30 September 2016
Visit colt.net

Intuit turns up the heat on Square with AT&T partnership

07 November 2011  |  11400 views  |  0 credit card

Intuit is partnering with carrier AT&T to take on start-up Square in the emerging mobile card processing market.

The two companies have collaborated to offer Intuit GoPayment for AT&T, a mobile application and credit card reader that helps small businesses process credit or debit card payments using their smartphone or tablet.

Available via AT&T's nationwide small business sales force and call centres, the reader comes with automatic signup and pre-approval for the majority of AT&T customers.

According to the Yankee Group's 2011 Mobile Money Forecast, the value of mobile transactions worldwide will grow from $241 billion in 2011 to more than $1 trillion by 2015, a compound annual growth rate of 56 percent.

More than 800,000 businesses use Square's small white plastic cube credit and debit card reader, which plugs into the headphone jacks of mobile phones and tablets to perform transactions. The company has been growing at an explosive rate and is now valued at $1 billion.

Intuit is aiming at the millions of small businesses that already use its financial accounting software by syncing GoPayment transactions directly with QuickBooks.

Like Square, the basic GoPayment service has no monthly, transaction or cancellation fees, and offers a 2.7% discount rate (2.75% at Square) for swiped transactions.

For small businesses with higher volume processing needs, a paid version of GoPayment also is available for $12.95 a month and provides a lower discount rate of 1.7% for swiped transactions.

This plan is recommended for businesses that process more than $1,000 a month, says Intuit, and want multiple employees to process payments using one GoPayment account.

The monthly fee for the paid version of GoPayment will be rolled into customers' existing monthly AT&T bill.

Chris Hylen, vice president and general manager of Intuit's Payment Solutions division, says: "By teaming up with AT&T, we're getting GoPayment into the hands of even more small businesses. Now they too can easily and affordably process credit cards and get paid on the spot, which in this tough economy means increased cash flow and more repeat business."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Mint launches iPad app; sets new benchmark for PFM

Mint launches iPad app; sets new benchmark for PFM

27 October 2011  |  7698 views  |  0 comments
Verizon shops to sell Intuit GoPayment

Verizon shops to sell Intuit GoPayment

25 August 2011  |  7339 views  |  0 comments
Sweden's Square hits App store

Sweden's Square hits App store

19 August 2011  |  13863 views  |  4 comments
Square valuation reaches $1 billion following new funding

Square valuation reaches $1 billion following new funding

29 June 2011  |  9368 views  |  0 comments
Intuit buys Citi-SK Telecom mobile money business

Intuit buys Citi-SK Telecom mobile money business

28 June 2011  |  7537 views  |  0 comments
Larry Summers joins Square board

Larry Summers joins Square board

23 June 2011  |  7184 views  |  0 comments
Square bids to kill off the cash register

Square bids to kill off the cash register

24 May 2011  |  11508 views  |  0 comments
Intuit looks ahead to NFC GoPayment

Intuit looks ahead to NFC GoPayment

10 May 2011  |  7635 views  |  1 comments
Following VeriFone spat and Visa investment, Square adds encryption

Following VeriFone spat and Visa investment, Square adds encryption

03 May 2011  |  9098 views  |  0 comments
Visa invests in Square

Visa invests in Square

28 April 2011  |  14477 views  |  1 comments
VeriFone taps Facebook to bash Square

VeriFone taps Facebook to bash Square

22 March 2011  |  8880 views  |  0 comments
Square accused by rival of massive security failing

Square accused by rival of massive security failing

10 March 2011  |  12646 views  |  5 comments
Square processing $1m per day; Apple boasts payment stats

Square processing $1m per day; Apple boasts payment stats

03 March 2011  |  12047 views  |  4 comments
Square raises $27.5m

Square raises $27.5m

11 January 2011  |  9213 views  |  1 comments
Square begins mass-market roll out

Square begins mass-market roll out

10 November 2010  |  11522 views  |  4 comments
Third of Americans use online banking tools - Intuit

Third of Americans use online banking tools - Intuit

19 October 2010  |  11199 views  |  1 comments
Square roll-out delayed over security concerns

Square roll-out delayed over security concerns

21 June 2010  |  13566 views  |  1 comments
Twitter founder Dorsey launches mobile phone credit card reader

Twitter founder Dorsey launches mobile phone credit card reader

02 December 2009  |  14766 views  |  2 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit contisgroup.comVisit colt.netVisit www.abe-eba.eu

Who is commenting?

Top topics

Most viewed Most shared
Ripple rudely gatecrashes Sibos partyRipple rudely gatecrashes Sibos party
10537 views comments | 32 tweets | 30 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
9330 views comments | 33 tweets | 18 linkedin
BNP Paribas is working with clients on blockchain deploymentBNP Paribas is working with clients on blo...
7698 views comments | 15 tweets | 31 linkedin
US gets same day ACHUS gets same day ACH
7071 views comments | 23 tweets | 20 linkedin
PayPal and Lenovo team on biometric authentication for laptopsPayPal and Lenovo team on biometric authen...
6754 views comments | 13 tweets | 16 linkedin

Featured job

to c.£100K base, double OTE
London, UK (covering Europe)

Find your next job