Intuit is looking to crash into Square's core business with the launch of a handheld card reader for small businesses customers of QuickBooks.
Intuit is rolling out the device in response to the mass market shift to contactless payments in the wake of the pandemic.
The card reader enables users to speed up in-person sales, accept payments on the go and have transactions automatically reconciled in QuickBooks.
The device offers a crisp LED display, smart tipping functionality and clear connectivity and battery level indicators. Deposits are sent to the bank account linked to the user's QuickBooks Debit Card in up to 30 minutes.
In Summer 2021, the firm says it will also introduce a 'Power Stand' or countertop payments hub that will charge up the reader and other USB-compatitable portable devices.
The company worked with BoxClever on hardware design and utilised payments technology from BBPOS to build the product. The card reader retails for $49 and the Power Stand comes with a $39 price tag. Both devices will be available as a bundle for $79
“With the addition of QuickBooks Card Reader to our portfolio of money offerings, we continue to make it easier for small businesses to get paid,” says Rania Succar, SVP of Intuit QuickBooks Money Offerings. “These industry-leading payment hardware solutions that pair seamlessly with the QuickBooks platform further enhance our robust end-to-end payments offering for small businesses and provide flexibility depending on how they do business and how their customers want to pay.”