Small and medium-sized businesses (SMBs) have long been aware of Intuit’s suite of products.
After all, the global technology platform is responsible for Quickbooks, TurboTax, Credit Karma and Mailchimp, and just last week (Sep. 6) debuted Intuit Assist, a generative artificial intelligence (AI) tool to help its small business customers.
On Wednesday (Sep. 13), the company unveiled QuickBooks Money, an all-in-one payments and banking solution with no monthly fees or minimum balance requirements that “gives small businesses complete control of their money from anywhere.”
“We want Intuit to be looked to as the key authority for what’s happening in the [SMB] space,” Intuit CEO Sasan Goodarzi said on the firm’s second-quarter 2023 earnings call. “Our strategy [is] to be the global AI-driven expert platform powering prosperity for consumers and small businesses.”
In the report, “Tapping the Payments Opportunity in SMB Retail,” PYMNTS Intelligence finds that SMB survival may hinge on their adoption of digital payments and a broader use of modern solutions to keep pace with customer expectations.
The new QuickBooks Money solution actually isn’t all that new. Initially launched in 2021 as Money by QuickBooks, the QuickBooks Money service is really a refreshed version of that offering tailored to meet the needs of small businesses.
“QuickBooks Money represents an incredible opportunity to expand the reach of our fintech platform and give more small businesses access to powerful cash flow management tools,” said David Talach, senior vice president of the QuickBooks Money Platform at Intuit.
The revamped solution includes a web experience, additional invoicing and banking capabilities. Planned enhancements include subscription-free access to other QuickBooks small business solutions such as bill pay, in-person payments and lending, per Intuit’s release.
PYMNTS Intelligence reveals that some 65% of medium-sized businesses are spending 14 hours per week on administrative tasks for payment collection, an area where automation and digital solutions can have a right-now impact.
Using the QuickBooks Money solution, SMBs can let their customers pay invoices using a variety of payment options including Apple Pay, Google Pay or Venmo, alongside more traditional methods; settle transactions on the same day for fast access to cash; and track business income and expenses.
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