Business and financial management software maker Intuit released the iPad version of GoPayment, its mobile payment processing app. The application allows vendor who would not usually accept credit cards to get paid instantly by doing just that. The fact GoPayment for iPad just hit general availability represents another milestone for Intuit, and another step to the intensifying competition in this growing industry.
“GoPayment has been around for two years, but only recently started to target the lower end of the market where Square is gaining traction—small businesses without merchant accounts at banks who don’t already take credit cards.”
Square is a competitor, with a service quite similar to GoPayment, but the different is Intuit has a much stronger foothold in this market, outside of mobile. The company, after all, is behind the cloud-based QuickBook, which has 4.5 million users and growing, and also offers a few advantages when it comes to payment processing. GoPayment for iPad is compatible with Intuit’s free Intuit Credit Card Reader, and has quite a few noteworthy features such as a high-resolution display and the ability to add product photos. Where Square’s advantage lies is its low fees and early lead in the mobile space.
GoPayment will most likely prove to be one of Square’s biggest competitor, but that doesn’t make it the only one. Another competing company, Verifone, quite boldly criticized the former’s security measures via Facebook.VeriFone CEO Doug Bergeron even said that saying “in less than an hour, any reasonably skilled programmer can write an application that will ‘skim’ –- or steal –- a consumer’s financial and personal information right off the card.” He continued that his to say that his company did exactly that, and naturally Square quickly reacted saying that any technology of this sort can be used to skim credit card numbers.
Going back to Intuit, the company also operates personal finance management site Mint.com. And, it recently expanded its target demographics to include children as well, with a game called Quest for Money designed to help young individuals develop better financial management skills at an early age.