Intuit, the global financial technology platform that powers TurboTax, Credit Karma, QuickBooks, and Mailchimp, has extended the Intuit QuickBooks Business Network’s capabilities to millions of small and medium-sized businesses in the United States, creating one of the largest business networks – business networks (B2B) to accelerate and automate B2B payments and improve overall cash flow.
B2B payments remain one of the biggest unresolved challenges facing SMEs and one that FinTech innovation is well-positioned to tackle. QuickBooks data shows that 52% of B2B small businesses suffer from late payments, even more than B2C (business to consumer) businesses (32%), creating a cash flow challenge for small businesses that often depend on timely payments for critical business needs such as paying employees, purchasing inventory or supplies, and growing their business.
“With the QuickBooks Business Network, we’re innovating to address age-old challenges small businesses face when it comes to B2B payments, 70% of which are still paper or check-based in the U.S.,”
“Our fintech expertise and payment industry leadership enable us to bring new, powerful automation to small business B2B payments. By reducing manual work and accelerating the time it takes to get paid, we can help small business owners better predict and manage cash flow.”
Rania Succar, Senior Vice President of Intuit QuickBooks Money Platform, and CEO, Mailchimp.
Eligible QuickBooks Online customers in the United States can easily connect to each other online to accelerate B2B payments, leverage automation to simplify and streamline administrative tasks, and access Access improved collaboration and connectivity features.
The QuickBooks Business Network is the latest FinTech innovation developed by Intuit capable of delivering faster payments to businesses. Whether it’s payments, banking, or loans, QuickBooks transforms cash flow while providing advanced money management features, such as cash flow forecasting, to help small businesses stay in control. better their finances.