Intuit, PayPal redraw partnership terms on faster payments project

The companies said the partnership will provide QuickBooks Online customers with a new way of accepting payments via PayPal and automate the work traditionally associated with managing the books, Pymnts.com reports.

The partnership will include integration with QuickBooks Payments for customers in the US and Australia. This will enable small business customers to receive payments on eInvoices from their customers via PayPal in addition to existing methods, such as credit card or bank transfer. The new design integrated into the QuickBooks eInvoice makes it easier to get paid, streamlining payment in a few minutes without leaving the invoice. Furthermore, QuickBooks users can tap into 188 million global customers who are looking for PayPal as a way to pay.

This is an expansion of an integration first launched in Australia in Nov. 2015. Since then, thousands of Australian businesses have connected QuickBooks and PayPal to get paid. Intuit data found that QuickBooks Online customers connected to PayPal in Australia were paid, on average, twice as fast. In addition to helping QuickBooks customers get paid, the partnership will simplify accounting by automatically importing PayPal transactions directly into QuickBooks.