Intuit Inc., a global financial technology platform known for products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, has announced the integration of Clair On-Demand Pay within its Intuit Enterprise Suite and QuickBooks Payroll offerings. This partnership with Clair, a fintech company specializing in early wage access, enables U.
S. companies utilizing QuickBooks Online Payroll to provide their employees with early access to a portion of their earned wages before their scheduled payday. Advances are originated by national bank Pathward®, N.
A.
This launch marks a step in Intuit’s strategy to deliver an all-in-one business platform, including a comprehensive Human Capital Management (HCM) solution for small and mid-market businesses. The initiative addresses a common financial challenge, as 37 percent of adults report being unable to cover an unexpected $400 expense, according to the Federal Reserve’s 2024 Economic Well-Being of U.
S. Households report. Clair On-Demand Pay aims to offer employees a no- or low-cost option to address unplanned financial needs.
Olivier Bartholot, Vice President of Workforce Solutions at Intuit QuickBooks, stated that in the current competitive employment landscape, comprehensive benefits are crucial. He noted that the new Clair On-Demand Pay in QuickBooks allows employees to manage their finances more effectively and enables small businesses to offer earned-wage access, a benefit typically associated with larger corporations, thereby enhancing employee satisfaction and retention.
Employees can access Clair On-Demand Pay through the QuickBooks Workforce mobile app and web experience. This app, designed for workers paid via QuickBooks Payroll, allows them to view pay information and track time. Eligible employees can sign up through the app to receive a portion of their earned wages ahead of payday, facilitating early bill payments or emergency expense coverage.
Key features of Clair On-Demand Pay include instant access options, with employees choosing a no-fee option for funds within 1-3 business days or paying a flat fee of $4.99 for instant access, typically occurring in seconds but potentially up to 30 minutes. The service does not require a credit score check, making it available to all eligible employees without affecting their credit. Repayment is automated and interest-free, deducting seamlessly from the employee’s next paycheck. For businesses, the feature is automatically included in QuickBooks at no additional cost and has no impact on their payroll process or finances, as Clair manages advances and repayments directly with employees through the QuickBooks Workforce app.
Nico Simko, CEO and Founder of Clair, highlighted the partnership with Intuit, recognizing its platform as a trusted backbone for millions of businesses. He emphasized that embedding Clair On-Demand Pay directly into the QuickBooks Workforce app integrates financial wellness into the workday. This approach empowers small and growing mid-market businesses to offer a crucial benefit for attracting and retaining talent.
Clair, a New York-based fintech company, focuses on embedded earned wage access, allowing individuals to access their money as soon as it’s earned, at no cost to employers. Supported by its partnership with Pathward, N.
A., Clair is available at over 49,000 work locations across 29 industries. The company has raised $68.7 million in equity funding from investors including Thrive Capital, Upfront Ventures, Kairos HQ, and Founder Collective. Pathward®, N.
A., a national bank and subsidiary of Pathward Financial, Inc., specializes in financial access, offering solutions through its Partner Solutions and Commercial Finance business lines. It is important to note that all advances are originated by Pathward®, N.
A., and are subject to eligibility criteria and application review. Clair On-Demand Pay is available only to W2 employees in certain U.
S. states and is not offered for contractors or employees in the U.
K. or Canada.
