NOWaccount, an innovative new payment solution, helps small businesses eliminate A/R by getting paid their actual revenue immediately while their customers continue to get terms
ATLANTA, Oct. 20, 2016 /PRNewswire/ — Today, Intuit (Nasdaq: INTU) announced that NOWaccount® has been selected as one of the top 10 new QuickBooks Online apps globally in 2016. The NOWaccount App, available in the Accounts Receivable and Payment Processing categories, as well as the Trending section of the Intuit QuickBooks App Store, will go on to compete in the final phase of the $100,000 Small Business App Showdown at the 2016 QuickBooks Connect conference in San Jose, CA, on October 24. To determine the finalists, Intuit evaluated 74 new apps from around the world on several criteria, including potential impact for small businesses, innovation, and quality of integration.
“For four years, NOWaccount has helped small businesses across the country significantly grow their revenue by eliminating accounts receivable, so we’re delighted to be recognized by Intuit as a valuable service for their QuickBooks users,” said Lara Hodgson, president and CEO of NOW Corp, who will be speaking at several sessions during the conference on topics ranging from effectively managing growth and to successfully leverage social media. “Being integrated with QuickBooks Online makes it even easier for small businesses to use NOWaccount to grow their business.”
“We are thrilled to announce the top finalists for our Apps Showdown competition, which highlights some of the best new apps that have launched in the QuickBooks App Store this year,” said Lori Fraleigh, director of developer relations at Intuit. “These finalists were voted for by our small business community, therefore we know that they’ve been tried, tested and eliminate many everyday pain points. We look forward to celebrating the 10 finalists at QuickBooks Connect.”
The NOWaccount App for QuickBooks Online was released in mid-August, and already has received positive reviews from both small business users and accountants who have recommended it to their small business clients.
“When we initially signed up for NOWaccount, we knew it was going to help us grow by giving us access to the capital [our revenue] we needed to operate and re-invest,” said Heather Conley, director of business development for Crawford Transportation. “Now the NOWaccount App has made it even easier for us to get paid, and it’s saved us time by not having to log into multiple portals and send e-mails.”
The NOWaccount App provides a seamless experience for QuickBooks Online users. They simply generate an invoice in QuickBooks for the customers they select, and a copy of the invoice is automatically submitted to NOWaccount for processing. Payment of their actual revenue is automatically received in their bank account via ACH within days, and their journal entries are automatically recorded in QuickBooks. The NOWaccount payment solution is a game changer for businesses that sell to other businesses and governments.
“I saw the NOWaccount product about five years ago, when they were first starting,” said Rick Hayes, a Michigan-based accountant and controller with more than 30 years of experience. “It took me a little while to understand this was not a loan to my client, but an actual payment, like accepting a credit card for payment. Their new app makes it easy for my clients to create an invoice in QuickBooks and then NOWaccount takes over, depositing the payment in their checking account, reconciling the accounting entries, and managing the collections – and it removes the risk of non-payment!”
Intuit launched the $100,000 Small Business App Showdown to highlight how independent companies such as NOWaccount are adding capabilities to QuickBooks Online that help small businesses succeed.
“NOW is designed to assist small businesses in improving cash flow, and it really does that,” said Sammy Siddique, the cloud accounting team lead for Acuity. “Our clients that use NOW appreciate the ease of the financing process and the smooth integration into QuickBooks Online. The app definitely saves us time on the accounting side, and their support team has been helpful as well.”
About NOW Corp
NOW Corp is a certified women-owned business founded in December 2010 to enable small businesses to grow fearlessly, create jobs, and stimulate the U.S. economy by relieving them of the burden of funding credit and being a free bank to their customers. Recognizing an inefficiency in the $32 trillion trade credit sector, the founders leveraged their engineering and entrepreneurial backgrounds to create NOWaccount®, an innovative new payment solution that allows small businesses to get paid their actual revenue immediately, in a way that is not a loan, not factoring, feels like but costs less than accepting a credit card for payment, and is largely invisible to their customers. Since launching NOWaccount, NOW Corp has enabled small businesses across the nation to grow exponentially (many clients report triple-digit revenue growth within the first year of enrollment) and create or retain thousands of jobs by eliminating accounts receivable. For more information, visit www.nowcorp.com.
SOURCE NOW Corp