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.
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.  

Payments

Western Union selects AWS as preferred cloud provider

  • The 168 year old financial services firm is making moves for the future.
  • It's turning to AWS to build cloud-native applications and service Amazon shoppers in local currencies.
Zoe Murphy | November 19, 2019
Payments

A new leg of growth: Brex launches first co-branded card with Bank of the West

  • Bank of the West startup customers can apply and receive for a co-branded credit card.
  • This is the first time Brex has launched a co-branded card.
Zoe Murphy | November 06, 2019
Payments

Research: How Apple Card is performing after its public launch

  • After touting Apple Card's successful launch, Goldman Sachs finally provides the public with some data.
  • After publicly launching in third quarter, Goldman has extended almost $10 billion in credit.
Zoe Murphy | November 04, 2019
Payments

American Express partners with Nova Credit translating international credit scoring for immigrants and expats

  • Immigrants to the US complain about how hard it is to obtain credit.
  • Amex has partnered with Nova in translating foreign scores to extend credit to immigrants and expats.
Michael Deleon | October 25, 2019
Payments

Targeting fast growing SMBs, Visa launches new card portfolio

  • Research shows SMBs are underserved by their current card providers.
  • Visa has launched a new card targeting high-spending SMBs.
Zoe Murphy | October 24, 2019
More Articles