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Intuit Inc. is taking its small business and payment expertise to the U.K. The company announced its launching a pilot program that will offer its GoPayment mobile point of sale product with merchant services to British small businesses.
Called Intuit Pay, the new solution from Intuit gives British small businesses a combined product for off- and online payment processing. The U.K. version will also offer a low cost card reader that processes chip-and-PIN cards.
Intuit, which is probably best known for its Quickbooks small business accounting software, is hoping to address the lack of credit and debit card acceptance in the U.K. According to a study of small businesses in the U.K. conducted by Intuit, 19 percent of companies with fewer than 10 employees accept card payments. Considering the U.K. has an estimated 4.6 million of businesses that size, that's a substantial opportunity. What's more, Intuit said that in its study, nearly half of those surveyed said they would accept cards if provided an affordable way to do so using a smartphone or tablet.
"For many small businesses, accepting card payments has simply not been an attractive option,” said Terry Hicks, VP for products for Intuit's global business division. "It can take weeks to get set up, the equipment and transactions can be expensive and there is no easy way to take payments on the go. With Intuit Pay you can sign up and begin accepting card payments within minutes. Our mobile app and card reader lets you securely take payments anywhere using your own smartphone or tablet."
Intuit isn't the only company looking to provide small businesses in the U.K. with a mobile POS solution. The market is getting as competitive as the U.S. market. Startups like mPowa, iZettle and SumUp already have a head start. But Intuit is hoping its payment experience in the U.S. will give Intuit Pay an advantage. The company has been processing payments for small businesses for a decade and its GoPayment mobile POS was one of the first mobile POS products on the market, actually before Square. The company processes more than $36 billion in payments annually.
"Intuit has a long history in helping small businesses solve all their payments needs. We understand that getting paid is crucial to their success, and have seen how GoPayment helps their businesses grow," said Chris Hylen, vice president and general manager of Intuit's Payment Solutions division.
Hylen acknowledged that the opportunity for small businesses in the U.K. is significant and added that Intuit's pilot in the U.K. is only a first step in its efforts to expand services worldwide.
Intuit isn't the only U.S. mobile POS company looking to expand overseas. VeriFone recently announced it will be offering a chip-and-PIN version of its SAIL mobile POS product worldwide. U.S. market leader Square has been eyeing international expansion for some time as well and recently began offering its service in Canada.
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