QuickBooks Launches 2 New SMB Tools

Intuit QuickBooks

Intuit QuickBooks has unveiled two products designed to give small businesses and their employees faster access to their money.

Announced Thursday (Jan. 27), the new offerings are QuickBooks Get Paid Upfront, which lets eligible QuickBooks Online customers eliminate the wait to be paid on outstanding invoices, and QuickBooks Early Pay, which lets employees paid through QuickBooks Online Payroll access money between paydays.

“Faster access to money is a universal need among small businesses and the people they employ,” Alex Chriss, EVP and general manager of Intuit QuickBooks Small Business and Self-Employed Group, said in a news release.

“By making financial services available across the QuickBooks platform when and how small business owners and their employees need them most, we unlock even more benefit and value for our customers and greater opportunities for them to achieve prosperity.”

Get Paid Upfront allows small businesses to apply for upfront advance of funds from one or more qualifying invoices, for up to $30,000 with a few clicks. Customers will pay a flat 3% fee for each financed invoice. Invoices are financed interest free for the first 30 days, QuickBooks said, with no additional ACH or credit card transaction fees when a customer pays the invoice through QuickBooks Payments within the first 30 days.

QuickBooks Early Pay, meanwhile, is designed to help employees of small businesses at a time when close to 40% of Americans report they would have trouble covering a $400 emergency expense. Early Pay lets eligible employees apply for funds personalized for them based on their pay history to ease financial stress or cover unexpected expenses.

QuickBooks says it is working with WebBank, the lender for both products, to launch Get Paid Upfront, currently available to eligible QuickBooks small business customers around the country. Early Pay is set to launch in the coming months.

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