Intuit Inc. (NASDAQ: INTU), QuickBooks’ parent company, has announced that QuickBooks users will soon be able to send an electronic invoice from Intuit QuickBooks Online and seamlessly accept payment from their customers through PayPal (NASDAQ:PYPL).
Yep, now small businesses can accept PayPal payments through QuickBooks.
“PayPal is a natural fit for QuickBooks: it gives small businesses a way to tap into the 188 million consumers looking for PayPal as a way to pay,” explained Vinay Pai, Vice President, Intuit Developer Platform, in a post announcing the integration on the official Intuit QuickBooks blog.
Details of the QuickBooks and PayPal Integration
According to Pai, your PayPal data will seamlessly carry over into QuickBooks, eliminating time-consuming data entry and cutting out the likelihood of human error. QuickBooks Online users will see PayPal Express Checkout as an option within the eInvoicing product.
Other integration perks mentioned in the announcement include the ability to:
- Import PayPal payments and fees into QuickBooks.
- Have invoices are automatically marked “paid” when a customer pays via PayPal.
- Automatically sync valuable customer information with customer information from PayPal.
- Securely download other transactions, such as expenses and bank transfers, into default categories within QuickBooks.
- Automatically import from PayPal into QuickBooks.
The integration of QuickBooks with PayPal follows another announcement recent announcement that QuickBooks integrating with Bill.com. Interestingly, Xero (NZE:XRO), QuickBooks’ bookkeeping and accounting software rival, also recently integrated with PayPal in a move that seems part of a wider trend to help make it easier for small businesses and accountants to send professional invoices and get paid.
“This update [integrating PayPal into QuickBooks] may be one small step for QuickBooks and PayPal, but it’s one giant leap for small businesses and accountants everywhere,” wrote Dan Leberman, vice president of North America Small Business at PayPal, on the official PayPal blog.