B2B Payments

Intuit Targets Faster SMB Payments With QuickBooks Update

Intuit is adding a new service for its small business (SMB) users of accounting solution QuickBooks.

The company announced news on Wednesday (Oct. 25) that it is rolling out a seamless electronic invoicing (eInvoicing) and B2B payments feature aimed at helping SMBs get paid faster. According to Intuit, the SMB accounting tool could help small business owners get paid two times quicker than before.

The updates to QuickBooks include one-touch electronic invoicing, an integration with Gmail and the rollout of a mobile card payments reader. The eInvoicing feature is key to streamlining faster B2B payments, the firm said, adding that nearly two-thirds of SMBs say their invoices go unpaid for at least 60 days.

“One of the major reasons is that most small business invoices are sent by outdated, manual methods,” the company said in its announcement. “Now, a small business can create invoices electronically and [select] ‘payments enabled’ — meaning their customer can click a single link to pay electronically, enabling the invoices to be paid two times faster.”

Intuit described the initiative as a “new QuickBooks payment strategy” aimed at making it easier for SMBs to sign up for a payments account linked to their QuickBooks accounts. Currently, the company said, it takes a small business owner an average of 33 clicks and 48 hours to apply for a payments account, a process the firm said it is hoping to significantly streamline with the updates. Once the account has been opened, SMBs can send customized, electronic invoices that come with a “Pay Now” link to accept electronic payments. Invoices can be tracked and integrated into existing accounts.

The Gmail integration means QuickBooks users can send those electronic invoices from within Gmail, as well as add events and descriptions to their invoices using Google Calendar and import contacts from their G Suite accounts. SMBs can also sign up for QuickBooks Online from within the G Suite Marketplace, the firm added.

“Money is like oxygen for small businesses,” said Intuit VP of Payments, Jimena Almendares, in a statement. “That’s why we have completely reimagined the payments experience.”

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