Modernizing Payments to Strengthen Small Business Success

Advocating with the Intuit Small Business Council

In May 2025, I, as CEO of Ravenox, returned to Washington, D.C. as a member of the Intuit Small Business Council. Alongside entrepreneurs from across the country and Intuit’s Global Corporate Affairs team, I met with members of Congress and federal agencies to discuss payment modernization.

Why Payment Modernization Matters

Small businesses form the backbone of the U.S. economy, yet they remain hampered by slow, costly payment systems that were built for a different era. According to Intuit’s Small Business Index, nearly 82 percent of business failures are linked to cash-flow problems. Late payments and high transaction fees force many entrepreneurs to choose between paying employees, suppliers, or themselves. Modernizing U.S. payment policy would allow trusted third-party providers like Intuit to access Federal payment rails directly, enabling faster transactions and reducing costs. This change could transform how millions of small businesses manage cash flow, meet payroll, and compete in a global digital economy.

The Challenge: Slow Payments in a Digital-First World

Today’s economy moves faster than its financial infrastructure. While over 90 percent of Americans use digital payments, the system governing those transactions has not kept pace. Small businesses often wait days for funds to clear, creating gaps in liquidity and opportunities lost to larger competitors with faster access to capital. The Federal Reserve’s FedNow Service, launched in 2023, was a step forward, allowing instant payments between banks. However, third-party providers like Intuit must still operate through traditional financial institutions—a constraint that adds complexity and cost for small businesses. The Council urged Congress to consider direct access for trusted payment processors, a policy already adopted in countries like the U.K., Canada, and Singapore.

Advocacy in Action

During two days of meetings on Capitol Hill, Fellow Council members and I outlined how modernizing the U.S. payment system could improve financial efficiency and resilience for entrepreneurs nationwide. Our discussions with the House and Senate Small Business Committees emphasized three key points:

1. Faster Access to Earnings

Small businesses should not wait days to receive payments for goods and services. Real-time settlement through direct access to Federal rails would enable instant cash flow and reduce dependence on credit to bridge gaps between invoices and payments.

2. Lower Transaction Costs

By introducing competition into payment processing, fees would decrease, putting more money back into the hands of small business owners. According to Intuit data, QuickBooks processes over $1 billion in payments each month, demonstrating the scale of impact modernization could achieve.

3. Driving Innovation and Global Competitiveness

Payment modernization would fuel fintech innovation, creating new tools for automated invoicing, cash-flow forecasting, and seamless integration with e-commerce platforms. These advances would help small businesses stay competitive in an economy increasingly dominated by instant digital transactions.

A Vision for Faster, Fairer Finance

My fellow Council members and I advocated for a modern payment system that works for everyone, not just large financial institutions. By supporting legislation that expands access to digital payment rails and reduces barriers to entry, lawmakers can empower millions of small business owners to thrive in a digital-first economy. Faster payments mean stronger businesses, and stronger businesses mean stronger communities. For entrepreneurs like me, who manufacture and sell American-made products worldwide, cash flow is not just a metric—it is the lifeblood of growth.

Continuing the Mission

The 2025 visit took place in my third year with the Intuit Small Business Council. Building on our AI policy discussions in 2024, I joined fellow members in advocating for payment modernization and practical improvements to small business cash flow. This work reflects my continuing focus on access, opportunity, and useful tools for entrepreneurs.