The truth about Intuit Go Payment

The bottom line is this:


When things look to good to be true, they usually are.


Here is what an Amazon reviewer stated about Intuit Go Payment:

I got this app as it seemed to have more competitive pricing than Square. For a $12.95 monthly fee I am in the lowest rate program available: 1.7% for swiped transactions, and 2.7% for manually entered. However, I am always charged between 2.7 and 3.7% plus a transaction fee. The reason given is that the cards I am charging are "reward" cards of some type. So I get charged the low fee and at the end of the month every transaction I have ever made has at least 1% added to it. I know many of these card are not reward cards, although the vast majority of cards nowadays are. Customer service has been as pitiful as other processors I have used. 




These are just some of the reasons to use a reliable merchant service provider who will not hide fees and lock you into a contract.

The problem with Intuit Go Payment brought to you by Verizon

Verizon is now going to be promoting Intuit's answer to Square mobile payment systems: GoPayment.

The basics:

The pocket-sized GoPayment reader plugs into the audio jack of any supported smartphone or android BlackBerry operating systems. Merchants can swipe consumer credit and debit cards through the reader or enter card information manually, with all transactions processed immediately and funds automatically deposited into the user's bank account within a few business days.

We mentioned previously the problems with Square credit card processing  and as you can imagine with Intuit there is also a big catch. The free version that has no cancellation fees is not cheap: 2.7%. It is not clear but it would not be surprising to find out that is has similar limitations to square (only process $100 per transaction or 1k per month). The paid version of Intuit most likely does have it's typical 3 yr contract and has the regular monthly fees of $12.95 and although they advertise a rate of 1.7% they fail to mention this only applies to regular credit cards but do not mention what is charged for reward and corporate cards ( if it is anything like what they charge for a typical merchant account you can be assured you pay between 3.5-5% or more for those cards). Do your homework as  the seemingly cheapest way can end being the most expensive. The are companies that have secure mobile payment solutions without contracts or set up fees and those payment would hit your account much faster.

Square and Intuit Face Off With Mobile Payments

Square and Intuit are facing off with their very own versions of mobile credit card technology. As mentioned previously, Square is a great solution for a vendor processing small monthly amounts and small per transaction amounts. Once you get more serious you run into issues: Process large amounts and square will hold onto your fund for 30 days. You can't accept Amex and many complain the swiper unit is easily lost. The problem with both of these solutions is the rates are far from competitive and when you process larger amounts the rate is what is most important. If you are serious about using a Mobile Merchant Service you will bes best off to find an honest credit card processor with great rates and service but beware of contracts, termination and set up fees.