Intuit 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. In the coming months, Affirm will be offered as a payment method for eligible businesses in the U.S. who use QuickBooks Payments to invoice customers, with no additional setup or technical lift required. Businesses get paid upfront, while approved customers can choose to split invoices into flexible payment plans, including options as low as 0% APR, and never pay late fees or incur hidden charges.
Affirm handles the application, underwriting, and approval of financing for every transaction individually, eliminating the need for business owners to manage the loan details or follow up on payments. Affirm's pay-over the time offerings will be available in the coming months for QuickBooks Online customers in the U.S. where use QuickBooks Payments.
