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Intuit and Visa team on instant deposits for SMEs

Intuit and Visa team on instant deposits for SMEs

Intuit is promising to help small business owners get a grip of their cash flow through a QuickBooks instant deposits feature that taps Visa's real-time push payments technology.

According to an Intuit survey, 69% of small business owners have been kept up at night about issues related to cash flow and 61% have regular issues. Just under two thirds of small firms report that the time it takes to process money after receiving payment has the largest impact on their 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.

Bill Sheley, SVP, global head, Visa Direct, says: “By partnering with another industry leader like Intuit QuickBooks, we are embedding Visa Direct’s convenient, secure and real-time capabilities to help make cash flow problems for small businesses a thing of the past.”

Comments: (1)

Andrew Smith
Andrew Smith - RTGS & ClearBank - London 14 October, 2019, 13:13Be the first to give this comment the thumbs up 0 likes

this is a tad clunky. FinTechs and new banking experiences will trump this very soon....