Intuit and PayPal announced Monday (Oct. 24) the expansion of their partnership, helping small businesses and the self-employed get paid faster.
In a press release, the companies said the partnership will provide QuickBooks Online customers with a new way of accepting payments via PayPal and automate the work traditionally associated with managing the books.
“We are thrilled to partner with PayPal to help small businesses and the self-employed get paid faster and easily manage their books,” said Vinay Pai, vice president and head of the Intuit Developer Group, in the press release. “This is a great example of the power of the QuickBooks platform. By delivering deep integrations with leading solutions like PayPal, we’re giving our small business and self-employed customers the ability to get paid faster and seamlessly connect all of the data that flows in and out of their business.”
“Both Intuit and PayPal are committed to helping our customers grow and succeed. With this extension of our partnership, we’re excited to empower small businesses with access to the tools they need to get paid faster,” added Steve Fusco, VP and GM of NA distribution at PayPal. “In minutes, small business owners can create an invoice in QuickBooks Online, and customers can pay with credit cards, debit cards and, now, with PayPal. This is a huge win for small business owners and accountants who want to improve cash flow management and save time.”
According to the companies, the partnership will include a deep integration with QuickBooks Payments for customers in the U.S. and Australia. This will enable small business customers to receive payments on eInvoices from their customers via PayPal in addition to existing methods, such as credit card or bank transfer. The simplified design integrated into the QuickBooks eInvoice makes it easier to get paid, streamlining payment in a few minutes without leaving the invoice. Furthermore, QuickBooks users can tap into 188 million global customers who are looking for PayPal as a way to pay.
This is an expansion of an integration first launched in Australia in Nov. 2015. Since then, thousands of Australian businesses have connected QuickBooks and PayPal to get paid. Intuit data found that QuickBooks Online customers connected to PayPal in Australia were paid, on average, twice as fast. In addition to helping QuickBooks customers get paid, the partnership will simplify accounting by automatically importing PayPal transactions directly into QuickBooks.