Two new Fintech solutions give your customers faster access to money
In late January, Intuit QuickBooks announced two new products that give small businesses and their employees faster access to their money and greater cash flow flexibility so they can succeed and thrive: QuickBooks is paid upfront and QuickBooks Prepayment.
Advising clients on cash flow management is a key part of an advisory practice, where the focus is on helping clients achieve their financial goals by providing services that go beyond the preparation of their books and their taxes. Discussing these two new solutions demonstrates an advisor’s knowledge of financial solutions, while providing a way to talk to clients about cash flow.
QuickBooks is paid up front
With QuickBooks is paid upfront, eligible QuickBooks Online customers can eliminate waiting for unpaid bills to be paid and put earned money to work faster.
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 ability to request an initial cash advance from one or more eligible invoices, up to a total of $30,000, with just a few clicks. Customers pay a flat rate of 3% per financed invoice and invoices are financed interest-free for the first 30 days.1 No additional ACH or credit card transaction fees are charged to the small business owner when a customer pays the invoice through QuickBooks Payments within the first 30 days.2
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.
If your clients are on QuickBooks Online Payroll, then QuickBooks Early Pay is a viable option for them to get instantly3 access to cash 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 instantly3 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.
Faster access to earnings
Get Paid Upfront and Early Pay leverage QuickBooks’ deep expertise in financial services, including payments, payroll, and access to capital:
- Last year, QuickBooks processed $91 billion in payment volume; $1.5 trillion in invoices are created in QuickBooks every year.
- One in five small businesses use QuickBooks Payroll, with a total volume of $232 billion.
- QuickBooks Capital has facilitated over $1 billion in small business loans since 2017.
By integrating critical offers into the QuickBooks platform, QuickBooks is able to
Lock in faster, more transparent access to revenue 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.
1Interest will begin to accrue on any unpaid QuickBooks Get Paid Upfront loan balance after the first 30 days.
2Not available for customer invoice payments made through GoPayment, payment links or the QBO Receive Payment experience.
3QuickBooks Early Pay loans funded by instant deposit are typically deposited within 30 minutes.
4QuickBooks Get Paid Upfront Loans and QuickBooks Early Pay Loans are issued by WebBank. Application and approval required.