Intuit (Nasdaq: INTU) has announced Money by QuickBooks, the most recent addition to an extensive suite of QuickBooks product offerings that are designed to power small businesses with the option to get paid and effectively manage their cash flow requirements.
The Money by QuickBooks mobile app is currently available for free on iOS and Android and it is designed to give business owners, freelancers and sole proprietors just starting their business journey “complete control over their money with the ability to accept payments and manage expenses with features including debit card and bill payment capabilities.”
It brings QuickBooks’ know-how in financial services to a growing audience of small business owners who may not yet require their platform’s complete range of accounting capabilities but are still looking for robust tools to manage their money “end-to-end.”
“The pandemic has driven the number of small business starts to historic highs, and we have a unique opportunity to expand the reach of our financial services expertise to even more new entrepreneurs,” stated Rob Daniel, Director of Product Management for Intuit QuickBooks Money Offerings.
Daniel added that these small businesses tell us they want Fintech solutions to assist them with feeling in control of their funds and cashflow, whether that’s “getting paid quickly or having greater visibility into their finances.” Daniel further noted that Money by QuickBooks does just that and “puts these tools right in the hands of small businesses allowing them to lay the foundation for growth and success.”
After the app has been downloaded, it takes a few minutes to apply for a Money by QuickBooks account which has “no monthly fees or minimum balance requirements and empowers business owners” with the ability to:
- Request and accept payments in a variety of ways, including debit, credit and ACH transfer, without the need for their customers to have the app
- Access business cash wherever, whenever with same-day deposit at no extra fee* for payments accepted through the app, or by using the free QuickBooks Visa® business debit card, which enables access to over 19,000 Allpoint ATMs nationwide.
- Know their money is covered with funds FDIC insured up to $250,000.
- Easily track business income and expenses in one place to have a full view of how their business is doing and to make smart financial decisions.
- Schedule and pay bills anytime, anywhere via check or ACH payments.*
At QuickBooks, their innovation is driven by their in-depth understanding of the unique requirements of small businesses at “each stage of their journey.” This approach powered the development of Money by QuickBooks “at a critical time as new business owners are increasingly turning to digital, mobile-first offerings.”
The announcement also mentioned that a 2021 study by QuickBooks “found that nearly one third (30%) of those who process payments using mobile payment apps started doing so during the pandemic.”
Customer insights are also “fueling how we continue to enhance the Money by QuickBooks experience.” Now, their “digitally inclined” Money by QuickBooks customers are supported with even stronger in-app money management capabilities “including a new user interface introduced this month that makes it easier to get a clear view into their cash flow and easily track payments activity.”
Money by QuickBooks will “continue to add even more powerful banking features in-app that support earning, spending and managing money including mobile check deposit and the ability to use your debit card via Apple Pay and Google Pay wallets, each of which is expected to begin rolling out to customers in the coming weeks,” the announcement noted.
QuickBooks’ suite of money products includes payments, capital and banking services that are designed to help small business customers “grow and run their business, deliver faster access to their money and improve cash flow management with integrated, intelligent forecasting and planning capabilities.”
Money by QuickBooks is the latest extension of the platform and leverages expertise, insights and learnings from many years of working with small businesses and “gleaned since the first business bank account for QuickBooks customers, QuickBooks Cash, launched in 2020.”
QuickBooks Cash and Money by QuickBooks “showcase Intuit’s transformation of business banking from a store of funds to a hub with true predictability of cash flow, creating a purpose-built bank account, provided by our partner Green Dot Bank.”