Intuit adds Visa Direct to speed merchants’ access to card funds
Intuit has partnered with Visa to enable QuickBooks users to get faster access to funds through Visa Direct, the network’s debit push payments service.
Instant Deposit, a new service for QuickBooks Payments customers, is designed to remove a pain point for merchants who might have to wait hours or days to get access to card funds via typical ACH rails.
The Bancorp Bank backs the service from Intuit through Visa Direct, and there is a 1% fee on the amount of the funds transferred, which is charged to the bank account on file the following day, according to Intuit’s marketing materials.
Users must manually select Instant Deposit each time they want to move funds from within their QuickBooks Payments account, which flags how much money is available for immediate access.
“Merchants can use this service to get their card payments credited to them more quickly than a typical ACH settlement,” said Sarah Grotta, director of debit and alternative products advisory at Mercator Advisory Group.
Intuit’s new feature isn’t unique, as certain processors already offer a similar service, she said.
Intuit in the last couple of years has closed several gaps in cash access for small business owners, including adding the option for Same-Day Direct Deposit for payroll and streamlining the paperwork for adding gig workers to an organization.