Intuit Releases a Mobile Payment System-compatible Debit Card for Small Business Owners

Tuesday, December 27th, 2011
Updated: December 27th, 2011
The content is accurate at the time of publication and is subject to change.

As part of its GoPayment mobile payment service program, Intuit has just unveiled a prepaid GoPayment Visa Card, with the express purpose of assisting small business owners in better managing their cash.

American software company Intuit has recently released its own debit card which is linked to its signature mobile payments service GoPayment. The Intuit card is targeted towards small business owners looking for an easy means of keeping their cash organized.

“In addition to helping them get paid, we’re helping them make payments. This is just the beginning. Intuit will roll out new, innovative features for GoPayment that help users make payments in a variety of ways,” said Chris Hylen, the vice president and general manager of Intuit’s Payment Solutions division, according to online news source Venture Beat.

GoPayment’s biggest competitor is Square, the electronic payment service that allows merchants to accept credit and debit card payments via their iPhone, iPad or Android device. Square announced recently that Virgin mogul Sir Richard Branson, became an investor during their $100 million round of funding. They signed up their one millionth merchant to the service not long ago.

Also compatible with Blackberry mobile devices, GoPayment functions in much the same manner as Square – the user inserts a small payment card reader into the audio jack of their smartphone or tablet device and utilizes a downloadable application to read and process the incoming card data, including the processing of signatures.

As more and more consumers warm to the notion of using mobile payment systems for monetary transactions, the marketplace for the innovative technology is definitely heating up.

Internet marketing research company comScore reported that 38% of smartphone owners have made at least one mobile payment. 2011’s Cyber Monday saw a significant jump in mobile purchasing for business such as PayPal.

In addition to serving their customers, small business have other banking needs that must be met. Many owners of small businesses rely upon their own personal bank accounts to fund their business on a daily basis. Intuit addresses the dire need for the separation of business and personal finances by now allowing the transfer of funds onto a prepaid GoPayment debit card.

All transactions occurring during the GoPayment process will be allocated to the card for business use. The card, issued by Bankcorp bank, is Visa-licensed and is welcomed everywhere Visa debit cards are accepted. Money can also be transferred from the card into a bank account.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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