Competition keeps a capitalistic market in check. One company whom dominates a sector of consumables can become greedy and may even discontinue fair customer service practices. Square Up hit the market with a storm as a method for accepting credit card payments with some smart phones. Now Intuit has joined in to offer the service. I've done an article on Square Up previously – read it here.
You know who Intuit is right? They are the parent company of products such as Quickbooks and Quicken. Well earlier this year they introduced the GoPayment app. Similar to Square it plugs into your smart phone and from what the tech guys say, it works on more phones than Square. This little dohicky is free when you sign up with Intuit.
So here's what I can figure out about them:
- They both are free (the dohicky and the app for your phone)
- Square offers a flat rate and GoPayment has a tiered plan: from what I can tell, for vendors selling $5.00 items, GoPayment will end up costing you more due to it's per transaction fee of 0.15. (See update below)
- If you are a busy vendor and do more than $1000. every 7 days (which I hope you do), Square Up can hold and delay your payment for 30 days or longer, where with GoPayment, there are no minimums or maximums.
- Both charge additional fees for manually entered transactions and are comparable.
- Intuit in an effort to better screen it's users requires and application and approval
- GoPayment charges a full 1% less on high volume accounts doing a minimum of $1,000 a month
- GoPayment works with many phones and will work with your Intuit software for record keeping.
While I was compiling this information for you, I decided to contact Intuit about their per transaction fee, an excerpt of that live chat is below. GOOD NEWS! They do not charge the per transaction fee, only the discount rate, which is much less than GoPayment.
My advice, read the fine print when entering an agreement with any company. They have lawyers that can produce some of the most complex legal-eze on the planet, so read well. If in doubt, don't do it or seek professional advice.
[partial transcript with Intuit Chat Application]
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