Credit Karma, the provider of knowledge and tools for each step of one’s financial journey, announced integration between Intuit QuickBooks Online Payroll and Credit Karma Money. More than $30 billion goes as banking fees for consumers annually. The integration will help small business employees keep more money in their pockets and also offer them the option to deposit their paychecks in the Credit Karma Money Spend account. Employees registered with QuickBooks Payroll can now effortlessly sign up to have the paychecks deposited.
Last year, the products of QuickBooks Payroll processed payments for over 15 million employees, amounting to $208 billion in payroll annually. The integration enables Credit Karma to expand its biggest venture till date, Credit Karma Money, and also offer employees a better way to save and spend their income. Ken Lin, the Founder and CEO at Credit Karma said that the integration will enable reaching out to small businesses and provide the employees, “many of whom are living paycheck to paycheck, with a better overall checking and saving experience.” The opportunities for building a more holistic financial ecosystem to manage all financial aspects at one place have opened up with the integration, he added.
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Credit Karma Money offers free checking and savings accounts with no minimum balance, credit checks or hidden fee, apart from the access to a fee-free network of over 55,000 ATMs nationwide for Spend account members. Features like Instant Karma will also be available to Instant Karma Money Spend account members, encouraging good spending behavior by offering a chance of moneyback on spending cash they already had in their accounts. Employees, through the employee portal, QuickBooks Workforce can opt to deposit their paycheck into Credit Karma Money and gain on-demand access to pay stubs, W2s and hours worked.
Credit Karma Money will also be integrating with QuickBooks Desktop Payroll soon to provide small business employees an option to open a Credit Karma Money Spend/Save account and also the facility to receive paychecks in advance of up to 2 days of their designated payday.
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Over 70% of the employees that are paid through QuickBooks Online Payroll are hourly wage earners and make less than $50,000 annually. The integration will simplify managing and saving money for these small business employees, explained Laurent Sellier, the Vice President and Business Leader at Intuit QuickBooks Online Payroll.
Since the close of Intuit’s $8.1 billion acquisition of Credit Karma, this is the second integration and the latest example of the two companies collaborating to deliver a better integrated product experience for their users.
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