FreshBooks to Add Latest Stripe Connect Features to Accounting Software

FreshBooks will add a payment solution with the latest Stripe Connect features to its cloud-based accounting software for small businesses and accountants.

The new FreshBooks Payments will be available this summer, enabling business owners to accept payments seamlessly, FreshBooks said in a Thursday (April 25) press release.

“As one of the first to adopt Stripe Connect’s embedded components, we are offering FreshBooks customers an exceptional payment experience,” Stefano Grossi, chief technology and product officer at FreshBooks, said in the release.

FreshBooks’ accounting platform simplifies invoicing, accounting, payments, payroll, expense management and the tracking of the day-to-day finances of businesses, according to the release. It is used by businesses in 130 countries.

With the addition of Stripe Connect’s latest features, the platform will expand its payment operations and help businesses onboard faster, track their payments and improve cash flow, the release said.

The launch of FreshBooks Payments marks an expansion of a partnership between FreshBooks and Stripe that dates back to 2016, per the release.

“Stripe’s trusted payment infrastructure, and this partnership, provides FreshBooks customers fast and secure payments with Connect’s latest feature updates and improvements,” Shirley Hsu, general manager of payments at FreshBooks, said in the release. “With FreshBooks Payments, customers can easily invoice and collect payments all in one place, keeping their payments up to date.”

Stripe surpassed $1 trillion in total payment volume in 2023, a milestone that marked a 25% increase from the previous year and meant that businesses running on Stripe accounted for about 1% of global gross domestic product (GDP).

The new Stripe Connect upgrades make it easier for platforms to embed financial services.

The latest upgrades to Stripe Connect, which were announced Wednesday (April 24), include 17 embedded components, including 10 for payments, that make it easy for platforms to integrate fully functional financial services into their website, according to Stripe.

Kady Srinivasan, chief marketing officer of Lightspeed, a commerce platform that uses Stripe Connect to enable businesses to sell online and in person, said: “Building our payments products with Stripe has meant a better user experience for customers, lower churn and higher adoption.”