Intuit has announced a new subscription-free banking and payments product for small businesses called "QuickBooks Money." The new offering brings many of the fintech needs businesses have into an all-in-one solution that doesn't require a business to use QuickBooks for their accounting.
Traditionally, Intuit's offerings have been based around users having a QuickBooks subscription (of one type or another), which means that QuickBooks Money represents a significantly different business strategy for QuickBooks. It also means appealing to an even wider audience of small business owners who have never used QuickBooks before.
At the same time, this change in strategy opens up its banking and payments functionalities to an entirely new set of businesses who either don't believe they are ready for QuickBooks accounting or who account for their business by some other means.
QuickBooks Money currently combines two industry-leading financial services; QuickBooks Checking delivers a business banking hub through a purpose-built bank account provided by our partner Green Dot Bank. Processing more than $125 billion in volume annually, QuickBooks Payments allows small businesses to manage all of their payments in one place.
“QuickBooks Money represents an incredible opportunity to expand the reach of our fintech platform and give more small businesses access to powerful cash flow management tools,” said David Talach, senior vice president of the QuickBooks Money Platform at Intuit. “We believe this is a true front door to the future of small business success.”
Source: Intuit QuickBooks media source content
QuickBooks Money will be available as an entirely new point of entry into the QuickBooks Ecosystem beginning with the money-management features of QuickBooks Money.
From there, small businesses eventually can access the full range of QuickBooks solutions as they grow and require additional capabilities.
A QuickBooks Money account can be opened by a small business in just a few minutes, and then accessed via the web or QuickBooks Money app for iPhone or Android. The features of this new Intuit offering go well beyond a standalone payments or banking product:
- No monthly fee or minimum balance required.
- Easily track business income and expenses in one place to have a full view of how their business is doing and to make smart financial decisions.
- Have eligible payments land in your bank account the same day—nights, weekends, and holidays—so you can access cash fast at no additional cost.
- Use the free QuickBooks Visa® business debit card with access to more than 19,000 Allpoint ATMs nationwide.**
- Use envelopes in QuickBooks Money to save for expenses and earn 1.75% APY** on envelope balances, 25X the national average rate.
- Send a personalized invoice or quick payment request and let customers choose a payment method that’s convenient for them—credit or debit, ACH bank transfer, Apple Pay®, Google Pay, PayPal, or Venmo**. Transaction fees may apply.
- QuickBooks Money accounts are covered with FDIC insurance of up to $5,000,000*. QuickBooks Money works with partners to offer this enhanced FDIC insurance limit via a deposit sweep feature which works seamlessly in the background to automatically sweep balances above $250,000 to a network of FDIC insured banks.
- Future planned enhancements for QuickBooks Money include subscription-free access to other solutions such as bill pay, in-person payments, and lending.
Manage your money with a business bank account, get paid and receive cash-flow insights with QuickBooks Money. All with no subscription or monthly fees. Transaction fees apply.
For more information, or to sign-up, head over to the Intuit QuickBooks Money webpage.
Intuit footnotes and disclosures:
*-Product Information
QuickBooks and Intuit are a technology company, not a bank. Banking services provided by Green Dot Bank, Member FDIC.
QuickBooks Money: QuickBooks Money is a standalone Intuit offering that includes QuickBooks Payments and QuickBooks Checking. Intuit accounts are subject to eligibility criteria, credit, and application approval. Banking services provided by and the QuickBooks Visa® Debit Card is issued by Green Dot Bank, Member FDIC, pursuant to license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. QuickBooks Checking Deposit Account Agreement applies. Banking services and debit card opening are subject to identity verification and approval by Green Dot Bank. Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services.
Product interactions created from active product installation. Screen interactions and data entry may have been streamlined.
Apple Pay is a registered trademark of Apple Inc.
Venmo is available only in the US.
Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.
Google, Android and Google Play are trademarks of Google Inc., registered in the U.S. and other countries.
**-Features
FDIC Insurance: QuickBooks Money (or “QB checking” depending on brand) account balances are FDIC-insured up to the allowable limits through Green Dot Bank, Member FDIC. Coverage limit is subject to aggregation of all of Cardholder’s funds held on deposit at Green Dot Bank. Green Dot Bank also operates under the following registered trade names: Go2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits. Additionally, with Green Dot Bank’s Deposit Sweep Program you are provided up to $5 million in FDIC insurance coverage on your account balances.
Deposit Sweep Program: Account balances above $250,000 will be automatically swept from Green Dot Bank and equally spread across our participating financial institutions, providing you with up to $5 million in FDIC insurance coverage. Customers are responsible for monitoring their total assets at each institution. Learn more and see a list of participating institutions here.
Fee-free ATM withdrawals: Fee-free ATM access applies to in-network AllPoint ATMs only (up to 4 withdrawals per statement cycle). For out-of-network ATMs and bank tellers, a $3 fee will apply, plus any additional fees charged by the ATM owner or bank. See app for fee-free ATM locations.
Free ACH transfers: QuickBooks Money does not charge for ACH transfers, however other banks’ restrictions and fees may apply. Limits, qualifications and enrollment requirements may apply. Payment processing fees apply for ACH and card transactions.
Same-day deposit: Same-day deposit allows you to have near-real time deposits sent to you on a predetermined daily schedule (up to 3x a day, Monday through Sunday, including holidays). Same-day deposit is an additional service offered by QuickBooks Payments subject to eligibility criteria, for no extra fee for QuickBooks Money users. QuickBooks Money payment request fees apply for ACH and card transactions. Once batched, eligible deposits will be sent to your QuickBooks Money account, and will be available in up to 30 minutes. Transactions between 2:15-3:00 pm PST are excluded and transactions after 9:00 pm PST will be available for deposit the following morning. Deposit times may vary for third party delays.
No monthly fees: Other fees and limits apply to the business bank account. See QuickBooks Money Deposit Account Agreement for details.
Automatic sales tax: Underlying sales tax rates estimated based on location, date, and information associated with each individual transaction, as well as customer type, and product or service type, as indicated by the merchant. Customers need to validate tax information prior to filing their tax returns with the IRS.
QuickBooks Money mobile app: Free to download and no monthly subscription fee. Available on iOS and Android only.
Envelopes: You can create up to 9 Envelopes within your primary QuickBooks Checking account. Money in Envelopes must be moved to the available balance in your primary QuickBooks Checking account before it can be used. Envelopes within your primary QuickBooks Checking account will automatically earn interest once created. At the close of each statement cycle, the interest earned on funds in your Envelopes will be credited to each Envelope in proportion to the average daily balance of each Envelope. See Deposit Account Agreement for terms and conditions.
Disclosures:
Materials within this feature, including graphic illustrations, were adapted from Intuit QuickBooks Money media source content and the QuickBooks Money webpage. All such source materials were adapted by Insightful Accountant solely for educational purposes.
As used herein, QuickBooks, and QuickBooks Money refer to one or more registered trademarks of Intuit Inc., a NASDAQ "INTU" publicly traded corporation headquartered in Mountain View, California (USA). Intuit is the makers of TurboTax, Credit Karma, QuickBooks, and Mailchimp.
Other trade names used herein may be registered, trademarked, or otherwise held by their respective owners and are now acknowledged accordingly. They have been referenced for informational and educational purposes only.
This is an editorial feature, not sponsored content. No vendors within this article have paid Insightful Accountant or the Author any remuneration to be included within this feature. This article is provided solely for informational and educational purposes.
The publication of this article does not represent any form of endorsement by either the Author or Insightful Accountant.
Note: Registered Trademark ® and Copyright © symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they might otherwise appear or be repeated. We attempt to credit such trademarked products or copyrighted materials within our respective article footnotes and disclosures.
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