Intuit has announced the addition of Apple Pay for its Quickbooks Online customers.
As you may already know, Quickbooks Online is Intuit’s signature cloud-based accounting service for small business owners. Being that it’s located on the cloud, users can access their account anytime, anywhere, assuming they have an active Internet connection.
If you use the Safari browser to access Quickbooks Online, you can now view and pay invoices with just a single touch, thanks to the recent integration of Apple Pay. According to Intuit, the integration of Apple Pay provides small business owners with a fast and secure option for enhancing their cash flow.
So, why exactly is Intuit adding Apple Pay to its Quickbooks Online platform? The company cites a survey, revealing that small business owners who do not use online payment systems take an average of 28 days to get paid. Furthermore, 64% of small business owners have invoices that go unpaid for two or more months. On the other hand, small business owners who accept online payments through Quickbooks Online get paid roughly 15 days sooner — that’s twice as fast as their counterparts who do not offer online payments to their customers.
“A recent Intuit survey found that almost 70 percent of small business owners felt that giving their customers more ways to pay will help them get paid faster, boosting their cash-flow and enabling long-term success,” said Vinay Pai, vice president and head of Intuit Developer Group. “In addition to being a first mover with Apple Pay, the QuickBooks platform gives small businesses the ability to integrate the tools they use to run their business, providing a simple, integrated view of their business performance and cash flow.”
There are several reasons why small business owners should embrace Apple Pay as a payment option for their customers, one of which is the ability to get paid faster. Conventional wisdom should tell you that it takes longer for a customer to pull out their wallet and hand over their credit card as opposed to clicking a single button on their Apple iPhone. As a side benefit, Quickbooks customers can enable Apple Pay so it’s automatically included in their invoices.
There’s also increased protection and security associated with Apple Pay as opposed to other payment options. According to Intuit, transactions made with Apple Pay require the customer’s Touch ID, which can either be a fingerprint, passcode or other authentication methods. This increased level of security protects against fraudulent activity and chargebacks, which in turn offers cost-benefits to the merchant.