Payments

Intuit QuickBooks and Visa give small businesses real time access to funds

  • New Instant Deposits feature improves cash flow for SMBs with faster access to payments
  • Visa Direct powers real-time payments and disbursements in a variety of industries.
close

Email a Friend

Intuit QuickBooks and Visa give small businesses real time access to funds

Intuit QuickBooks today announced Instant Deposit, a new feature that enables real-time disbursements for small business owners using QuickBooks Payments.

How it works: Payments are made directly to eligible debit cards using Visa Direct, Visa’s real-time push payments solution.

  • By integrating Visa Direct into the Instant Deposit feature, QuickBooks enables its merchants using QuickBooks Payments to deposit funds directly into their bank accounts linked to an eligible debit card.
  • Visa Direct leverages VisaNet, the world’s largest payments network to transform the way people are able to pay and be paid.
  • By utilizing Visa Direct through Bancorp, QuickBooks Payments gets funds to small businesses faster, helping to mitigate cash flow issues.
  • QuickBooks Payments will charge a 1 percent fee on all real-time deposits.QuickBooks Payments users will be able to use any eligible debit card to receive funds directly into their bank account.
  • With 30.2 million small businesses in the U.S., Visa is committed to providing best-in-class solutions that help manage day-to-day business and plan for long-term growth,” said Bill Sheley, senior vice president, global head of Visa Direct.

Visa Direct is the payment company's real-time payment solution, offering funds delivery directly to financial accounts using card credentials.

  • Visa Direct uses the same infrastructure, and the same risk tools and the same guidelines that Visa uses when it pulls money from customer accounts, instead pushing money into a bank account using debit rails.
  • Visa Direct is being used to power Zelle's P2P payments, payments to Uber and Lyft drivers, insurance disbursements, PayPal Canada's Instant Transfer, Western Union's new real-time push payments, and MoneyGram's debit card deposit service.

Small businesses need faster turnaround with payments: Nearly two thirds (66 percent) of small business owners report that the time it takes money to process after receiving a payment has the largest impact on their company’s cash flow, according to research from Intuit QuickBooks.

  • QuickBooks Payments processes over $50 billion in credit card and ACH payments annually, offering merchants multiple ways to receive funds (mobile payments, remote payments, invoices) and now deliver funds in real-time.
  • “QuickBooks Payments is deeply committed to solving the cash flow problems that plague small businesses, and we know that getting paid fast and in a timely manner has a game-changing effect on the health of a small business,” said Rania Succar, vice president and business leader, QuickBooks Capital and Payments at Intuit. “We’re focused on providing faster funding and accelerating the rate at which payments hit a small business’ account."

Instant Deposit has begun to roll out to QuickBooks Payments customers in the United States and is expected to be generally available by the end of this year.  

0 comments on “Intuit QuickBooks and Visa give small businesses real time access to funds”

Payments, Power of Payments Podcast

Power of Payments Ep. 22: ‘Frankly, the most important asset for SMB owners is time’ – Chase’s Brad Brodigan

  • Brad Brodigan, managing director and global head of SMB payments at Chase, joins host Ismail Umar on this week’s podcast.
  • He discusses the most important trends he’s seeing in SMB payments, the kinds of attributes SMBs look for in a payment processor, and how their needs differ from those of enterprise and retail customers.
Ismail Umar | January 27, 2023
Member Exclusive, Payments

Payments Briefing: On Gen Z’s changing relationship with digital payments

  • This week, we talk about Gen Z’s changing preferences when it comes to sending and receiving money digitally.
  • We also discuss PayPal’s evolving BNPL strategy in a crowded market.
Ismail Umar | January 19, 2023
Payments, Power of Payments Podcast

Power of Payments Ep. 21: 10 predictions for the payments industry in 2023

  • In the first Power of Payments episode of 2023, we discuss what the near future looks like for the payments industry.
  • Here are 10 trends that are likely to shape the payments landscape this year.
Ismail Umar | January 13, 2023
Payments

‘2023 is the year B2B ecommerce payments become real’: 3 questions with Bar Geron, CEO of Balance

  • As both the B2B payments and ecommerce markets continue to grow, what’s in store for their offspring, B2B ecommerce payments?
  • In this Q&A, Balance co-founder and CEO Bar Geron dives into the rise of B2B ecommerce in 2023.
Rivka Abramson | January 10, 2023
Payments

10 trends that will shape the payments industry in 2023

  • Tearsheet asked experts in the payments space to share insights on the most important payments trends for 2023.
  • Key themes for this year involve B2B payments, M&A activity, real-time payments, digital wallets, fraud, sustainability, and more.
Ismail Umar | January 06, 2023
More Articles