‘It’s a great example of the power of the ecosystem’: Intuit’s new QuickBooks card reader is about more than taking payments
- Intuit recently launched a creatively-designed card reader for SMBs.
- It's all part of ecosystem building aimed at helping small businesses with all their financial needs.
QuickBooks recently introduced QuickBooks Card Reader, a new mobile payments device designed for today’s small business owners. Integrated with the QuickBooks Mobile app, QuickBooks Card Reader connects to the QuickBooks platform, enabling cross-functional capabilities like instant deposit for eligible transactions and the built-in accounting of QuickBooks.
The introduction of the card reader comes as Intuit’s QuickBooks ecosystem is growing around a new business banking product.
QuickBooks Cash, the firm’s business bank account, has been generally available for one year. Launched in beta 18 months ago, the Intuit team working on Cash has been releasing new features as it builds a fully functioning bank account. In May, the firm announced it had reached $100 million in deposits.
“It’s been an extraordinary year of learning and progress,” said Rania Succar, senior vice president, QuickBooks Money Platform. “The team has been releasing new experiences almost every other week. It’s been just a crazy fast pace. And we’re seeing higher adoption and usage and just more customer engagement as a result.”
Succar says that in addition to expanding functionality, she and her team are focused on QuickBooks Cash’s differentiation: helping SMBs manage cash flow. It does that by integrating money management across QuickBooks products. The firm’s Cash Flow Planner provides an end to end view of a business’s finances. A dashboard indicates how much money is coming into the business and how much money is going out, forecasting a business’s cash flow over the next 90 days. It also proactively alerts business owners when a cash flow crunch might arise. “In one place, you get paid, pay others, access capital, and you manage your money,” she said.
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