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It appears that I compared all the mobile payment services and forgot to include Intuit in my comparison chart. Most people know Intuit from their QuickBooks application or loan services, but they are pushing into this space as well.
They have 2 separate types of accounts: Free (with no monthly fee) or Monthly fee (lower per transaction fee).
With the free account, you pay 2.75% when swiping the card and 3.75% for keyed in payments. If you pay a monthly fee of $12.95, then you pay 1.75% swiped and 2.75% keyed. You will have to take out your calculator to figure out which is best for you. If you don’t already have data from previous months, I suggest you do the free account first then figure out if it would be cheaper to pay the monthly fee when you have more information.
There are no monthly minimum and the card reader is free. The Intuit GoPayment app is compatible with iOS and Android 2.2 or higher. If you already use QuickBooks, you can download the transaction data right into it to make your bookkeeping easier.
As more and more companies get into this space, it is becoming harder to figure out the best option. Intuit’s pricing structure is in line with the other competitors so you might choose according to other factors, like if you use QuickBooks or not.
The breakeven point between free and monthly fee services is $1295. So, it is worth paying the fee if you swipe that much a month. (Formula: (0.0175 * X) + 12.95 = 0.0275 * X; 0.01 X = 12.95; so X = 1295 )
Very nice and that’s good to know. I knew math was good for something. 🙂