Mobile payments are on the rise, but what about when a small merchant needs to make a payment? Intuit is releasing its own debit card, tethered to its mobile payments service GoPayment to help business owners keep the cash organized.
“In addition to helping them get paid, we’re helping them make payments,” said vice president and general manager of Intuit’s Payment Solutions division Chris Hylen in a statement. “This is just the beginning. Intuit will roll out new, innovative features for GoPayment that help users make payments in a variety of ways.”
Intuit’s GoPayment is a competitor of Silicon Valley darling Square, which allows small businesses to accept credit card payments through an Android, iPhone or iPad. GoPayment is also compatible with Blackberry devices. The technology works by inserting a small card reader into the audio jack of the mobile device. You then download the associated application, which read the incoming card data, takes care of the check out experience, and allows you to process signatures.
Mobile payments are an increasingly popular topic of technology innovation, as more and more people are willing to use it. Square recently announced that Sir Richard Branson, business mogul behind the Virgin brand, invested in the company’s $100 million round of funding. Just last week, the company signed its one millionth merchant to the service. From the consumer side, comScore reports that 38 percent of those who own a smartphone have made a mobile payment. Even during this year’s Cyber Monday, some businesses such as PayPal, saw a jump in mobile purchasing. The trust is growing.
But small businesses have their own payment needs outside of serving their customers. Many small business owners use their own bank accounts to fuel their businesses on a day to day basis. In order to help maintain a needed level of separation, Intuit now allows you to transfer funds onto a GoPayment prepaid debit card. Transactions made during the GoPayment process will populate to the card for your business use. You can also transfer money back into your bank accounts from the card. The card is issued by Bancorp Bank, is licensed by Visa and is accepted wherever Visa debit cards are accepted.