Intuit amps up competition

Intuit, the technology giant behind QuickBooks, is amping up its small business offensive with the launch of QuickBooks Money, an all-in-one electronic payments and banking solution. There are no monthly fees or balance requirements for QuickBooks Money, which is accessible via a mobile app or the web.

"QuickBooks Money represents an incredible opportunity to expand the reach of our fintech platform and give more small businesses access to powerful cash flow management tools," said David Talach, Intuit senior vice president.

QuickBooks Money isn't exactly brand new, as it combines two existing QuickBooks services – QuickBooks Checking, with funds held in accounts at Green Dot Bank, and QuickBooks Payments. QuickBooks reported that it processes in excess of $125 billion a year in payments for QuickBooks users.

A pared down version of QuickBooks Money was initially rolled out in 2021 as Money by QuickBooks, a mobile app. The new, expanded service includes web access, as well as additional invoicing and banking capabilities, Intuit said. Planned enhancements include subscription-free access to bill pay, in-person payments and lending.

Growing businesses

Intuit, in a press release, said QuickBooks Money targets small businesses that don't necessarily need the full range of financial management and accounting tools that the full-blown QuickBooks provides, but that want a simple tool that helps them get paid and manage money, end-to-end.

"As these businesses grow and require additional tools to help manage their businesses, they'll have a seamless path to access the full range of solutions the QuickBooks platform offers, such as accounting, payroll, workforce management, and more," the company stated. Key features of QuickBooks Money include:

• Invoicing and quick payment requests where customers choose from assorted payment methods, such as credit or debit cards, ACH, PayPal, ApplePay or Venmo.
• Same-day funding to FDIC-insured accounts.
• 1.75 percent interest on account balances, which is way above the national average.

"We believe this is a true front door to the future of small business success," Talach said.

Shifting the merchant services conversation

Intuit is not alone in building a one-stop shop for merchant services, banking and financial management. Miami-based fintech Netevia has been actively promoting a mobile banking-merchant services bundle that includes an option to resell banking services. ISO partners earn residuals not just on payment processing, but also on banking services, like deposits, balances and debit card spend, noted Vlad Sadovskiy, Netevia CEO.

"Netevia Banking is not your grandfather's bank," he said. "We are revolutionizing the way small businesses interact with the banking system, and also offering the ISO community new ways to monetize their relationships with small businesses."

According to a company press release, Netevia Banking features include:

• Competitive rates on account balances
• Cash-back business debit cards
• Automated connections to external bank accounts
• Secure QuickBooks integration
• The ability to create multiple accounts, virtual debit cards and authorized users to manage cash flow
• Fast funding on card receivables
• Instant commission deposits

Netevia already has relationships with several ISOs, Sadovskiy said. But he added the company is eager to sign additional ISOs, and even individual agents, to sell Netevia Banking as a standalone product or in tandem with payment processing. The company has been a major presence at industry conferences this year. For example, in March, Netevia reimbursed registration fees for the Northeast Acquirers Association conference for attendees who downloaded the Netevia Banking app and used it to pay their registration fees.

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