Intuit, Visa launch instant payments for merchants using QuickBooks
Intuit Inc.'s QuickBooks announced a new service called Instant Deposit that allows small business owners to get real-time access to their funds through the Visa Direct push payments platform.
The service allows merchants using QuickBooks Payments to process real-time disbursements from their accounts to an eligible debit card.
"Currently Instant Deposits is designed for merchant settlement, which will allow merchants to pay vendors and other out of pocket expenses by freeing up working capital," a spokesperson told Mobile Payments Today. "Visa's vision is to enable most cloud accounting platforms to use a Visa Direct transaction to facilitate faster merchant settlement, with plans to continue to drive faster payments for payroll and loan disbursements, ultimately providing a multi-tenant solution to help small businesses manage their cash flow."
The Instant Deposit service has begun to roll out to QuickBooks Payments customers and will be generally available in the U.S. by the end of the year.
Cover image courtesy of Intuit.