Intuit, maker of the Quickbooks line of accounting software, has teamed up Fundbox to launch a cash advance service for small business owners.
The new service aims to solve one of the most common hurdles faced by entrepreneurs and small business owners: lack of cash flow. Using this service, small business owners can receiving financial solutions to pay off their outstanding invoices within Quickbooks.
Up until now, small business were able to sell their outstanding invoices to a third-party creditor through a “factoring” system. The new service being offered by Intuit and Fundbox, however, seeks to transform this solution so that business owners can maintain relationships with their clients and customers while still being able to manage their invoices. Intuit says this new service will leverage the power of Quickbooks reporting data without requiring credit checks to provide better financing for small business owners.
In a statement to the press, Intuit’s Alex Chriss said the reasoning behind this new service was to make it easier for small business owners to access short-term financing. Chriss goes on to say that the new service will streamline the application service.
“This is all about making it is easier for small businesses to access the short-term financing they need at the click of a button,” said Alex Chriss, vice president of Intuit’s Small Business Group. “Our partnership with Fundbox enables us to deliver a financing solution to our small business customers that streamlines the application process, offers quicker decision making, and, most importantly, offers fair and transparent pricing.”
Lack of financing continues to top the list as being one of the most common reasons why small business fail. Whether it’s a local business or online business, the fact remains that all ventures need some type of capital. Without it, there’s simply no way for them to grow and expand. The new cash advance service that is being offered by Intuit and Fundbox seeks to eliminate this problem by easing the process for which small business owners acquire capital.
What do you think of the new cash advance service that is being offered by Intuit and Fundbox? Let us know in the comments section below!