US financial software vendor Intuit has gone through with the $360 million deal to buy Check, the firm behind an app that makes consumers and small businesses more efficient at paying their bills.

Talks between the two companies were reported by The Wall Street Journal earlier this month.

Check’s smartphone app is used by more than 10 million people to track and pay bills. It makes money from advertisers who offer credit card or insurance promotions within the app.

The firm is expecting revenues of $20 million this year, up from $15 million in 2013 last year year. Hence, the price tag is at a healthy premium.

The reason for the premium is because Check boasts a couple of attractive qualities, according to Re/code.

Firstly, users can make payments without leaving its app, unlike rivals.

Secondly, Check has the potential to go beyond a bill payment mechanism to becoming an all-round mobile wallet, a typical ambition for niche payments apps but one that Check could realise. The transition to being a wallet would involve handling point-of-sale payments, which would make the app attractive to Intuit.

The transaction is for total cash and other considerations. It is expected to close in the fiscal fourth quarter of 2014, subject to regulatory clearance.