Intuit Inc. (NASDAQ: INTU) today announced that it will provide inexpensive, easy-to-use direct deposit and payroll tax services to users of QuickBooks®, Intuit's best-selling small business accounting software. The Chase Manhattan Bank will provide automated clearinghouse (ACH) services for the new QuickBooks Online Payroll Service.
The QuickBooks Online Payroll Service, which Intuit announced today, is designed to provide QuickBooks users with inexpensive, easy-to-use payroll and direct deposit services, making it easier than ever for small businesses to offer direct deposit benefits to their employees. Chase Manhattan Bank will serve as the ACH origination processor for the service, which will make it possible for any small business using QuickBooks 6.0 to offer direct deposit services to any employee regardless of the bank they use.
"We chose Chase because of their expertise in ACH processing and their unique ability to understand our customers' needs," said James J. Heeger, senior vice-president of the small business division at Intuit. "This agreement between the leader in financial software and the leading ACH processor means that new QuickBooks Payroll customers will receive the highest level of quality and service at a very affordable price."
About the QuickBooks Online Payroll Service
The QuickBooks Online Payroll Service is specifically designed to manage the hassle and responsibility of all payroll tax filings, tax payments, W2 processing, and direct deposits for the QuickBooks 6.0 and QuickBooks Pro 6.0 user. The service also provides users with a toll-free number to get expert advice from Intuit's team of payroll experts.
Using the QuickBooks Online Payroll Service is easy. After calling 1-800-332-4844 to obtain an application number, QuickBooks customers complete the application process directly from within the software. Once a user has been enrolled in the service, he or she can perform direct deposits by simply clicking a button in the new online payroll screen in either QuickBooks 6.0 or QuickBooks Pro 6.0.
Chase Manhattan's Role
Chase Treasury Solutions, a unit of The Chase Manhattan Bank and a leading provider of electronic funds transfer services, will provide the automated clearinghouse services related to the new service from Intuit. On instruction from Intuit, Chase will process the ACH transactions that will collect the proceeds from the small businesses, pay the direct deposit transactions to the employees' accounts and pay the appropriate payroll taxes.
"Chase is excited about the opportunity to support Intuit's QuickBooks endeavor for direct deposit of payroll and tax processing at a time when ACH is rapidly becoming the prevalent payment option," said Steve Bernstein, vice president and ACH product manager, Chase Treasury Solutions. "We look forward to working with Intuit as they deliver these services to their loyal customer base."
