American Express OPEN Working Capital Terms
with QuickBooks® Online Provides Easy Access to Short-Term
Financing to Help Make Vendor Payments
Intuit Inc. (NASDAQ:INTU) and American Express today announced a
partnership that will give qualified QuickBooks Online small
business customers who are also American Express OPEN®
Business Card Members access to short-term, low-cost financing from
American Express to pay vendors and ease the cash flow crunch. This
unique partnership will make American Express Working Capital Terms
the payables financing solution for QuickBooks Online
customers.
A report by the Small Business Administration found that
insufficient or delayed financing is the second most-common reason
for businesses to fail1. By combining automated accounting
processes with increased access to quick financing and payment
options, this integration will provide small businesses with timely
funding to help pay their vendors, help them stay competitive and
reduce accounting headaches.
“We’ve heard time and again from small business customers that
cash flow is a key area of concern when it comes to managing
day-to-day business expenses,” said E-Bai Koo, executive vice
president, global product management, American Express Global
Commercial Payments. “By embedding our Working Capital Terms’
digital loans directly into QuickBooks, we make financing available
to our customers when and where they need it most to pay vendors,
simplifying the payments process and reducing time spent
reconciling accounts.”
“We’re thrilled to partner with American Express to give
QuickBooks Online customers who are also American Express OPEN Card
Members access to affordable loans to pay off bills and make
purchases with a few clicks and approval in as little as sixty
seconds right from QuickBooks Online,” said Karen Peacock, senior
vice president of small business at Intuit. “We believe this is a
game changer in support of small businesses – providing financing
to bridge the gap between money in and out, and ultimately helping
to grow their business.”
Additional Product Details
American Express Working Capital Terms with QuickBooks lets
small businesses:
- Request a desired loan amount and
term: Working Capital Terms can approve a loan in as
little as sixty seconds for qualified existing small business Card
Members. Loan requests can start at $1,000 and can be as high as
$750,000 with fees of 0.5 percent for a 30-day loan to 1.5 percent
for a 90-day loan.2
- Streamline vendor management:
Make and track vendor payments more easily by consolidating payment
and accounting transactions in one place. By requesting funds to
pay vendors directly in QuickBooks, small businesses can
conveniently track and reconcile their payments.
- Seamlessly reconcile accounts:
Upon payment, American Express will seamlessly integrate data with
QuickBooks to automatically reconcile accounting ledgers throughout
each phase – eliminating steps for small business owners and
providing up-to-date cash flow insights for the business.
Intuit and American Express launched the Connect to QuickBooks®
app in November 2015. The app lets American Express OPEN Business
Card Members automatically import their Card transactions into
QuickBooks so accounting is seamlessly done. Today, Connect to
QuickBooks, available through the intuit.com App Center, is the top
third-party app in the QuickBooks ecosystem.
Intuit and American Express also announced ReceiptMatchSM, a
feature available with American Express OPEN Business Cards to help
streamline expense management3 by allowing Card Members to add
receipts, tags and notes to transactions either via desktop or
mobile device. Using the ReceiptMatch Mobile App and Connect to
QuickBooks, Card Members can manage their Business Card expenses by
tagging transactions with existing QuickBooks categories4.
American Express Working Capital Terms with QuickBooks is
another example of Intuit’s commitment to helping small businesses
manage their cash-flow with its QuickBooks Financing offering,
which provides access to a full spectrum of credit solutions.
Availability
American Express Working Capital Terms with QuickBooks will be
available in limited release for select small business customers
starting in early 2017.
About American Express
American Express is a global services company, providing
customers with access to products, insights and experiences that
enrich lives and build business success. Learn more
at americanexpress.com and connect with us
on facebook.com/americanexpress,
foursquare.com/americanexpress, linkedin.com/company/american-express,
twitter.com/americanexpress,
and youtube.com/americanexpress.
Key links to products, services and corporate responsibility
information: charge and credit cards, business credit
cards, Plenti rewards program, travel services, gift
cards, prepaid cards, merchant services, corporate
card, business travel and corporate
responsibility.
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.
QuickBooks Financing is licensed as Intuit Financing Inc.
1 Source: Small Business Administration: Managing Your Business
Credit
2 Fees subject to change. Loan amount is subject to individual
Card Member eligibility.
3 ReceiptMatchSM and Connect to QuickBooks® are two separate
business tools available with Business Cards from American Express
OPEN that were created to work together. You must enroll in
ReceiptMatch and in Connect to QuickBooks separately from your
American Express online account. Connect to QuickBooks works with
QuickBooks Online. For details and enrollment in ReceiptMatch, go
to www.open.com/receiptmatch. Any QuickBooks Online screen shots
©Intuit Inc. All rights reserved. Intuit, the Intuit logo,
QuickBooks, and the QB logo are registered trademarks of Intuit
Inc.
4 The ReceiptMatchSM Mobile App is only available with Business
Cards from American Express OPEN. The ReceiptMatch Mobile App is
only available on iTunes and Google Play. Apple, the Apple logo,
iPhone and Mac are trademarks of Apple, Inc., registered in the
U.S. and other countries. App Store is a service mark of Apple Inc.
Google Play is a trademark of Google Inc.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161013005425/en/
American ExpressFelicia Mowll,
212-640-1709felicia.a.mowll@aexp.comorIntuitZoey Farooq,
650-944-4839zoey_farooq@intuit.comorAccess Emanate
CommunicationsJen Garcia,
415-844-6244jgarcia@access-emanate.com
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