Intuit QuickBooks and Visa Enable Real-Time Access to Funds Anytime, Anywhere for Small Businesses
In an effort to continue to solve cash flow issues for small business owners, Intuit Inc. (Nasdaq: INTU) QuickBooks today announced Instant Deposit, a new feature that enables real-time 2 disbursements for small business owners using QuickBooks Payments to directly access funds with their eligible debit card using Visa Direct, Visa’s (NYSE: V) real-time 3 push payments solution.
Two thirds of small business owners report that the time it takes money to process after receiving payment has the largest impact on their company's cash flow
By integrating Visa Direct capabilities into the Instant Deposit feature, merchants using QuickBooks Payments will now be able to deposit their funds directly into their bank accounts linked to an eligible debit card, whenever they need it – 24 hours a day, 7 days a week. Visa Direct utilizes VisaNet, the world’s largest payments network to transform the way people are able to pay and be paid.
The importance of small businesses having real-time 4 access to funds was underscored in a research report that QuickBooks issued earlier in 2019: The State of Small Business Cash Flow - The State of Payments. In the report,
QuickBooks found nearly two thirds (66 percent) of surveyed small business owners report that the time it takes to process money after receiving payment has the largest impact on their company’s cash flow.
By utilizing Visa Direct through The Bancorp Bank, QuickBooks Payments will be able to get funds to small businesses faster, ultimately mitigating cash flow issues and keeping small businesses running smoothly.