Intuit QuickBooks Business Network expands to accelerate and automate B2B payments
By Edlyn Cardoza
Intuit, the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, expanded the availability of the Intuit QuickBooks Business Network to millions of small and mid-market businesses in the U.S., creating one of the largest business-to-business (B2B) networks aimed at accelerating and automating B2B payments and improving overall cash flow.
B2B payments remain one of the most significant unsolved challenges small and mid-market businesses face and that FinTech innovation is well-positioned to address. QuickBooks data shows that 52% of B2B small businesses are paid late, even more than business-to-consumer (B2C) businesses (32%), creating a cash flow challenge for small businesses that often rely on timely payments for critical business needs like 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.,” said Rania Succar, Senior Vice President of Intuit QuickBooks Money Platform, and CEO, Mailchimp. “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.”
Eligible QuickBooks Online customers in the U.S. can easily connect with one another in the network to accelerate B2B payments, leverage automation to simplify and streamline administrative tasks, and access enhanced collaboration and connection capabilities.
The QuickBooks Business Network is the latest FinTech innovation developed by Intuit that has the potential to deliver faster payments for businesses. Across payments, banking, and lending, QuickBooks is transforming the speed of money movement while providing advanced money management capabilities like cash flow forecasting to give small businesses greater control of their finances.
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