CPA Practice Advisor - 25
NEXT DAY FUNDING FOR ACH:
Powerful Payment Processing That Drives Prosperity
TWO VITAL FACTORS dictate your clients' survival and success: cash flow and
happy customers. Connecting the two means finding a payment system that
not only allows your clients to get paid faster after a transaction is complete,
but also doesn't compromise their customers' level of trust, and encourages
the consumer to pay how and when is most convenient for them.
According to the National Federation of
Independent Businesses, it takes 28 days for
the average small business to get paid, with 64
percent saying they have invoices that go unpaid
for 60 days or more. On top of that, according to
a recent Intuit survey, nearly a third (31 percent)
of small businesses estimate it takes more than
30 days to get paid by customers, clients, venders
Recently, QuickBooks introduced an innovation that helps small businesses get their
money sooner: Next-Day Funding for ACH (bank
transfer) payments. Following the introduction of
Same Day Payroll, QuickBooks Capital and Next
Day Funding for credit card payments, this is
just the latest example of how QuickBooks is
leveraging the power of machine learning across
the platform to put money into the pockets of
small businesses faster.
QUICKBOOKS' MISSION AND NEXTDAY FUNDING FOR ACH PAYMENTS
Next-day funding for ACH payments represents
a massive opportunity to improve your clients'
cash flow, freeing up funds that can help them
better manage and grow their small businesses.
Thanks to advancements in machine learning,
and risk and data insights, this new solution
provides next day deposit and affordable processing, while helping protect your clients from
fraud. This is a vast improvement over traditional
processing of ACH payments, which could take
up to seven business days. It also allows clients
to get paid how they want - a key pain point
QuickBooks wanted to solve.
QuickBooks data discovered that most small
businesses like having options when it comes
to accepting payments. For smaller payments,
businesses like accepting credit cards, which are
extremely convenient for their customers, keeping both parties happy. On the other hand, for
larger transactions the majority (60 percent) still
gets paid by check, according to the State of Small
Business Payments (https://intuit.me/2YYkGLy).
QuickBooks has been working to digitize payments and help your clients realize efficiencies by
getting away from sending paper checks, which
can end up costing them up to $22 per check in
processing fees. Ultimately, however, QuickBooks
recognizes small businesses need to get money
into their account easily, quickly and affordably,
no matter the payment they accept.
"With QuickBooks Payments, we've embraced
an omnichannel approach, meaning we accept
payments in multiple ways across multiple
platforms because we understand that small
businesses and their clients rely on different payment methods, depending on the transaction,"
said Rania Succar, business leader for QuickBooks
Payments and Capital, Intuit. "This ensures that
businesses get paid as fast as they can, regardless how the payment was accepted; in turn, it
`improves their cash flow and chances of success.
PAYMENTS IGNITE SMALL BUSINESS
CASH FLOW HEALTH
The State of Small Business Payments report
produced staggering data that shows the struggle
small businesses face when it comes to payments
■ QuickBooks found more than two in five (44
percent) small business owners said 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 percent) and customers having insufficient
funds (28 percent).
■ A third (33 percent) of U.S. small business owners
estimate their company currently has more
than $20,000 in outstanding receivables, and
the average U.S. small business has $53,399 in
■ Nearly half (47 percent) of small business
owners' companies use Excel, for example, to
manually calculate, and track, bill payments,
while 37 percent use an accounting software,
and 33 percent use an accountant or financial
These stats illustrate how a powerful payment system with the availability and ability to
process payments quickly can improve cash flow
and the health of a small business.
RESULTS THAT MATTER
Intuit knows that solving your clients' payment
needs largely centers around getting paid fast
and ensuring their cash flow remains strong.
From in-person credit card use, to web payments through QuickBooks, retail and mobile
payments, QuickBooks Payments ensures businesses get paid anytime, anywhere, from any
payment type on any device. This omnichannel
approach has led to QuickBooks Payments processing $37B in volume, reinforcing its mission
to back those businesses that don't back down.
The reality is that small business owners
using QuickBooks get paid 3x faster than the
average time it takes to get paid, and when
invoices are sent pay-enabled in QuickBooks, the
median time to get paid is 5.8 days, much faster
than the 28-day average. Making clients aware of
these breakthroughs is a top priority for helping
them understand how the right payment system
can drastically impact their cash flow.
These next-level results don't just build your
role as your clients' trusted advisor, but also drive
their business growth and ensure they can focus
their time on other aspects of their business,
rather than worrying about when funds will
finally hit their account.
For more information on QuickBooks Payments, please visit https://quickbooks.intuit.
The ProAdvisor Spotlight is sponsored by
JUNE 2019 ■
CPA Practice Advisor
Table of Contents for the Digital Edition of CPA Practice Advisor
2019 Most Powerful Women in Accounting
2019 Product Review - Tax Preparation Systems
From the Editor: Change is in the Air
The Millennial Advisor: Gone!?!
The 21st Century Accountant: The Four Stages of Robotic Process Automation
From the Trenches: Do Your Best Leadership
The Leadership Advisor: How to Adapt Our Habits to Create Stronger Connections at Work
The Staffing & HR Advisor: How to Quit Your Job Gracefully
Lean Six Sigma Advisor: 4 Steps to Ensure a Return on Your Technology Investment
Bridging the Gap: Automation is Here. How Are You Leveraging It?
Protect & Build Wealth Through Captive Insurance
How Simplification Has Complicated the Tax Office of the Future
Apps We Love: Legal Services
Can Employers Make Direct Deposit Mandatory?
Think Twice Before Not Paying Summer Interns
How to Gain Law Firm Clients With Clever Marketing
How to Set Up the Chart of Accounts for Law Firm Clients
Resources for the Law Firm Accountant
The ProAdvisor Spotlight: Next Day Funding for ACH: Powerful Payment Processing that Drives Prosperity
Don't Delay Implementing New Revenue Recognition Standard
How to Prepare for Summer and Not Leave Your Business Stranded
CPA Practice Advisor - 1
CPA Practice Advisor - 2
CPA Practice Advisor - 3
CPA Practice Advisor - From the Editor: Change is in the Air
CPA Practice Advisor - 5
CPA Practice Advisor - 2019 Most Powerful Women in Accounting
CPA Practice Advisor - 7
CPA Practice Advisor - Protect & Build Wealth Through Captive Insurance
CPA Practice Advisor - 9
CPA Practice Advisor - 2019 Product Review - Tax Preparation Systems
CPA Practice Advisor - 11
CPA Practice Advisor - 12
CPA Practice Advisor - 13
CPA Practice Advisor - 14
CPA Practice Advisor - 15
CPA Practice Advisor - 16
CPA Practice Advisor - How Simplification Has Complicated the Tax Office of the Future
CPA Practice Advisor - Can Employers Make Direct Deposit Mandatory?
CPA Practice Advisor - Think Twice Before Not Paying Summer Interns
CPA Practice Advisor - Resources for the Law Firm Accountant
CPA Practice Advisor - 21
CPA Practice Advisor - Apps We Love: Legal Services
CPA Practice Advisor - The Millennial Advisor: Gone!?!
CPA Practice Advisor - The 21st Century Accountant: The Four Stages of Robotic Process Automation
CPA Practice Advisor - The ProAdvisor Spotlight: Next Day Funding for ACH: Powerful Payment Processing that Drives Prosperity
CPA Practice Advisor - From the Trenches: Do Your Best Leadership
CPA Practice Advisor - 27
CPA Practice Advisor - The Leadership Advisor: How to Adapt Our Habits to Create Stronger Connections at Work
CPA Practice Advisor - The Staffing & HR Advisor: How to Quit Your Job Gracefully
CPA Practice Advisor - Don't Delay Implementing New Revenue Recognition Standard
CPA Practice Advisor - AICPA News
CPA Practice Advisor - Lean Six Sigma Advisor: 4 Steps to Ensure a Return on Your Technology Investment
CPA Practice Advisor - How to Prepare for Summer and Not Leave Your Business Stranded
CPA Practice Advisor - Bridging the Gap: Automation is Here. How Are You Leveraging It?
CPA Practice Advisor - 35
CPA Practice Advisor - 36