Intuit leverages the power of the QuickBooks platform and machine learning to deliver money faster to its customers through same day payroll and next day payments for credit card payments. Thus, the solution enables small businesses to assist cash flow no matter the payment they accept.
The importance of quick and affordable payments processing for small businesses and cash flow management is underscored by a recent survey conducted by Intuit that found that nearly a third (31%) of small businesses estimate it takes more than 30 days to get paid by customers, clients, vendors or banks.
Moreover, in another published study called the “State of Small Business Payments”, QuickBooks found more than 2 in 5 (44%) small business owners said that the biggest obstacle to getting money in their bank account is customers not paying on time, followed by credit card companies not paying fast enough (35%) and customers having insufficient funds (28%).
Additionally, the new report found the method of payment used by a customer is significant and varies based on the size of payment. Sixty percent of small businesses still get paid by check, especially when it comes to larger payments.
A third (33%) of US small business owners estimate their company currently has more than USD 20,000 in outstanding receivables, and the average US small business has USD 53,399 in outstanding receivables.
Nearly half (47%) of small business owners’ companies manually calculate, such as in Excel, to track their bill payments, while 37% use an accounting software, and 33% use an accountant or financial professional.
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