Costs and charges
The basics of Intuit Pay are similar to its competitors: it’s free to sign up to and download the app, and the mobile card reader is available on the company’s website for £79. Once you are all set to go, there are no monthly fees or costs and users pay a flat rate of 2.75% per transaction, including for sign and swipe transactions. The minimum transaction amount is £0.01 and the maximum transaction limit £9,999.99.
In the interest of comparing, iZettle, for example, has a sliding scale for its fees that also starts at 2.75%, but the higher your sales the less you pay. The fee starts dropping below 2.75% once sales go above £2,000 and iZettle’s lowest rate of 1.5% applies once your transaction level reaches approximately £12,800. Currently, Intuit Pay accepts Visa cards, Mastercard and Maestro, a smaller number than its iZettle rival.
Intuit will deposit money owed into your account in 5-7 business days (although according to Intuit Pay’s website, funds may also be held for ‘further review and verification’ and if this is the case, you will be notified by email).
Online payment too
Where Intuit Pay differs from its competitors is that signing up with Intuit Pay also gives free access to an online payment portal that lets you take card payments online by signing in and entering the card details. In other words, it supports ‘customer not present’ transactions in a way that its rivals do not.
However, if you intend to take payments over the phone, make sure you understand your responsibilities for verifying the ID of the cardholder, since you are liable for chargebacks for transactions when the cardholder is not present.
US version criticised by some
Intuit has its headquarters in the US, and the service was launched in the US as Intuit GoPayment (using a card reader that plugs into the headphone jack), where the service rivals its US counterpart Square. Not everyone has been satisfied by their experience, and various forums list a range of complaints from poor customer service to problems with receiving funds. However, Intuit Pay is relatively new in the UK, so it will be interesting to see how the customer base develops and what feedback is generated over time.