Mophie and Intuit partner to create Complete Card Solution for iPhone, try to make Square look square
Who knew that credit card processing would be the new hotness for smartphones? The Square mobile payment system has been making waves by letting small businesses receive credit card payment directly on their smartphones. Now, mophie and Intuit are looking to get in on the same action with their Complete Card Solution for iPhone. It's a $179 package that includes both mophie's card-swiping phone case and the 3.0 version of Intuit's GoPayment app. After a quick application users are said to be approved (or, erm, declined) within 15 minutes and can immediately start accepting payments. Full details, including just how much users will be forking over in fees, after the break.
Initial targeted clients were people like plumbers and electricians, but we can definitely see tech-minded farmers at the market relying on this sort of system, along with craftmeisters who shun Etsy and prefer to sell face-to-face. A single account can also cover up to 50 users, meaning an entire sales team could be equipped with these devices. Intuit's site provides lots of data on transactions and the like, but for the full ability to reconcile to invoices and track payments you'll need to use Intuit's QuickBooks suite, either on the PC or Mac.
The big question is, of course, what it'll cost you to use the thing. $179 up-front is hardly a small commitment, and a further $12.95 per month makes the minimum cost quite a bit higher than Square, which offers free hardware and no monthly fees. Likewise, per-transaction fees here are between $.30 and $.34, double the $.15 fee of the Square. However, Intuit and mophie will take a smaller chunk of the overall payment: 1.7 percent usually, though that could climb as high as 3.7 percent depending on the type of card being used. That compares favorably to Square's 2.75 to 3.5 percent.
Whether this is a value proposition for your business depends largely on the size and frequency of transactions you plan to receive. But, there is one definite advantage Square has over this system: compatibility. This case, which encrypts every credit card number before it gets to the phone, will only work with the iPhone 3G/S. We're told an iPhone 4-compatible version is in the works, but it's anyone's guess when that will show up. We do, however, know that this current version is available now in Apple retail stores and will be hitting Apple's online site in the very near future. So, go on now. Get paid.
Show full PR text
Intuit GoPayment and mophie marketplace Offer
Complete Credit Card Solution for iPhone
Mobile App, Hardware Package Provides Everything Small Businesses
Need for On-the-go Payments; Available at Apple Retail Stores
MOUNTAIN VIEW, Calif. – Aug. 26, 2010 – Small businesses can now get everything they need in one package to quickly start processing credit cards on their Intuit Inc. (Nasdaq: INTU) and mophie [cq] today announced the availability of the Complete Credit Card Solution, an all-in-one product that enables small businesses to easily process credit card payments via the Apple iPhone. It integrates Intuit's GoPayment credit card processing app and quick-to-activate merchant account with the mophie marketplace credit card reader. This package is now available in Apple Retail Stores and soon on Apple.com
As part of this solution, Intuit GoPayment offers a quick and easy application process that is designed to let merchants start processing credit cards on their iPhones in as few as 15 minutes. As an option, GoPayment is also compatible with QuickBooks® Mac to help save time in keeping business financial files up to date. "We designed this to meet the needs of small businesses who want a complete credit card solution that works with their iPhone," said Chris Hylen, general manager of Intuit's Payment Solutions division. "Now we have a best-in-class solution from Intuit and mophie to meet that need. This means that a business owner only needs to buy one package to get set up with everything they need to start taking mobile payments even before they leave the store."
Doing more with mobile devices is key for small businesses on the go. "mophie designs products that enable consumers to do more with their Apple devices and that deliver additional convenience and freedom for all types of mobile activity," said Shawn Doherty, COO of mophie. "This integrated hardware and software mobile payment solution enables immediate and secure financial transactions on the go for a vast audience of small business owners and their employees." Enhanced GoPayment Features for the iPhone GoPayment has been on the market for more than a year and has already processed $35 million in transactions for small businesses. In addition to faster merchant account activation and integration with QuickBooks Mac, this latest version offers easier navigation with the ability for customers to sign their bill via the iPhone touch screen. It's also possible to now add inventory items to receipts, which can instantly be e-mailed or sent by text to a customer for their records. To make GoPayment affordable for the smallest of small businesses, it also offers new simplified pricing with competitive discount rates and transaction fees.
How it Works
The speedy new Intuit Merchant Account application process is designed to let small business owners easily and quickly apply and be approved to start processing credit cards. A user can apply from the GoPayment App, online or by calling Intuit right from their iPhone.
By adding the sleek, clip-on mophie marketplace card reader, merchants can save time by securely swiping credit cards instead of entering numbers by hand. After swiping the card, data is immediately encrypted using Intuit's industry-standard security methods. Customers authorize the payment by signing their name on the iPhone touch screen. The merchant can then send them an e-mail or text receipt. GoPayment processes the credit card within seconds and funds are deposited into the businesses' bank account. An additional option lets businesses integrate GoPayment with QuickBooks Mac to easily and quickly match the right customer and invoice in QuickBooks.
mophie marketplace
mophie is well-known for its award-winning design and innovation of iPhone accessories, such as the juice pack line of rechargeable external battery cases, which have virtually doubled the battery life of more than 1 million iPhones. mophie's marketplace is the only design- focused hardware innovation that adds layers of intelligence to enable payments on the go. The form-fitting, lightweight marketplace design is paired with instant card-encryption capabilities ensuring that all data is secure the moment the card is swiped.
Pricing and Availability
The Complete Credit Card Solution from Intuit and mophie is available for the iPhone 3G and 3GS for $179.95 at Apple Retail Stores and soon on Apple.com. It works exclusively with the Intuit GoPayment App, which is available for free from the App Store, www.itunes.com/appstore/.
GoPayment, including the Intuit merchant account, offers competitive pricing at $12.95 a month, a 1.7 to 3.7 percent discount rate and $0.30 to $0.34 per transaction fee. There are no long-term contracts, cancellation, gateway or set-up fees, and one account can enable up to 50 users.
More information is available at: www.mophie.intuit.com and www.mophie.com.
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. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions. Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The company has approximately 7,800 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 mophie
mophie is a California-based, award-winning designer and manufacturer of mobile intelligent devices and accessories. It is widely recognized and highly acclaimed for its creative designs and innovative solutions. mophie was the proud developer of the juice pack, first ever "Works With iPhone" portable battery case certified by Apple Inc. All mophie's products are developed to address real consumer and business needs and are seamless integrations of industrial, electronic, software and artistic designs. Its products are available in Apple Stores, Best Buy, AT&T stores and on www.mophie.com. Follow mophie on Twitter at http://twitter.com/mophielovesyou.
