Small businesses often need a short-term cash infusion to make purchases and pay bills due immediately, but the paperwork, timing and fees surrounding short-term loans can be prohibitive.
Intuit Inc. and American Express Co. are teaming up to make it easier for small businesses using Intuit’s QuickBooks software to get the funds they need in as little as 60 seconds through a new integration launching early next year, according to an Oct. 13 press release.
Amex’s new Working Capital Terms product, available to American Express Open credit card customers, enables users to request a loan for as little as $1,000 through QuickBooks Online, with payments going directly to vendors and suppliers. Terms for the loans range from 30 to 90 days, with fees ranging from 0.5% for the shortest loan, going up to 1.5% for a three-month loan.
The service is the latest in a series of products enabling businesses to speed up
The new offering from Amex and Intuit provides a handy way for customers of both companies to solve a couple of the most pressing needs small businesses face: getting quick access to funds and streamlining payment reconciliation, said E-Bai Koo, American Express' executive vice president of global product management for commercial payments, in the release.
“We believe this is a game-changer in support of small businesses—providing financing to bridge the gap between money in and out, and ultimately helping them to grow their business,” added Karen Peacock, Intuit’s senior vice president of small business.
