QuickBooks Business Network for B2B Payments More Accessible Through Intuit

Intuit has broadened the reach of its system that streamlines and automates business-to-business transactions by increasing the accessibility of its network.

Intuit announced on Tuesday (Jan. 17) that its QuickBooks Business Network is now accessible to a vast number of small to medium-sized businesses (SMBs) in the United States, as stated in a press release.

“With the QuickBooks Business Network, we’re innovating to address age-old challenges small businesses face when it comes to B2B payments, 70% of which are still paper- or check-based in the U.S.,” Rania Succar, senior vice president of Intuit QuickBooks Money Platform and CEO of Mailchimp, stated in a press release.

According to PYMNTS research, companies are searching for ways to improve their working capital and cash flow in anticipation of an economic downturn. They are looking for solutions that will enable them to receive payments more efficiently and pay their vendors more quickly and without any difficulties.

According to a study by PYMNTS and Mastercard, approximately 33% of executives stated they were not completely content with their company's current method of bill payments. Additionally, nearly 67% of executives anticipate incorporating B2B payment advancements into their operations in the upcoming year. The study is titled "The One-Stop Bill Pay Playbook.".

Mastercard's Executive Vice President of Business Solutions, Chad Wallace, stated in an interview with PYMNTS' Karen Webster in May 2022 that there is a gradual shift towards the consumerization of B2B payments and that this transition needs to occur in the near future through the utilization of current tools used by corporations.

“We have a great experience where I can basically do everything I need to on my iPhone,” Wallace said at the time. “Why can’t that be as easy in corporate America?”

The Intuit QuickBooks Business Network allows eligible QuickBooks Online users in the U.S. to connect with one another and exchange invoices and payments directly within the QuickBooks platform, as stated in the press release.

According to the release, companies utilizing the network have the ability to simplify and organize their administrative tasks by utilizing accounts payable (AP) automation. This allows for a more efficient process of reviewing bills, gaining approval, and adding them to their financial records.

“Our FinTech expertise and payment industry leadership enable us to bring new, powerful automation to small business B2B payments. By reducing manual work and accelerating the time it takes to get paid, we can help small business owners better predict and manage cash flow,” Succar stated in the release.