QuickBooks adds next-day ACH to payments platform
Intuit Inc.'s QuickBooks is adding next-day ACH payments to its platform as a faster payments option for small businesses using its business management tools.
The addition of ACH payments to the QuickBooks Payments platform — which already delivers same-day payroll and next-day credit card payment options — helps Intuit continue its goal of providing more QuickBooks innovations.
“The QuickBooks team is very focused on delivering innovation that improves cash flow outcomes for small businesses because we know how pivotal it is to their success," Rania Succar, business leader for QuickBooks payments and capital at Intuit, said in a Thursday press release.
"With the addition of next day payments for credit card and ACH, we are giving small businesses and the self-employed a powerful suite of payments tools that allows them to get paid both fast and affordably," Succar said.
Recent Intuit research found that nearly a third of small businesses estimate it takes more than 30 days to get paid by customers, clients, vendors or banks.
QuickBooks Payments processes $37 billion in volume annually, supported through machine learning, and risk and data insights on its platform.
QuickBooks says it is using its data collection capabilities to predict when an ACH transaction is valid, therefore making it available the next day.
“I make custom furniture for residential and commercial clients, with 50% payment due upfront, and 50% due upon completion," Jim Torrey, owner of Rivertown Woodcraft in Mountainview, Calif., and a QuickBooks user, said in the release.
“Being able to order supplies within a day of a client’s initial payment ensures I’m able to move forward on the project quickly, manage my timelines, client expectations and cash flow," Torrey said. "Ultimately, the faster the money is in my account, the faster I am able to do my work.”