Intuit (INTU.O on Nasdaq) was founded in 1983 and the main headquarters are in Mountain View, California. Co-founder Scott Cook was a director at Amazon. Quicken personal finance software was the first product to help families and small businesses balance their books.
The UK headquarters are in London.
Intuit specialises in providing financial management solutions to small businesses and start-ups. Flagship products include QuickBooks Desktop, QuickBooks Online, QuickBooks Payroll and Intuit Pay.
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|Reviewed by Expert Market:||08/07/2015|
Products and Features
Intuit Pay was launched in 2013 as an all-in-one solution for small businesses that want to accept credit and debit card payments securely using a smartphone or tablet. There is no minimum turnover requirement to apply for Intuit Pay.
|All-In-One payment solution||Intuit Pay||Fully featured payment solution for small businesses that want to accept card payments|
Intuit Pay is an all-in-one payment solution for small merchants. It includes a mobile card reader to take payments with a mobile phone. The chip & PIN card reader connects to the online payment portal via Bluetooth. The solution is also available as a virtual terminal for PCs and laptops – this option does not require a chip & PIN card reader.
Features of Intuit Pay
- Option to connect Intuit Pay with QuickBooks
- Email receipts are available to send a record of the transaction to the customer. Funds from the transactions are received after 5-7 days after fees are deducted.
- Card data is encrypted and is not stored on the reader.
- Intuit Pay can be customised with a business logo.
- The app's home screen allows to view the last 25 transactions.
£79+VAT for the Intuit Pay card reader, with free access to the online payment portal. There are no set up costs and no monthly fees – Intuit Pay is a pay-as-you-go contract with a 2.75% fee on transactions. Compared to other providers, Intuit Pay allows for unlimited customer not present transactions.
Intuit Pay Benefits
- Applications to join Intuit Pay checked in minutes – for more complex applications a response is given within 3 days.
- Transactions can be viewed online and reconciled using QuickBooks by connecting Intuit Pay with QuickBooks to record all card payments and input them into the accounting software automatically.
- Through a partnership with Global Payments merchants can set up their Intuit Pay account in minutes (or within 3 days for more complex requirements).
- Intuit Pay is suitable for micro-businesses who do not want to be locked in long term contracts with fixed monthly fees.
VerdictIntuit has a strong social media presence – an informative twitter feed and fast response to customer queries. In online reviews the common complaint that business users have of Intuit Pay is the slow response from customer service. However users seem to be fairly satisfied with the hardware and software provided. Anonymous online reviews of Intuit employees are quite positive – particularly with regards to management. Payments from card sales are cleared after 5-7 working days – other providers clear payments within 3-4 working days, or less. If fast payment is not an issue, and the main priority is to accept payments with no fixed costs, then Intuit Pay can be a good fit for businesses requiring a low-cost payment solution.
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