With this launch, GoCardless hopes to give more than 200,000 QuickBooks users the ability to use Direct Debit to lower late fees and enhance cash flow.

According to GoCardless' most recent "Pursuing Payments" research, 27% of companies believe they could lose up to $6,000 a year due to late payments. The importance of this problem is shown by the fact that 11% of businesses report losing between $12,001 and $30,000 a year due to late payments.


The GoCardless vice president of partnerships, Seb Hempstead, described the importance of the collaboration by saying, "One way we can help small businesses in this challenging economic climate is through our partnership with Intuit Quickbooks. We may improve cash flow and control expenses by lowering failed and late payments and the related administrative burden, as well as by turning on automatic reconciliation. SMBs can now devote more time to expanding their companies as a result.

We can't wait to release our apps in the US and Australia. This strengthens our already strong partnership with Intuit QuickBooks and demonstrates our dedication to enabling bank payments for small businesses worldwide.
 

GoCardless and its Direct Debit features allowed small business customers of Intuit QuickBooks to take charge of their money. Payments for overdue invoices are automatically withdrawn from the bank accounts of the clients and reconciled on the Intuit Quickbooks platform. Processing fees for direct debit payments are likewise lower than those for credit card payments.

By doing away with the inconvenience of having to manually start bank transfers and update card details that have expired, been lost, or stolen, small businesses can also provide their clients with more secure and easy payment experiences. This lowers the possibility of failed payments, late payments, and client attrition.