It just gets better for UK small businesses. This week Intuit launched their mobile chip and PIN reader in the UK giving small business even more choice of how to accept card payments.
In the past month Payleven and iZettle have launched mobile chip and PIN readers, PayPal have announced their offering (available this summer) and now Intuit have released their card machine.
The Intuit solution is a Bluetooth chip and PIN reader which works with a smartphone or tablet to accept payments. There are no setup or monthly fees, the only charge is the 2.75% transaction fee. The card machine is free for a limited period.
Visa, MasterCard and Maestro are accepted and the card reader can be used to swipe non-chip cards. Products can be saved in the app for tracking sales and ease of payment. The merchants account can be accessed from the app and refunds made if required. The card machine is PCI DSS approved which means it meets the security standards for all major payment cards.
To take a payment the merchant simply opens the app and enters the total and description or pulls in products that were previously saved. The card machine is then passed to the customer who inputs their card and PIN and payment is authorised. A receipt can be sent by email. The merchant receives the funds 5 days later.
Customers who sign up for Intuit Pay are also able to accept payments over the phone. The card details are entered into the Intuit website to process payment.
Small Businesses Interested
As part of the run-up to the launch Intuit conducted a survey into the potential interest in this type of solution. The department of Business, Innovation and Skills show there are 4.6 million ‘micro-businesses’ (businesses with less than 10 employees) in the UK, with a combined turnover of £624 bn annually. Intuit’s survey of 1000 of these businesses showed 19% currently accept card payments with half showing interest in a mobile chip and PIN solution.
The solution offered by Intuit is very similar to the iZettle and Payleven offerings. There are no setup or monthly fees and the transaction fee is the same at 2.75%. The card reader is free (limited) as opposed to £89/£99.
With the cost of the terminals being virtually the same each company will be trying to add value in other areas. Paypal are offering developers access to their API which means payments will be able to be made through 3rd party apps, making it more convenient for some businesses. iZettle are focusing on keeping things simple and having good customer service.
If you are interested in getting a card reader take a look through some of the relevant articles on this website and also see what current customers think in the app stores.