Intuit’s QuickBooks Capital: Here’s Everything You Need to Know
Accounting software firm giant, Intuit has finally launched the much-awaited QuickBooks Capital. QuickBooks Capital will facilitate small businesses with easy loans. QuickBooks users can now get a business loan up to $35,000 for 6 months from their QuickBooks software.
It is important to note that Intuit is lending its own money to small businesses via QuickBooks Capital to small businesses and it will not connect a QuickBooks user to any bank or private lender.
Intuit’s QuickBooks Capital is powered by machine learning and Artificial Intelligence (AI). Through the machine learning and AI, Intuit will crunch different data, such as pending invoices, creditworthiness and offer loans accordingly. There are around 2.4 million QuickBooks users who can benefit from QuickBooks Capital.
Speaking at the launch event, Intuit’s head of QuickBooks Capital Rania Succar said that they have a history of working with their clients and now they are exploring other models by investing their own money.
Ease of Business Capital Lending
At the launch event, Intuit’s top officials explained also explained how QuickBooks Capital will ease small business lending.
QuickBooks Data for Loan Approval
Now, small businesses will not need to submit any additional documents to get loan approval. Their QuickBooks data will be enough to assess their loan eligibility and other criteria for getting a loan.
Transparent Application Process
Loan application through QuickBooks Capital is embedded within QuickBooks, which means that businesses can easily check the entire loan application process.
New Opportunities for Growth
Getting business capital to maintain adequate cash flow is a prerequisite for small businesses. However, many a time, businesses face a cash crunch. New QuickBooks Capital, however, assure that you get the right amount of capital anytime you need.
Prior to the launch of QuickBooks Capital, Intuit went through few trials and experiments, and results were amazing.
Amazing Results of QuickBooks Capital During the Trial
Intuit invited hundreds of small businesses and asked them to use QuickBooks Capital in their private beta. After the use of QuickBooks Capital, small businesses found QuickBooks Capital to be amazing and loaded with significant advantages.
Let’s see what small businesses experienced after using QuickBooks Capital
Underserved Businesses to Get Easy Loans
Around 60 percent small business firms said that now it’s easy for them to get easy loans with QuickBooks Capital.
Prior the use of QuickBooks Capital, 46 percent small businesses said that borrowing business capital will not a hassle any longer.
After the trial of QuickBooks Capital, 99 percent small users said they found QuickBooks Capital extremely convenient to use and have achieved optimal user satisfaction.
Intuit’s QuickBooks Capital will for sure give stiff competition to tech lending providers, such as Amazon. QuickBooks Capital will also bring a huge disruption in the way business lending has been traditionally done by the banking sector.
- Julia is Techarex Network’s Content Marketing Associate for Intuit products. She has worked as a B2B and Marketing Strategist for the last seven years, helping businesses with software implementation for Customer Service, CRM, and Email Marketing. Julia thrives in helping companies find the right software solution for their projects. Aside from his obvious passion for Marketing, Julia admits to being a foodie and travel enthusiast.
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