QuickBooks adds products to get money faster

Intuit QuickBooks announced two new products aimed at helping small businesses and their employees get paid faster.

The new Get Paid Upfront product is available now and lets small businesses get an advance of up to $30,000 on money due from qualifying invoices. The business pays a flat fee of 3% per financed invoice, with no interest charged for the first 30 days. The entire process is handled directly in QuickBooks.

The second product, QuickBooks Early Pay, will be rolled out in the coming months. It lets employees of small businesses apply for money based on their pay history, which they can receive either instantly or within one to two days. Early Pay will be included in QuickBooks Online Payroll, but will not have any impact on the employer’s books or payroll.

“Faster access to money is a universal need among small businesses and the people they employ,” said Alex Chriss, executive vice president and general manager of Intuit QuickBooks’ Small Business and Self-Employed Group, in a statement. “By making financial services available across the QuickBooks platform when and how small business owners and their employees need them most, we unlock even more benefit and value for our customers and greater opportunities for them to achieve prosperity.”

Intuit is partnering on both products with WebBank, the lender behind Get Paid Upfront and Early Pay.