Intuit made a name for itself as the maker of the software QuickBooks, and now will also be known as the company that developed mobile credit card processing. This new service is called Intuit GoPayment and will change the way people do business around the world.
GoPayment is moving towards a making paper invoices nearly obsolete (good news for trees!) by using technology for more efficient tracking, organisation, and payment. Although GoPayment has been around since 2008, it was only in January 2010 did they introduce a smartphone app that has the capability to change the way small and medium businesses run. With an adaptable piece that syncs with many smartphones, businesses anywhere will have the opportunity to receive payment on the go. GoPayment can be used by debit and credit card holding consumers alike.
The GoPayment system is virtually unlimited in the types of businesses that can benefit from these services. If you think about the many types of workers that could use this kind of technology, the numbers are staggering. Any type of mobile worker such as a tow truck driver or electrician will no longer have to rely on sending out a bill to their clients, collecting cash only or receiving checks in order to keep their cash flow going. Instead of a plumber invoicing a homeowner for the repairs, all he will need to do is swipe the card on the spot. A personal trainer can be paid per session instead of at a monthly rate. Gone are the days when businesses need a landline to accept charges.
Mobile credit card processing
This mobile credit card processing system does much more than take payments. Various types of account information can be inputted into the phone so that it can be synchronised with the data located in the QuickBooks software at the home office. In fact, the technology is already being incorporated into the Quickbook Program so preexisting users won’t have to set up a new account; they will be seamlessly integrated into the system.
With competitors such as Paypal, Google Wallet, Square and Isis, Intuit is really making an effort to make GoPayments the premier credit card processing system. This means making changes on how they net customers. In addition to having competitive rates, they have even modified their signup process, reducing the number of data input fields from 38 to 14. For those worried about the security of the information transmitted through the device, the scanner encrypts the card information before it is sent through to the smart phone or tablet, ensuring your data is safely transmitted.
There is even an option for those wary of linking their bank accounts to the new system. Soon users won’t even need to enter in their account information to use GoPayment. Intuit gives the option to sign up for a personal account linked to one of their prepaid debit cards, which will be mailed directly to the new user. But if you’re ok with linking bank accounts to use GoPayment, that option is available too.
A mobile Internet connection may be necessary but Intuit has said that it is also enabling other features to work with it like SMS text messaging. This will allow easy look up of different data like delivery date estimates and prices. All of this information will be coming from the QuickBooks files located at the company home base.
It is very difficult for a small business to get off the ground. It is hard to maintain all the paperwork necessary and keep all the files organised. This new technology takes any small business up to a new level because invoicing can be done on the spot.
GoPayment is looking to improve their services with a cloud-based inventory system. This would be most beneficial to vendors who conduct a significant portion of their business. A cloud-based system would allow the opportunity to relay to consumers what they currently have in stock (an not to mention keep track of what needs reordering). As a consumer, many of us have felt the frustrations of ordering online only to find out the product is out of stock.
Account receivables can also be avoided or completely wiped out by using mobile credit card processing. Payments can be made by credit card on right away and invoicing can be done as soon as the payments are made. No more paperwork, and no more late nights at the office trying to input the paperwork into the home computer.
Today is an age of plastic, and giving consumers the option to pay by credit card can increase sales. Intuit conducted a survey that found 40% of the people answering it experienced a sales increase after a credit card option was put in place.
GoPayment has the potential to be a revolutionary tool that can change how business is conducted. It is time for small businesses to be able to get a piece of the pie that up until now large businesses have only had access to. Mobile credit card processing puts the small business owner on a level playing field with the big boys. Moreover, the integration with Quickbook Software and the smartphone and tablet apps will give business owners the solution they need to keep up with all transactions, including payroll.
Intuit offers two different types of plans for their GoPayment services. There is no monthly minimum or setup fee for either and with approved accounts, you get the Intuit card reader device thrown in for free. The first plan, the “Low Volume Plan” is designed for businesses bringing in less than $1,000 per month via credit card. The other, “High Volume Plan” is for businesses expecting to process more than $1,000 in credit card transactions per month.
|Cost per Swipe Purchase||2.7%||1.7%|
|Cost per Keyed In Purchase||3.7%||2.7%|
|Card Reader Device||Free w/ approved account||Free w/ approved account|
* fees may apply to American Express and JCB.