Intuit, the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced a new, multi-year partnership with Affirm. Under the agreement, Affirm will become the exclusive pay-over-time solution built into QuickBooks Payments,* further strengthening Intuit’s end-to-end financial management capabilities that help accelerate how businesses manage and grow their business. QuickBooks provides millions of small and mid-market businesses (SMBs) with resources to manage their business, and through the partnership, many will have the ability to offer Affirm’s flexible payment options to their customers, while enabling businesses to attract new customers, boost conversion rates, maximize sales, and improve cash flow.
Getting paid on time and sustaining healthy cash flow is crucial for SMBs, but is one of the most common challenges they face. On average, more than half (56%) of SMBs are owed money from unpaid invoices, averaging $17,500 per business. With the integration of Affirm’s pay-over-time offerings in QuickBooks, businesses will have a new tool to help increase conversion rates and average order value, and attract a broader set of customers, while speeding up overall cash flow. Timely payments can help businesses maintain their cash flow, allowing them to shift focus to running and growing their business, while Affirm, which does not charge any late or hidden fees, assumes the repayment risk.
“By partnering with Affirm to bring native, pay-over-time functionality to QuickBooks, we are giving businesses a powerful new way to increase conversion and improve cash flow, while offering their own customers flexibility,” said David Hahn, EVP, GM, Services Group, Intuit. “With more than $2 trillion in invoices managed on our platform each year,2 this integration further accelerates the frictionless payments capabilities we offer to our customers to manage and grow their business all-in-one place, and represents one of the many ways we are helping to fuel financial success for businesses and consumers across our Intuit platform.”