Monday, December 23, 2013

Intuit Pay Review (U.K. Edition)

Oliver Wastie for writes: If you are looking for a mobile credit card reader then there is no shortage of contenders among this new, dynamic and exciting sector. Whether you are a small business, sole trader or just need to take credit cards on the move, the new mobile credit card readers from technology companies like iZettle, Payleven and SumUp may be the solution for you. This article takes a closer look at Intuit Pay, the latest company to offer a Chip and PIN mobile credit card reader. Intuit is a global financial management software and services provider with revenues of around £3 billion.
What is Intuit Pay?
Like its competitors iZettle and Payleven, Intuit Pay is a system that let’s smartphone and tablet users take credit card payments by using a Chip and PIN device that connects to a smartphone or tablet via Bluetooth. Users of Intuit Pay also need to register for free with Intuit and download the free app to the device they want to use.
Main features of Intuit Pay
The basics of Intuit Pay are similar to its competitors: it’s free to sign up to and download the app, and the mobile card reader is available on the company’s website for £79. Once you are all set to go, there are no monthly fees or costs and users pay a flat rate of 2.75% per transaction, including for sign and swipe transactions. The minimum transaction is £0.01 and the maximum transaction limit £9,999.99.
In the interest of comparison, iZettle, for example, has a sliding scale for its fees that also starts at 2.75% but the higher your sales the less you pay. The fee starts dropping below 2.75% once sales go above £2,000 and iZettle’s lowest rate of 1.5% applies once your transaction level reaches approximately £12,800. Currently Intuit Pay accepts Visa cards, MasterCard and Maestro, a smaller number than its iZettle rival.
Intuit will deposit money owed into your account in 5-7 business days (although according to Intuit Pay’s website, funds may also be held for ‘further review and verification’ and if this is the case you will be notified by email).
Online payment too
Where Intuit Pay differs from its competitors is that signing up with Intuit Pay also gives free access to an online payment portal that lets you take card payments online by signing in and entering the card details. In other words it supports ‘customer not present’ transactions in a way that its rivals do not.
However, if you intend to take payments over the phone make sure you understand your responsibilities for verifying the ID of the cardholder, since you are liable for chargebacks for transactions when the cardholder is not present.
US version criticised by some
Intuit has its headquarters in the US and the service was launched in the US as Intuit GoPayment (using a card reader that plugs into the headphone jack), where the service rivals its US counterpart Square. Not everyone has been satisfied by their experience and various forums list a range of complaints from poor customer service to problems with receiving funds. However, Intuit Pay is relatively new in the UK so it will be interesting to see how the customer base develops and what feedback is generated over time.
Clear flat structure for payments, including swipe and sign
Online payments
Chip and PIN solution
Does not accept as many cards as iZettle
iZettle sliding fee start to be cheaper after sales of £2,100


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