Intuit QuickBooks is rolling out another new product designed to give small business owners and their employees faster access to their money. Along with QuickBooks Get Paid Upfront (see "QuickBooks Capital Offers New 'Get Paid Upfront' Product"), Intuit QuickBooks is offering QuickBooks Early Pay. The product enables eligible employees to get paid through QuickBooks Online Payroll with the option of instant1 access to money between paydays.
Both help eliminate the wait to be paid on outstanding invoices and put their earned money to work faster, providing greater cash flow flexibility.
QuickBooks Early Pay is the newest feature within QuickBooks Online Payroll, which is designed to meet the needs of small business employees by making access to money available between paydays.
Today, nearly 40% of Americans say they would struggle to pay an unexpected $400 emergency expense. Thanks to Early Pay, in just a few steps, an eligible employee can apply for funds personalized for them based on their pay history to help offset unexpected expenses or ease financial stress. Employees can choose to receive those funds instantly1 or within one to two business days.
Early Pay, which will be included in QuickBooks Online Payroll at no additional cost to employers, has no impact on their books or payroll. The product reflects QuickBooks’ commitment to not only meet the needs of small business owners with access to full-service payroll capabilities, but also provide employee benefits that positively impact their financial health and well-being.
Along with Get Paid Upfront, Early Pay leverages QuickBooks’ expansive financial services expertise, including in payments, payroll and access to capital:
- Last year, QuickBooks processed $91 billion in payments volume, and $1.5 trillion of invoices are created in QuickBooks every year
- One in five small businesses use QuickBooks Payroll, with a total volume of $232 billion
- QuickBooks Capital has facilitated more than $1 billion in loans to small businesses since 2017
By integrating critical offerings across the QuickBooks platform, QuickBooks is able to unlock faster and more seamless access to earnings for small businesses and their employees.
To get the offer rolling in the coming months, Intuit QuickBooks has partnered with WebBank, the lender of both the products (Get Paid Up Front is already available to eligible small business customers nationwide). The partnership will help QuickBooks expand the reach of both these capital-focused fintech solutions, combining WebBank’s expertise in innovative lending solutions with Intuit’s legacy of money movement leadership.
1QuickBooks Early Pay loans funded via instant transfer are typically deposited within 30 minutes.
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