Intuit Offers Apple Pay on the Invoice to Help Small Businesses Increase Cash Flow

With QuickBooks Online and Apple Pay, Small Businesses Can Get Paid Faster

QuickBooks Online will be one of the first small business platforms enabling merchants to get paid quickly and easily on outstanding invoices via newly launched Apple Pay on the web, Intuit Inc. (Nasdaq:INTU) announced today.

Now that Apple Pay is available on the web, QuickBooks customers using the Safari browser can view and pay invoices with a single touch. This unique benefit for small businesses on the QuickBooks platform can give small business owners a new, fast and protected option for improving their invoicing cash flow. QuickBooks Online is the# 1 global cloud accounting software with more than 1.5 million small business customers around the world.

“A recent Intuit survey found that almost 70 percent of small business owners felt that giving their customers more ways to pay will help them get paid faster, boosting their cash-flow and enabling long-term success,” said Vinay Pai, vice president and head of Intuit Developer Group. “In addition to being a first mover with Apple Pay, the QuickBooks platform gives small businesses the ability to integrate the tools they use to run their business, providing a simple, integrated view of their business performance and cash flow.”

Intuit will be adding Apple Pay to the suite of payments offerings that already integrate with QuickBooks Online to address a persistent small business problem. On average, it takes small businesses who do not use an online payment offering 28 days to get paid, and 64 percent of small businesses have invoices that go unpaid 60 days or more. However, small business owners who accept payments with QuickBooks Online get paid on average 15 days sooner, almost twice as fast as those who don’t use on an online payment offering.

The integration between two globally recognized brands, QuickBooks Online and Apple Pay, will enable small businesses to accept a new form of payment through the QuickBooks Invoice. Key benefits include:

• Getting Paid Faster – QuickBooks Invoicing and Apple Pay offer small businesses customers the ability to view and pay an invoice with a single touch without having to spend time searching for their wallet and finding the right card. QuickBooks customers can have Apple Pay enabled automatically on their invoices. For small businesses this could mean less time with collections and more time growing their business.
• Increasing Protection – Transactions made with Apple Pay on a customer’s Mac, iPhone or iPad require Touch ID – Apple’s fingerprint reader – authentication or passcode, helping to decrease fraud and chargebacks. In addition, small businesses don't receive the customer’s actual credit or debit card numbers when they pay with Apple Pay.
• Saving Time on Accounting – Detailed transactions from Apple Pay will be automatically entered and categorized in QuickBooks Online, saving small businesses valuable time because they don’t need to manually enter their sales data.

For more information, visit: https://quickbooks.intuit.com/integrations/applepay

About Intuit Inc.

Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.

Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint provides a fresh, easy and intelligent way for people to manage their money, while Intuit's ProConnect brand portfolio includes ProConnect Online, ProSeries® and Lacerte®, the company's leading tax preparation offerings for professional accountants.

Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year 2016. The company has approximately 7,900 employees with major offices in the United States, Canada, the United Kingdom, India, Australia and other locations. More information can be found at www.intuit.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20161017006548/en/

Intuit Inc.Zoey Farooq, [e-mail] Emanate CommunicationsJen Garcia, [e-mail]