Intuit’s QuickBooks launched a new portable pont-of-sale solution to accept in-store transactions.
QuickBooks Card Reader lets small businesses accept contactless payments and chip cards.
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The news: Intuit’s QuickBooks launched new portable point-of-sale (POS) hardware, QuickBooks Card Reader, that lets small businesses accept contactless payments and chip cards. The hardware integrates with QuickBooks Payments to enable automatic transaction reconciliation and includes a feature that lets merchants customize tipping options.
More on this: QuickBooks has long operated in the small-business space through its accounting software, but it’s moved further into mainstream financial services in recent years: It launched small-business lending service QuickBooks Capital in 2017, and last summer, it introduced a business bank account offering called QuickBooks Cash. And although QuickBooks already offers bundled POS solutions-including hardware from third-party providers-it may be looking to delve deeper into small-business payments through proprietary hardware solutions. Intuit’s online service revenues grew 34% year over year (YoY) in its fiscal Q3 (ended April 30, 2021), driven in part by payments processed through its digital accounting software, QuickBooks Online.
Why it’s worth watching: QuickBooks Card Reader opens up new in-store opportunities for Quickbooks as competition in the space heats up.
The new hardware can increase QuickBooks’ in-store presence. The contactless payment solution could be appealing for merchants transitioning back to in-store operations that want to cater to pandemic-driven consumer habits: More than 50% of US consumers now use contactless payments, per Mastercard. The hardware also helps QuickBooks expand and further capitalize on in-store payments: US in-store retail and food services transaction volume is projected to reenter positive growth this year and hit $5.621 trillion, per Insider Intelligence forecasts.
The contactless solution can keep customers tied to QuickBooks. The provider already has a large addressable market: In 2019, QuickBooks Online had 3.2 million subscribers. Its vast user base can help QuickBooks fend off competitors like Square as it pushes deeper into the in-store payments space. Offering a new hardware solution that’s compatible with existing QuickBooks software might be appealing to merchants-it’d let them handle all transaction processing and accounting from one platform. It also lets QuickBooks push other branded software and products to its customers, helping increase revenues.
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Source:: Business Insider
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