Intuit has announced the newest addition to its suite of QuickBooks offerings, Money By QuickBooks, which will help small- to medium-sized business (SMB) owners get more control over their money, according to a press release emailed to PYMNTS.
The mobile application will let SMBs better manage money, accept payments and manage expenses, the release stated.
The app lets users request and accept payments in debit, credit and ACH transfer, without their customers needing to download the app, according to the release. Users can access business cash anyplace, anytime with no fees for same-day deposit once payment is accepted through the app or through the QuickBooks Visa business debit card.
The app also allows for tracking income and payments, which could help SMBs make better financial decisions, the release stated.
“The pandemic has driven the number of small business starts to historic highs, and we have a unique opportunity to expand the reach of our financial services expertise to even more new entrepreneurs,” said Intuit QuickBooks Money Offerings Director of Product Management Rob Daniel in the release. “These small businesses tell us they want FinTech to help them feel in control of their money and cash flow, whether that’s getting paid quickly or having greater visibility into their finances. Money by QuickBooks does just that and puts these tools right in the hands of small businesses, allowing them to lay the foundation for growth and success.”
Intuit, which makes QuickBooks and other products, announced in September a $12 billion deal to buy Mailchimp, an SMB customer engagement and marketing platform. The deal will help Intuit bolster its SMB growth.
Mailchimp features over 13 million users globally, including 2.4 million monthly active users and 800,000 paid customers. Half of those are outside the U.S.