MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit QuickBooks today announced two new products that give small businesses and their employees faster access to their money with the goal of giving them greater cash flow flexibility so they can succeed and prosper. With QuickBooks is paid upfronteligible QuickBooks Online customers can eliminate waiting for unpaid bills to be paid and put earned money to work faster. QuickBooks Prepayment will offer eligible employees paid through QuickBooks Online Payroll the option to pay instantly1 access to cash between paydays. The two new products are the latest innovative fintech offerings from Intuit (Nasdaq: INTU), the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp.
“Faster access to cash is a universal need among small businesses and the people they employ,” said Alex Chriss, executive vice president and general manager of the Intuit QuickBooks Small Business and Self-Employed Group. “By making financial services available on the QuickBooks platform when and how small business owners and their employees need them most, we unlock even more benefits and value for our customers and greater opportunities for them. to achieve prosperity.”
QuickBooks is paid upfront
Get Paid Upfront is fast, transparent, and works on the business owner’s schedule. Small businesses are still waiting an average of 29 days to be paid and 64% have unpaid invoices after 60 days.
With Get Paid Upfront, small businesses now have the option to request initial cash advance on one or more eligible invoices, up to a total of $30,000, in a few clicks. customers pay a flat rate of 3% per invoice financed and invoices are financed interest-free for the first 30 days.2 There are no additional ACH or credit card transaction fees charged to the small business owner when a customer pays the invoice through QuickBooks Payments within the first 30 days.3
Get Paid Upfront is designed with simplicity and speed in mind. The customer experience is integrated end-to-end, with eligibility, funding, and reimbursement happening directly through the QuickBooks platform. Get Paid Upfront provides faster access to funds while eliminating the cumbersome processes that small businesses typically face with third-party invoice financing solutions. Invoice proceeds are paid directly to the small business owner while their customer sees nothing different and pays as they usually would through QuickBooks Payments.
QuickBooks Prepayment
QuickBooks Early Pay is the new feature of QuickBooks Online Payroll designed to meet the needs of small business employees by making access to money available between paydays. Nearly 40% of Americans say they would struggle to afford an unexpected emergency expense of $400. But with Early Pay, in just a few steps, an eligible employee will be able to request funds customized for them based on their payroll history to help offset unexpected expenses or ease financial stress. Employees can choose to receive these funds instantly1 or within 1-2 business days. The prepayment will be included in QuickBooks Online Payroll at no additional cost to employers, with no impact on their books or payroll.
Early Pay, coming soon, reflects QuickBooks’ commitment to not only meeting the needs of small business owners with access to full-service payroll functionality, but also providing employees with employee benefits that positively impact their financial health and well-being.
Get Paid Upfront and Early Pay leverage QuickBooks’ deep expertise in financial services, including payments, payroll, and access to capital:
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Last year, QuickBooks processed $91 billion in payment volume and $1.5 trillion in invoices are created in QuickBooks each year.
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One in five small businesses use QuickBooks Payroll, with a total volume of $232 billion.
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QuickBooks Capital has facilitated over $1 billion in small business loans since 2017.
By integrating essential offerings into the QuickBooks platform, QuickBooks is able to unlock faster, more seamless access to earnings for small businesses and their employees.
Intuit QuickBooks has partnered with WebBank, the lender of Early Pay and Get Paid Upfront products, to offer Early Pay in the coming months and launch Get Paid Upfront,4 which is currently available to eligible QuickBooks small business customers nationwide. This partnership will help QuickBooks expand the reach of these two capital-focused financial technology solutions, combining WebBank’s expertise in innovative lending solutions with Intuit’s heritage of business movement leadership. silver.
More information about QuickBooks Get Paid Upfront is available here.
About Intuit:
Intuit is the global technology platform that helps consumers and small businesses overcome their biggest financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, we believe everyone should have the opportunity to thrive. We never stop working to find new and innovative ways to make this possible. Please visit us for the latest information about Intuit, our products and services, and find us at social.
Disclaimer:
1QuickBooks Early Pay loans funded by instant deposit are typically deposited within 30 minutes.
2Interest will begin to accrue on any unpaid QuickBooks Get Paid Upfront loan balance after the first 30 days.
3Not available for customer invoice payments made through GoPayment, payment links or the QBO Receive Payment experience.
4QuickBooks Get Paid Upfront Loans and QuickBooks Early Pay Loans are issued by WebBank. Application and approval required.
