GoCardless, the bank payment company, has expanded its partnership with Intuit QuickBooks, the financial management software, by launching its app in the Intuit QuickBooks Marketplace in Australia and the United States.
Via the launch, GoCardless looks to enable over 200,000 QuickBooks users to leverage Direct Debit to help them reduce late payments and improve cash flow.
In its recent ‘Pursuing Payments’ report, GoCardless revealed that 27 per cent of businesses estimate losing up to $6,000 from late payments annually. Meanwhile, 11 per cent of businesses estimate losing between $12,001 to $30,000 from late payments annually – highlighting the significance of this issue.
Seb Hempstead, VP of partnerships at GoCardless, explained the significance of the partnership: “Our partnership with Intuit Quickbooks is one way we can make life easier for small businesses in this tough economic environment. By reducing late and failed payments – plus the associated admin – and enabling automatic reconciliation, we can free up cash flow and keep costs down. This means that SMBs can spend more time growing their business.
“We’re excited to launch our apps in Australia and the US. Not only does this build on our long-standing relationship with Intuit QuickBooks, but it also underscores our commitment to bringing the benefits of bank payments to small businesses everywhere.”
By introducing GoCardless and its Direct Debit capabilities, Intuit QuickBooks small business users could gain greater control of their finances. When an invoice is due, payments are automatically collected directly from their customers’ bank accounts and reconciled on the Intuit Quickbooks platform. Direct Debit payments also cost less to process when compared to credit card payments.
In turn, small businesses could also offer their customers more secure and seamless payment experiences, removing the hassle of updating expired, lost or stolen card details and the need to initiate manual bank transfers. This reduces the risk of customer churn, late payments and failed payments.
