Building on its existing partnership with accounting software provider Intuit, PayPal is helping SMBs that use QuickBooks Online to streamline their payment processes.
“Without leaving the digital invoice that has been sent to them via QuickBooks, a supplier can pay the invoice amount with just the click of the PayPal button,” said Dan Leberman, VP and General Manager for North American SMB at PayPal. “If they are already launched in PayPal when they get the invoice, it just takes one touch to pay — there’s no password or other data entry needed.”
The new capability was initially tested in Australia starting in November 2015. “The Australian merchants using PayPal as an invoicing tool are getting paid, on average, twice as fast as those that aren’t,” said Leberman in an interview with Retail TouchPoints. “Having that cash flow is a huge accelerant for these businesses to grow.”
Advertisement
In addition to improving cash flow, the PayPal-Intuit integration can help SMBs:
• Simplify tracking of unpaid invoices, which are automatically marked “paid” in QuickBooks when a customer pays via PayPal;
• Ensure valuable customer information stays up to date by automatically synching data from PayPal into QuickBooks;
• Securely download other transactions, such as expenses and bank transfers, into default categories within QuickBooks; and
• Improve accuracy by eliminating manual data entry errors.
SMB retailers can take advantage of other PayPal services as they shift more payments to this method. “When you process more through PayPal over time, you qualify for other services such as PayPal Working Capital,” said Leberman. “These are loans that, for example, allow a company to build inventory for the holiday season or finance business growth via marketing.”
The Intuit integration currently is available to customers in Australia and the U.S. Dates for further geographic expansion are not yet available.
