Intuit QuickBooks is expanding its invoicing and payments capabilities for its QuickBooks Online customers in the US with a new feature called recurring payments. With recurring payments, business owners can access a simple way to get paid automatically for repeat sales of services and products through time-saving automations that eliminate the need to manually create repeat invoices or send payment requests and reminders. This new tool will help streamline the payments experience for millions of QuickBooks merchants and their clients, giving small- and mid-market businesses more ways to seamlessly manage their business finances, get paid faster, and unlock their path to growth.
Getting paid on time and maintaining a healthy cash flow continues to be a top priority for small- and mid-market businesses, but is often one of the most difficult and time-consuming challenges they face. Data from Intuit QuickBooks Quarterly Small Business Insights shows that small businesses have an average of $27,000 in unpaid invoices that they are owed. With the added benefit of recurring payments, QuickBooks Payments* customers can directly tackle this challenge by ensuring more predictable cash flow from scheduled, on-time payments from their repeat clients. This not only helps decrease the time and effort a business owner might spend on creating repeat invoices or sending payment requests and reminders, but also eliminates much of the manual work required for clients to stay on top of their bills, giving them a more streamlined and convenient experience.
“The addition of recurring payments gives our customers the power to not only maintain and accelerate their cash flow, but also increase client satisfaction and loyalty," said David Hahn, senior vice president, QuickBooks Money Platform. “Our data shows that more than half of small business owners have invoices that are overdue by more than 30 days, so we’re always focused on finding a way to help increase the likelihood of our customers getting paid on time. Recurring payments directly addresses this challenge, streamlining the end-to-end payments experience for the business owner and their clients, and providing confidence that invoices will be paid on time and cash flow will remain consistent. This feature, along with the many ‘done-for-you’ experiences across our AI-powered platform, empowers businesses to streamline operations and fuel their growth and success.”
QuickBooks Payments customers can now schedule recurring payments with their clients to get paid automatically on a regular cadence for their repeat sales of services and products, giving them access to:
- Cash flow confidence: Business owners can have assurance that they will get paid on time, every time, allowing them to have confidence in their cash flow and create a clearer picture of their finances.
- Reduced manual work and disruptions: Eliminates the need for business owners to create repeat invoices or send payment requests and reminders, and for clients to remember to submit a payment for every invoice. This reduces the risk of a client experiencing service disruptions or accruing past-due bills for missed payments.
- Streamlined bookkeeping: Transactions are automatically updated with each payment, reducing the time spent on matching by 60%.
- Increased security: Client information is kept safe because business owners do not need to ask for payment information directly, allowing clients to input their payment information once and manage it through a secured online portal.
- Work done for you through Intuit Assist**: The recurring payments feature is also equipped with the power of Intuit Assist, which can detect repeat invoices that are sent to the same clients on a regular cadence, and create a suggested recurring payment and schedule for the business owner to easily review and approve.
Recurring payments are now available for QuickBooks Online customers in the US who have a QuickBooks Payments plan added to their subscription. Get more information on QuickBooks Payments.
Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. Get more information about Intuit Payments' money transmission licenses.
*QuickBooks Payments: QuickBooks Payments account subject to eligibility criteria, credit, and application approval. Subscription to QuickBooks Online required. Not available in US territories or outside the US
**Intuit Assist features may differ based on product. Not available with QuickBooks Solopreneur or QuickBooks Self Employed.
1Calculation based on a comparison of total monthly QuickBooks Payments transactions with those that were automatically categorized from January 2024 through March 2024.
