Intuit GoPayment

If taking credit card payments on the go is something you need in your life, then Intuit and Verizon are looking to help you fill that void. They've now announced a new partnership that will brong Intuit GoPayment credit card reader to Verizon Wireless’ 2,300 retail stores and business-to-business sales channels.

GoPayment makes it easier and more affordable for small businesses to process credit cards and for anyone who sells products or services to accept credit card payments wirelessly. The card reader simply plugs into the audio jack of a supported smartphone or tablet. Credit and debit cards can be swiped through the card reader or entered into the app manually. The transaction is processed immediately and funds are automatically deposited into a user’s bank account within a few business days. GoPayment supports devices on Android™, BlackBerry® and iOS platforms for most popular 3G and 4G LTE smartphones and tablets.

Verizon Wireless customers can get the GoPayment credit card reader free with activation of a GoPayment account and a mail-in rebate for the $29.97 purchase price, with 2.7 percent discount rate for swiped transactions. If you're looking to get cheaper rates on swiped transactions, you can pick up the $12.95-a-month package and have swiped transactions processed for 1.7 percent. Full PR is beyond the break, if you need some more info.

Source: Verizon

BASKING RIDGE, NJ and MOUNTAIN VIEW, CA — Verizon Wireless and Intuit Inc. (Nasdaq: INTU) today announced a strategic alliance to give all small businesses – from the sole proprietor to a medium-sized business – the ability to process credit card payments on smartphones and tablets. The companies are now offering Intuit’s GoPayment app and pocket-sized credit card reader in Verizon Wireless’ 2,300 retail stores and business-to-business sales channels.

GoPayment makes it easier and more affordable for small businesses to process credit cards and for anyone who sells products or services to accept credit card payments wirelessly. The card reader simply plugs into the audio jack of a supported smartphone or tablet. Credit and debit cards can be swiped through the card reader or entered into the app manually. The transaction is processed immediately and funds are automatically deposited into a user’s bank account within a few business days. GoPayment supports devices on Android™, BlackBerry® and iOS platforms for most popular 3G and 4G LTE smartphones and tablets.

“Intuit’s GoPayment on America’s most reliable network is a mobile transaction game changer, and brings another dimension of must-have technology to the small business community,” said Mike Schaefer, executive director of the Business Solutions Group for Verizon Wireless. “Payments and transactions are often the biggest hurdle businesses face. Our value proposition is to streamline, simplify and enable business owners to get paid with minimal delay. This collaboration with Intuit is an important part of our strategy to bring the most innovative online and mobile tools to our customers.”

“Rather than lose out on potential business, anyone who sells a product or service can now easily and affordably give their customers the option of paying with plastic,” said Chris Hylen, general manager of Intuit’s Payment Solutions division. “GoPayment is meeting a huge need and is one of the fastest growing mobile payment solutions in the market. With Verizon Wireless, we’ll help even more people discover that they too can process credit card payments on the phones or tablets they already own.”

To save time when processing payments, GoPayment offers the ability to create and sell from a list of frequently sold items. Depending on the types of goods and services sold, users can choose to apply sales tax, add tips and send customized receipts via text message and email with a map of where the transaction took place. To protect data, sensitive credit card information is never stored on the phone. The data is also encrypted – once via the card reader and a second time via the GoPayment app.

For the more than four million small businesses that use QuickBooks®, GoPayment can also sync transactions with recent versions of QuickBooks – PC, Mac and soon QuickBooks Online – to save time by reducing manual data entry. GoPayment also supports up to 50 users on one account, which is ideal for businesses with multiple employees who work in the field.

Pricing
Verizon Wireless customers can get the GoPayment credit card reader free with activation of a GoPayment account and a mail-in rebate for the $29.97 purchase price. The GoPayment mobile payment app is free and the basic service has no monthly, transaction or cancellation fees, and offers a competitive 2.7 percent discount rate for swiped transactions.

A paid version of GoPayment is also available for $12.95 a month and provides a low discount rate of 1.7 percent for swiped transactions. Intuit is offering Verizon Wireless customers two months of free service when they select this monthly paid plan.

Customers who purchase a smartphone for their GoPayment use will need to subscribe to a Verizon Wireless Nationwide Talk plan beginning at $39.99 for monthly access. Tablet and smartphone users require a data package starting at $30 monthly access for 2 GB of data.

For additional information, please visit www.verizonwireless.com/gopayment or gopayment.com/verizon.

About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management, payment and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.

Founded in 1983, Intuit had annual revenue of $3.9 billion in its fiscal year 2011. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.

About Intuit Payment Solutions
Intuit is one of the largest small business payments processors in the U.S. It processes annually more than $17 billion in transactions for approximately 300,000 small businesses. Over the last 10 years, Intuit has helped small businesses get paid and improve cash flow with a complete family of end-to-end electronic payment solutions. This includes services to process credit cards, e-checks and online payments via a variety of channels including mobile devices, Web and retail stores as well as integrated solutions such as QuickBooks.

About Verizon Wireless
Verizon Wireless operates the nation’s fastest, most advanced 4G network and largest, most reliable 3G network. The company serves 106.3 million total wireless connections, including 89.7 million retail customers. Headquartered in Basking Ridge, N.J., with 83,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications (NYSE, NASDAQ: VZ) and Vodafone (LSE, NASDAQ: VOD). For more information, visit www.verizonwireless.com. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at www.verizonwireless.com/multimedia.

 
There are 12 comments

Reader comments

Verizon to sell Intuit GoPayment credit card reader for phones, tablets

12 Comments
Sort by Rating

Or you.could use square, its a much better deal. Better product all the way around plus they don't charge a monthly or annual fee.

The monthly fee mentioned here is for an "enhanced" service package with a lower per-card-swipe % fee.

GoPayment is nice but there is also another alternative: Square (squareup.com) Both have Pros and Cons. I would suggest potential buyers consider both before making a decision.

Pricewise, it is really a wash between Square and the free Intuit GoPayment. Square charges 2.75% for swipes, GoPayment charges 2.70%. That's a difference of only $0.50 for every $1000 collected. For typed in card numbers, Square is 3.5%+$0.15 while GoPayment is 3.7% (i.e. GoPayment is cheaper for transactions under $75, while Square is cheaper for transactions over $75).

The only real advantage to Square is that there is no maximum you can collect in a month (although they do delay payments larger than $1000/wk). GoPayment forces you into the $12.95/mo plan if you collect more than $1000 in a month. However, the fee discount means that GoPayment is still cheaper if you collect more than $1233.33/mo (so only the people collecting $1000.01-$1233.33 would pay less with Square).

Since both are free, you can sign up with both and use GoPayment for everything except keyed in purchases over $75, or use Square only after you hit your $1000 GoPayment limit. Might make bookkeeping a tad harder though.

However, for most people, it really comes down to which software and hardware you prefer. GoPayment has the advantage of linking to Quickbooks.

I should also mention that signing up for GoPayment requires a hard credit pull, while Square doesn't.

GoPayment is aimned at businesses, as all of Intuit's services are.

Square is aimed at anyone.

Biggest difference.

It's not clear whether GoPayment only works through Verizon, although it may not be a problem. The things I dislike about it are the up front cost and more importantly the physical bulk of the device. The Square reader is free, and the fee for swiped cards is extremely close to the same.

If GoPayment could do authorizations as well as charges (sales), it would be worth it. As it stands, though, it isn't. I'm sticking with Square because it's easy, inexpensive, and the reader is small and handy to carry around.

I don't understand why Verizon feels the need to offer the credit card reader for 30 bucks when you can get it for free directly from Intuit.

I don't understand why Square, GoPayment and their rivals are falling over one another in their rush to get rid of the fixed transaction fees. Charging only a percentage fee means that they will be losing money on many small ticket transactions. I realize that right now they are mostly concerned with growing as quickly as possible, but this is a strategy that will inevitably need to be adjusted in the future. When that happens, the merchants that will be affected by such a change will not like it and push back hard against it. http://blog.unibulmerchantservices.com/gopayment-square-processing-fees-...

I have used both Square and Inuit GoPayment and I very much disliked both. Square held my funds for far too long, far too many times and GoPayment's rates and plans were poorly suited for the higher ticket prices of most of my services.

Everyone should know that there are several other competitors to both of these and many of them offer better rates and service. I am now looking into Rectangle Ware Ever Pay. I have been doing homework on them and they are a direct processor rather than just an aggregator like Square. They are also advertising true next business day deposit which is very interesting should that claim prove true.