QuickBooks announces Recurring Payments

Intuit QuickBooks announced a new Recurring Payments feature to enhance invoicing management for small and mid-market businesses. Users can put their payments on "auto-pilot" by setting a schedule and an amount and then sharing that with the client. Payments are deposited automatically, making it easier to plan and predict cash flows. 

Recurring Payments, according to Intuit, allow business owners to get a clearer picture of their finances, eliminating the need for repeated invoices or payment requests and reminders. The feature helps clients avoid service disruptions and avoid past-due bills, and provides streamlined bookkeeping where transactions are automatically updated with each payment with no need for matching. It offers extra security as users do not need to ask for payment information directly since clients can just input their information once and manage it through a secure online portal. Users also get access to Intuit Assist, which can detect repeat invoices that are sent to the same clients on a regular cadence, and create a suggested recurring payment and schedule for the business owner to review and approve.

"The addition of recurring payments gives our customers the power to not only maintain and accelerate their cash flow, but also increase client satisfaction and loyalty," said David Hahn, senior vice president of the QuickBooks Money Platform. "Our data shows that more than half of small business owners have invoices that are overdue by more than 30 days, so we're always focused on finding a way to help increase the likelihood of our customers getting paid on time. Recurring payments directly addresses this challenge, streamlining the end-to-end payments experience for the business owner and their clients, and providing confidence that invoices will be paid on time and cash flow will remain consistent. This feature, along with the many 'done-for-you' experiences across our AI-powered platform, empowers businesses to streamline operations and fuel their growth and success."

Recurring payments are now available for QuickBooks Online customers in the U.S. who have a QuickBooks Payments plan added to their subscription.