A vast majority of small and medium scale business owners are seen lamenting about the slow speed of money processing. They say that the time it takes for the money to be processed and show in their bank accounts is too long after a customer has made the payment. Slow money processing has an adverse impact on the cash flow of the business. Quickbooks support has now made a difference to this situation by giving a faster, almost real time access to cash to the business owner after receiving payment from a customer.
The new feature introduced by Quickbooks is called Instant Deposit and it makes available cash instantly to the business owner almost at the same time when a payment has been made by a customer. These business owners can access this money using their Visa debit cards to improve their cash flow situation.
To be able to use this facility, all that Quickbooks users have to do is to integrate Visa Direct capabilities into the new feature announced by the company. If the merchant has his Visa debit card linked to his bank account, he will be able to transfer funds received by a customer instantly into his bank account.
According to reliable sources, Quickbooks support was working for quite some time now to resolve the problem of low cash flow experienced by small business owners. The company talked about it in early 2019 in many of its reports where it was revealed than nearly 2/3rd of small business owners admitted a severe impact on their cash flow because of the long time banks took to process the money received from their customers.
Quickbooks made an arrangement with The Bancorp Bank to facilitate real time transfer of funds into the bank account of its merchants using Quickbooks Payment after tying up with Visa Direct. With this new feature that Quickbooks has termed as Instant Deposit, small business owners will get relief as they will be able to run their businesses smoothly.
VP at Quickbooks Capital, Raina Succar, has said that Instant Deposit will prove to be a game changer for many small business owners. He added that the company is committed to solving the financial problems of its customers. Customers using Quickbooks Payment will now enjoy real time payment processing which will improve the health of their businesses.
On its part, Visa Direct has agreed to transfer funds into the accounts of these merchants by charging 1% extra fee for faster processing of money. This integration of Quickbooks with Visa Direct will benefit thousands of small business owners. Many businesses that face the prospect of closure on account of low cash flow will now be able to survive and flourish with this new feature announced by Quickbooks.
Business owners say that they are happy with the arrangement even though they have to pay a small fee to Visa Direct for real time processing of their money. Quickbooks support means these business owners will enjoy peace of mind as they can pay their employees and also use the capital for whatever their business needs.