As many of you know, we launched QuickBooks® Capital last November and we’d love to take this opportunity to further introduce you to the offering. We have very much appreciated the feedback we received from our trusted accountant community and encourage you to keep that valuable feedback coming.
At Intuit®, we always start with the customer problem. We know that one of the greatest challenges small businesses face is cash flow. This is a large, multi-faceted problem and there are a variety of things Intuit is doing to help.
Intuit established QuickBooks Capital to address an important facet of this problem: gaining access to capital in order to grow and smooth cash flow. The biggest pain is felt by young businesses – especially those that have been in business for less than two years. We find that a small dollar loan can make a big difference for these businesses – in purchasing additional inventory or making it through a slow season. We can help small businesses obtain affordable capital by allowing them to use their QuickBooks data to better demonstrate their creditworthiness.
We strive to be transparent in the ways we use data to help deliver value. That transparency is reflected in our Privacy Statement. More generally, our intent is to deliver value to you and the small businesses we collectively serve. We do this by building technology that taps into the power of data to determine which customers might be interested in a personalized offer, then we tell them about it.
The Capital offering is a great example of that. We use models to determine potential eligibility that take into account a small business’ QuickBooks history. Tax data is never used as part of these models. A small business can then see if they are eligible for a loan when they log into QuickBooks. If the small business is interested and chooses to apply for a loan, a broader set of their QBO data is reviewed during the application process. A credit report is not pulled until the customer gives us explicit permission during the application process.
The results are really exciting. The offering is indeed helping the youngest small businesses get access to capital; 60 percent of our customers were unlikely to qualify for capital elsewhere and 90 percent of QuickBooks Capital borrowers say the funds they received helped them grow their business. The offering has a customer satisfaction rate that we are very proud of: 99 percent of customers who borrowed from QuickBooks Capital were satisfied. This is reinforced by the transparency of the offering and the fair terms.
To learn more about QuickBooks Capital, we invite you to watch this product overview.
We know that you share our mission to power the prosperity of small businesses. As our partner and their most trusted advisor, we want you to be a part of cash flow and lending decisions, which is why we are bringing you into the conversation.
We welcome the opportunity to learn more about your thoughts, questions and concerns. Please let us know what you think by filling out this brief survey.
Sincerely,
Ariege Misherghi, Accountant segment leader
Rania Succar, QuickBooks Capital segment leader
