Cash flow is the lifeblood of any business – there’s no disputing that. For small businesses using QuickBooks Online, Intuit now offers next-day deposits of customer payments into your bank account. Instead of waiting two days or more for credit, you can opt to have these payments credited on the next day. Of course, the benefit of choosing this service is to improve your cash flow.
This new service begins this month (February 2019). Intuit will gradually roll-out the service throughout the remainder of 2019.
Small businesses should find that it makes it easy and affordable for customer payments to be deposited on the next business day. Thus, if you opt-in to the new plan and a customer initiates an ACH (bank transfer) payment on Monday, you will receive the money on Tuesday. Otherwise, it could take two to seven days for the payment to appear in your bank account.
Intuit does not charge a monthly fee for this service. However, there is a 1% processing fee for each transaction. The processing fee caps at $10 per transaction.