Intuit launches QuickBooks Money

The maker of Intuit QuickBooks, TurboTax, Credit Karma, and Mailchimp, Intuit introduced the all-in-one payments and banking solution with no monthly fees or minimum balance requirements to enable small businesses full control of their money from anywhere. QuickBooks Money builds on QuickBooks’ prior fintech innovation to deliver the platform’s strong payments and money management capabilities to small businesses in a simplified mobile and web-enabled experience, free of a subscription.

Intuit’s QuickBooks Money solution and what it entails for small businesses

As per the announcement information, QuickBooks Money brings Intuit’s expertise in financial services to more small business owners who, initially, may not require the QuickBooks platform’s full range of financial management and accounting capabilities, but are looking for a single, simple tool to get paid and manage their money end-to-end. As these businesses grow and need additional tools to help manage their activities, they’ll be provided with a simplified path to access the full range of solutions offered by the QuickBooks platform, such as accounting, payroll, workforce management, and more.

Small businesses can open a QuickBooks Money account in a matter of minutes and access it either via mobile app or the web. With no monthly fees or minimum balance requirements, it empowers businesses to:

• Send a personalised invoice or quick payment request and let customers choose a payment method that’s convenient for them, be that credit or debit, ACH bank transfer, Apple Pay, Google Pay, PayPal, or Venmo.

• Have eligible payments reach the bank account on the same day, enabling fast cash access at no additional cost. Furthermore, businesses can leverage the free QuickBooks Visa business debit card, which allows access to more than 19,000 Allpoint ATMs nationwide.

• Leverage envelopes in QuickBooks Money to save for expenses and earn 1.75% APY (annual percentage yield) on envelope balances (subject to terms and conditions).

• Know their money is covered with FDIC insurance of up to USD 5,000,000, as QuickBooks Money works with partners to provide an enhanced FDIC insurance limit via a deposit sweep feature with functions in the background to automatically sweep balances above USD 250,000 to a network of FDIC-insured banks.

• Track business income and expenses easily in a single place to have a complete view of how the business is doing and to make increasingly smart financial decisions.

What is more, currently, QuickBooks Money combines two financial services, namely QuickBooks Checking and QuickBooks Payments. QuickBooks Checking offers a business banking hub via a purpose-built bank account provided by Intuit’s partner, Green Dot Bank. Processing over USD 125 billion in volume annually, QuickBooks Payments enables small businesses to manage all their payments in a single place.

Introduced initially as Money by QuickBooks, a free mobile app launched on iOS and Android in 2021, QuickBooks Money is the new expanded offering that includes a web experience, additional invoicing, and banking capabilities and has been tailored to meet the needs of small businesses with a basis in insights from Money by QuickBooks customers. QuickBooks Money's future planned upgrades include subscription-free access to other QuickBooks small business solutions such as bill pay, in-person payments, and lending. Furthermore, QuickBooks Money customers can easily upgrade to QuickBooks’ ecosystem of subscription-based services such as accounting, payroll, and more, at any time.

When commenting on the announcement, Intuit representatives advised that QuickBooks Money comes as an opportunity to expand the reach of the company’s fintech platform and provide more small businesses with access to strong cash flow management tools, looking to help enable their future success.