Intuit QuickBooks and Visa Enable Real-Time Access to Funds Anytime, Anywhere for Small Businesses
October 09 2019 - 8:30AM
Business Wire
New Instant Deposit Feature Improves Cash Flow
for Small Businesses with Faster Access to Payments
Cash flow is one of the most significant challenges facing a
small business’ growth. In fact, 69% of small business owners have
been kept up at night about issues related to cash flow and 61% of
businesses have regular issues with cash flow1. In an effort to
continue to solve cash flow issues for small business owners,
Intuit Inc. (Nasdaq: INTU) QuickBooks today announced Instant
Deposit, a new feature that enables real-time2 disbursements for
small business owners using QuickBooks Payments to directly access
funds with their eligible debit card using Visa Direct, Visa’s
(NYSE: V) real-time3 push payments solution.
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Two thirds of small business owners
report that the time it takes money to process after receiving
payment has the largest impact on their company's cash flow (Photo:
Business Wire)
By integrating Visa Direct capabilities into the Instant Deposit
feature, merchants using QuickBooks Payments will now be able to
deposit their funds directly into their bank accounts linked to an
eligible debit card, whenever they need it – 24 hours a day, 7 days
a week. Visa Direct utilizes VisaNet, the world’s largest payments
network to transform the way people are able to pay and be
paid.
The importance of small businesses having real-time4 access to
funds was underscored in a research report that QuickBooks issued
earlier in 2019: The State of Small Business Cash Flow - The State
of Payments. In the report, QuickBooks found nearly two thirds (66
percent) of surveyed small business owners report that the time it
takes to process money after receiving payment has the largest
impact on their company’s cash flow. By utilizing Visa Direct
through The Bancorp Bank, QuickBooks Payments will be able to get
funds to small businesses faster, ultimately mitigating cash flow
issues and keeping small businesses running smoothly.
“QuickBooks Payments is deeply committed to solving the cash
flow problems that plague small businesses, and we know that
getting paid fast has a game-changing effect on the health of a
small business,” said Rania Succar, Vice President and Business
Leader, QuickBooks Capital and Payments at Intuit. “We’re focused
on providing faster funding and accelerating the rate at which
payments hit a small business’ account. With the help of Visa
Direct’s push payments technology, QuickBooks Payments is now able
to deliver a business its money faster than ever.”
“With small businesses comprising a staggering 99.9% of total
businesses across the U.S. 5, Visa is committed to providing
best-in-class solutions that help manage day-to-day business and
plan for long-term growth,” said Bill Sheley, Senior Vice
President, Global Head of Visa Direct. “By partnering with another
industry leader like Intuit QuickBooks, we are embedding Visa
Direct’s convenient, secure and real-time6 capabilities to help
make cash flow problems for small businesses a thing of the
past.”
With a history of over $55 billion in credit card and ACH
payments processed annually, QuickBooks Payments’ comprehensive
platform offers multiple ways for merchants to receive funds
(mobile payments, remote payments, invoices) and now deliver funds
in real-time7. With a 1% additional fee on Instant Deposits,
QuickBooks Payments users will be able to use any eligible debit
card to receive protected, convenient, real-time8 funds directly
into their bank account. Thanks to the QuickBooks integration with
Visa Direct, small businesses will ultimately be able to improve
access to cash flow and thereby improve their odds for success.
Bringing Instant Deposit to QuickBooks Users
“We are excited about Instant Deposit because the process is
fast, simple, and it gives us peace of mind. The sooner the money
hits our bank account, the sooner I know that we can pay our
employees and that we have the capital to cover whatever needs may
arise. Having Instant Deposit makes our cash flow much easier to
understand because there is no lag time.” – Durante P. Farley,
President of Farley Detail Shop.
Instant Deposit has begun to roll out to QuickBooks Payments
customers in the United States and is expected to be generally
available by the end of this year.
About Intuit
Intuit’s mission is to Power Prosperity Around the World. We are
a global financial platform company with products including
TurboTax, QuickBooks, Mint and Turbo, designed to empower
consumers, self-employed and small businesses to improve their
financial lives. Our platform and products help customers get more
money with the least amount of work, while giving them complete
confidence in their actions and decisions. Our innovative ecosystem
of financial management solutions serves approximately 50 million
customers worldwide. Please visit us for the latest news and
in-depth information about Intuit and its brands and find us on
social.
Intuit, QuickBooks, QuickBooks Connect, QuickBooks ProAdvisor,
TurboTax, and Mint are trademarks of Intuit Inc. Other parties’
marks are property of their respective owners.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network - enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
1 “State of Small Business Cash Flow” Report, published by
Intuit, February 2019 2 Actual fund availability depends on
receiving financial institution and region. Visa requires
fast-funds enabled issuers to make funds available to their
recipient cardholders within a maximum of 30 minutes of approving
the transaction. Please refer to your Visa representative and the
Visa Direct Original Credit Transaction Global Implementation Guide
for more information. 3 See citation 2 4 See citation 2 5 Small
Business Association, Profile of Small Business (2018) 6 See
citation 2 7 See citation 2 8 See citation 2
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version on businesswire.com: https://www.businesswire.com/news/home/20191009005221/en/
Danielle Ernst Intuit Inc. 650-944-2391
Danielle_Ernst@intuit.com
Caylah Novak Visa Inc. 831-431-3454 Cnovak@visa.com
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