digital, but in the middle we get given this piece of paper. It’s archaic and it comes with a real cost burden to businesses as paper receipts are lost and expensing opportunities are missed."
As of this morning 140,000 terminals across 80,000 businesses connected to the Paymark network have been switched on to seamlessly connect with Paypr. With no requirement for businesses to do anything to their payment terminals, shops, cafes, bars, restaurants, service stations and anyone else with a Paymark-connected terminal throughout the country can now provide digital receipts through Paypr.
"Because we operate the technology that processes 75% of the country’s transactions we have built Paypr to deliver digital receipts to Xero accounts in real time, which means instead of having to keep paper receipts for the end of the month, anyone shopping through a Paymark retailer will be able to account for that expense instantly," says McFarlane.
Xero’s Managing Director, Anna Curzon says being the launch partner for Paypr means Xero’s small business users now have exclusive access to a great productivity tool that will remove significant time and pressure from those incurring expenses.
"Because Paymark has enabled this automatically for their significant network of businesses throughout the country, all of our existing Xero users can simply sign up to the app, connect it with their Xero account and stop worrying about losing paper receipts from today. We are really big right now on helping all of our Xero customers get away from working in their businesses and getting back to working on their business - Paypr is a perfect example of this as it offers the fastest expense solution available in New Zealand."
Business advisors PwC say Paypr is the next step in expense management and will have a huge impact on businesses and on their accountants.
"PwC has worked closely with Paymark and the Inland Revenue to bring clarity to the practical use of this innovative solution. If you say ‘no’ to the offer of a paper invoice, Paypr is a complete digital solution for transactions up to $50. This is a fantastic step forward for New Zealand business."
"Admin and compliance are a significant burden on our economy - particularly for small business. Technology such as cloud accounting and tools like Paypr are dramatically reducing this burden" says Scott McLiver, PwC Partner - Cloud Accounting.
Paypr is the first significant new product from Paymark, the leading payments network provider in New Zealand. McFarlane cites a renewed focus on research and development as well as a more customer-centric approach to product design as the origins of Paypr.
"Last year we started looking at how we could leverage our unique position to provide more valuable products and services. One of the pain points we kept encountering was expense management. Each month across the country there are thousands of people facing down that envelope full of receipts who have only the vaguest memory of what they spent on that particular day. It can be a nightmare trying to reconcile expenses and anyone who has to deal with that month after month we were sure would leap at the chance to do away with it forever - hence we developed Paypr"
Paypr is now available for both Apple and Android phones for $12 + GST per user per month.