Credit Karma | August 20, 2021
Credit Karma, the consumer technology platform with more than 100 million members in the U.S., today announced its integration of Credit Karma Money and Intuit QuickBooks Online Payroll, the number one online payroll provider for small businesses.
Consumers pay more than $30 billion in banking fees each year. Through this integration, Credit Karma and QuickBooks hope to keep more money in the pockets of hard working small business employees, giving them the option to deposit their paycheck into a Credit Karma Money Spend account2. Now, employees paid through QuickBooks Payroll can seamlessly sign up to have their paycheck automatically deposited into a Credit Karma Money account.
In fiscal year 2020, QuickBooks Payroll products processed payments for more than 15 million employees, accounting for more than $208 billion in payroll annually. This initial integration with QuickBooks Online Payroll will enable Credit Karma to rapidly scale Credit Karma Money, the company's biggest venture to date, while also giving employees paid through QuickBooks Payroll a better way to spend, save and manage their money.
“When we joined forces with Intuit, we knew there would be opportunities for our businesses to partner to build a more holistic financial ecosystem for members to manage all aspects of their finances all in one place and their paycheck is a major part of that,” said Ken Lin, Founder and CEO of Credit Karma. “This integration will enable us to reach small businesses and provide their employees, many of whom are living paycheck to paycheck, with a better overall checking and saving experience.”
Credit Karma Money is a money experience that offers free-to-open checking and savings accounts3 with no credit checks, no minimum balance to open and no hidden fees, along with access to a fee-free network of more than 55,000 ATMs nationwide for members with Spend accounts4. Customers who sign up for Credit Karma Money Spend will also have access to features like Instant Karma™, which incentivizes good spending behavior by giving members a chance to win back their money when they spend cash they already have in their accounts.5
Employees can now opt to deposit their paycheck into Credit Karma Money through their employee portal, QuickBooks Workforce, which gives them on-demand access to their pay stubs, hours worked and W2s. In the coming months, Credit Karma Money will also integrate with QuickBooks Desktop Payroll, providing even more small business employees with the option to open a Credit Karma Money Spend or Save account and, for some, the potential to receive paychecks up to two days in advance of their designated payday.
“More than 70 percent of employees paid through QuickBooks Online Payroll are hourly wage earners who make less than $50,000 a year,” said Laurent Sellier, Vice President and Business Leader, Intuit QuickBooks Online Payroll. “The integration between Credit Karma Money and QuickBooks Payroll will make it easy for small business employees to manage their money and keep more money in their pockets.”
This marks the second integration since the close of Intuit’s $8.1 billion acquisition of Credit Karma, and the latest example of the companies partnering to deliver a more integrated product experience for their customers, quickly and at scale.Credit Karma is an independent third-party and is not a bank. The Credit Karma platform facilitates the opening and managing of Spend and Save accounts offered through our bank partner MVB Bank, Inc., Member FDIC.
About Credit Karma
Founded in 2007 by Ken Lin, Credit Karma, an Intuit company , is a consumer technology company with more than 110 million members in the United States, U.K. and Canada, including almost half of all U.S. millennials. While best known for pioneering free credit scores, the company’s members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans (car, home and personal), savings accounts and now checking accounts through our bank partner, MVB Bank, Inc., Member FDIC — all for free.
About Credit Karma Money
Credit Karma Money is a new money experience from Credit Karma, the personal finance platform more than 100 million Americans already trust. Credit Karma Money Save accounts are free, interest-bearing savings accounts with no fees, no minimum to open and no catches. Newly launched, Credit Karma Money Spend accounts are checking accounts free of hidden fees with features like up to two-day early access to paychecks6 and Instant Karma, which incentivizes good spending behavior by giving members a chance to win back their money when they spend cash they already have in their accounts.
Hydr | May 25, 2021
Hydr, a UK FinTech, has announced the launch of its proprietary invoice finance platform to assist small businesses in optimizing their cash flow. Hydr assists small businesses with managing their cash flow by providing fully digital onboarding, real-time funding decisions, transparent terms, and fixed fees. It pays the full amount of an invoice within 24 hours, minus a competitively priced fixed fee. For seamless integration of its platform, FinTech has collaborated with global small business platform Xero.
“The success of a business can not be measured by its ability to wait for payment,” said Nicola Weedall, Co-founder of Hydr. I've seen firsthand the transformative power of cash flow management, but we remove the barrier of waiting for payment by paying invoices in full within 24 hours. Our technology securely simplifies the whole operation from start to finish, with transparency and simplicity at the heart of our proposition.”
“We created Hydr to transform how we think about two things: the almost cultural acceptance that late payments only happen in this economy, and that invoice financing is only seen as a last resort,” said Hector Macandrew, Co-founder of Hydr. You'll never have to think about long or late payments again if Hydr is your partner. When done correctly, invoice financing is a powerful tool for optimizing cash flow, allowing business leaders to plan their future with confidence.”
Hydr states that the digital onboarding process takes just a few minutes. Once connected to Xero, funding decisions are provided in real-time; businesses create their invoice (s) in a single step, a fixed fee is calculated for the invoice, and Hydr manages the rest. There are no hidden charges or charges in addition to the fixed fee.
SMALL BUSINESS TRENDS
SAP | March 08, 2021
SAP joined MarketUP to offer an integrated arrangement of ERP and a POS in Brazil. The objective of this reconciliation of SAP Business One Cloud HANA and MarketUP's POS arrangement is the small and medium market.
The apparatus is focused on businesspeople, all things considered, bringing the quick conveyance of secluded and cloud arrangements just as forefront POS innovation.
The activity brings from starting a benefit that should satisfy the market: the expense up to 60% lower than offered by primary rivals in the area, and particular choices as indicated by the necessities of every retailer. It is likewise an advanced and adaptable choice, simultaneously moored in its base on the heartiness and productivity of SAP Business One, an integrated organization stage for all business exercises, from bookkeeping and CRM to inventory network and buying the board. The arrangement can likewise be actualized locally (on-premise), utilizing the current foundation and as per its requirements.
Partnership for the development of the best technology
Due to the unique benefits that this organization brings it is normal that the joint offer will turn into the leader answer for the small and medium retailers.
In this organization, MarketUP contributes with the ability of its driving programming in the Brazilian market, as of now present in excess of 150 thousand retailers from various fragments, and another adaptation of its POS programming that brings numerous advances like, computerized wallets and QR Codes similarity, omnichannel, constant information, speed, high versatility, convenience and low upkeep, is based on PWA (Progressive Web Application) innovation and runs on Desktops, tablets, phones and even on creditcard machines.
MarketUP's information and programming along with the back office arrangement of the SAP ERP for developing organizations - SAP Business One Cloud HANA - gives a strong, complete, and simple to-utilize arrangement that gives full perceivability of the whole business and all out power over any detail identified with tasks.
At SAP, our purpose is to help the world run better and improve people’s lives. Our promise is to innovate to help our customers run at their best. SAP is committed to helping every customer become a best-run business. We engineer solutions to fuel innovation, foster equality, and spread opportunity across borders and cultures. Together, with our customers and partners, we can transform industries, grow economies, lift up societies, and sustain our environment.