Did you know that, paired with a smartphone and a mobile app, a small piece of hardware enables almost anyone to accept credit card payments? One such device is offered by Square, a disruptive young startup co-founded by Twitter creator Jack Dorsey. Another is from Intuit, a company whose financial software programs such as QuickBooks and Quicken are household names. Both of these options could be a potential boon for businesses, but which one is right for your company?
Square’s product is a small plastic dongle that attaches to a mobile device. It can instantly swipe cards and process transactions. There is no activation fee, no monthly fee, no gateway fee, and no termination fee. There’s also no contract to sign and no limit on the amount of money you can accept. Square is, however, a startup, which means hiccups along the way to a commercial launch. With GoPayment, Intuit offers a similar solution for businesses backed by a trustworthy brand name.
Both services are attractive to small business owners, as they eliminate the fees and equipment leases of traditional card-processing terminals. Because both products seem so similar in form, function, and operation, it’s easy to be confused about which one is the better fit for your specific needs. Here’s how the two services stack up.