New Bank Payments feature, powered by nanopay’s payment innovation platform, will provide QuickBooks’ small business customers with a faster and more cost-effective way to get paid through their customers’ bank account.
Today, Intuit (NASDAQ: INTU), the global technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, along with nanopay Corporation announced the launch of QuickBooks Bank Payments. The new product innovation will expand flexible payment methods for small business customers by helping them get paid fast, reducing the impact of late payments on their business, and saving them time.
As Canadians continue to face an uncertain economic climate, small business owners say their top concern is ensuring sufficient cash flow for their businesses to survive.1 Despite the critical role cash flow has on a business, more than 61 per cent of Canadian small businesses reported experiencing up to $50,000 in late payments in 2021, and digitally enabled invoices were identified as one of the top ways to help ensure easy and timely payment from their customers.2
Available today, QuickBooks Payments customers can now sign up for Bank Payments to send invoices, enabling their customers to digitally pay invoices directly through their bank accounts. The Bank Payments feature is accompanied by a suite of benefits for small businesses, including:
- Convenience with a low fee. Bank Payments are conveniently priced at 1 per cent of the invoice value to a maximum of $100, plus there is no daily limit with QuickBooks Bank Payments, making it much easier to get paid on your large invoices.
- Auto-reconciled and all in one place. QuickBooks automatically matches incoming payments to your invoices, so your books stay organized and up to date, saving time and effort.**
- One more way to get paid. QuickBooks currently provides small business customers with the ability to accept payments from vendors using credit cards, and Bank Payments is the newest way to get small businesses paid.
"In my conversations with Canadian entrepreneurs, I hear time and again that getting paid is a major pain point, especially when it comes to accepting large invoice payments — many small businesses have to accept payment in small batches which slows payment to a crawl and increases time spent on reconciliation," says Andrew Smith, Director of Product, Intuit QuickBooks. "Launching Bank Payments will help Canadian small businesses get paid faster and save time when it comes to their month-end.”
With the new Bank Payments feature, QuickBooks customers and their accounting professionals are provided with time-saving auto-reconciliation, real-time alerts on invoice updates, and automated overdue invoice payment reminders, allowing users to seamlessly manage payments and cash flow in one place using QuickBooks’ suite of financial tools.
“At nanopay, we power payment innovation for global businesses that makes it easier for them to pay and get paid. We are thrilled to be working with Intuit Canada, a leading financial technology platform that helps small businesses overcome their most important financial challenges,” says Laurence Cooke, Founder and CEO, nanopay Corporation. “We are excited to continue our alliance and further collaborate with the Intuit QuickBooks team to deliver new solutions for Canadian small businesses.”
The nanopay payment innovation platform is built using hybrid blockchain technology that combines the best features of blockchain and conventional databases. The platform enables banks and businesses to deliver new payment experiences for their clients. Payments made using the platform are fast, traceable, and low cost.
For more information on QuickBooks Bank Payments: quickbooks.intuit.com/ca/payments
1Based on a survey of small business owners in Canada conducted September 2022.
2Based on a survey of small business owners in Canada conducted September 2021.
** Product Information
QuickBooks Payments: QuickBooks Payments account subject to eligibility criteria, credit, and application approval. Subscription to QuickBooks Online required.
**Features
Automatic Matching: QuickBooks Online will only match bank deposits with transactions processed through QuickBooks Payments. Not all transactions are eligible, and accuracy of matches is not guaranteed.
Bank Payments: QuickBooks bank payments services powered by nanopay X-Border Corporation.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. Serving more than 100 million customers worldwide with TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
About nanopay
nanopay is a global payments technology company, powering the Frictionless® Future of Payments. Based in Toronto, nanopay provides a platform for innovation that empowers banks and businesses to deliver new payment experiences for their clients. Built on next generation Centralized Ledger Technology (CLT), the platform delivers a high level of performance and resilience, improving the visibility and security of payments. For more information, visit www.nanopay.net.
