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Today we are launching QuickBooks Cash, a bank account tailored for SMBs with an industry leading 1% APY, free instant access to proceeds from QuickBooks Payments, and deep connections into QuickBooks for managing payroll and bill pay.
This product rollout is more than a bank account. The power of QuickBooks is that we pull together payment processing, bank, and credit cards - and put it in one place - enabling businesses to see a comprehensive view of their money-in/money-out and project forward cash flow.
Another benefit is that with all money-in/money-out services connected - we increase the speed of money-movement. Today, a biz waits 2-3 days for sale proceeds to settle and another 2-3 days to run payroll. Now, a business can get paid + run payroll or pay bills *on the same day*
This launch is so thrilling because main street SMBs haven't received the innovation in financial products that consumers have enjoyed the last decade. At QuickBooks, we help reach 5m SMBs - connecting $1.2T of invoices, $114B of payroll, and billions of capital (just starting!)
