QuickBooks introduces new payments hardware for small businesses as everyone guns for Square
- Intuit has introduced a new innovative, inexpensive card reader targeting small businesses.
- Square's rising dominance over the SMB payment ecosystem is increasing competition around SMB payments.
QuickBooks has introduced QuickBooks Card Reader, a new mobile payments device designed for today’s small business owners.
- Integrated with the QuickBooks Mobile app, QuickBooks Card Reader integrates with the QuickBooks platform, enabling cross-functional capabilities like instant deposit for eligible transactions and the built-in accounting of QuickBooks.
- Card Reader is Integrated with QuickBooks Payments, which processes more than $65 billion in volume annually.
Card Reader’s design and functionality
The reader stands out versus other payments hardware with its feature set and distinctive design. It begins by featuring an LED display on the reader that displays many aspects of the checkout journey – from charge amount, to adding a tip, to a successful transaction.
- An LED display guides customers through the payment experience. It starts with a friendly hello, and continues to clearly display the purchase amount, allowing customers to add a tip and confirm the payment.
- Smart tipping functionality gives small business owners the ability to customize three tip options for customers that display on the card reader, either as a percentage of the total amount or a flat dollar amount.
- QuickBooks Card Reader is priced at $49. Square’s competing Reader for Contactless and Chip also lists for $49.
“It’s our mission to improve cash flow health for small businesses. With the addition of QuickBooks Card Reader to our portfolio of money offerings, we continue to make it easier for small businesses to get paid,” said Rania Succar, Senior Vice President of Intuit QuickBooks Money Offerings. “These industry-leading payment hardware solutions that pair seamlessly with the QuickBooks platform further enhance our robust end-to-end payments offering for small businesses and provide flexibility depending on how they do business and how their customers want to pay.”
Power Stand following soon
In Summer 2021, QuickBooks plans to introduce the QuickBooks Power Stand, a portable countertop payments hub.
- The Power Stand battery will wirelessly charge QuickBooks Card Reader and has an integrated USB port with the capability to charge USB-compatible devices like a phone or tablet.
QuickBooks Card Reader and Power Stand were designed by Intuit and its development partners and feature exclusive elements for which design patents are pending.
- Intuit partnered with Box Clever on the design of the hardware, PCH International guided product engineering and payments technology was from BBPOS.
All eyes on Square
Intuit’s Card Reader competes head-on with Square’s family of card readers connected to its merchant ecosystem. Square continues to grow its merchant gross payment volume, ramping almost 40% over Q1 2020 to $18.1 billion.
Square’s growing inroads with small businesses haven’t been lost on Intuit, and they haven’t been lost on incumbent banks and fintechs, either.