Why Intuit and Paypal will NEVER catch up to square in the mobile payment space.

Just two years ago you would have never imagined al the things your cell phone would be capable of including acceptance of credit card payments. If you haven’t heard of Squareup.com a place where you can sign up to take credit cards you ought to check it out. In fact president Obama is using square to accept campaign donations, and the Salvation Army began taking donations via credit card with square this lat holiday season. I have been using square to take payments for my business and to take donations for VFC at events and I love a few things about it.

1 – No Contract

2 – I can key in OR swipe a credit card with the simple clean modern card reader.

3 – The fees are very reasonable when compared to traditional payment processors.

Keep in mind most solopreneurs are not going to process enough volume to get a competitive rate. With no monthly fees, or batch fees or different rates for different cards Squares pricing is straight up without the bullshit or 5 pages of fine print.

if you have an ipad you can easily set up a store with items that have set prices. The only drawback I can think of is the requirement that you be connected to a mobile network. But you can find a mobile network virally anywhere nowadays so that isn’t much of a drawback. After seeing the huge amount of success that square has had here come the copycats….

The large lumbering corporate sloths have finally awakened to a profitable market that they have been ignoring since the beginning of their time. Intuit I have a finger pointed at you. Then add into the mix paypal hideous looking contraption that they are pushing.

Lets start with Paypal. I can tell you no matter how much money they process a lot of folks HATE Paypal. I personally have been very lucky and yet have had to have any problems with them. Maybe it’s because I process enough to qualify for payola premier but I know in the developer community and in general a lot of individuals detest them. Mainly for freezing and holding up money. Some are also bitter at their decision to monopolize payment with regards to Ebay. I can tell you that I am satisfied with Square and have no incentive to switch to Paypal unless they plan to offer $100 or some attractive incentive to switch, and then I would only use it long enough to satisfy any incentive they offer. Lastly looking at the resources available to Paypal you would think that they would make a reader that is smaller or at least on par with Square’s reader. Unfortunately for them they failed to even accomplish this.

The last payment processor to enter the mobile processing space is Intuit, the company that makes Quickbooks. Their core business involves servicing the larger segment of small businesses. Business that usually are brick and mortar and may or may not have a reason to accept credit cards at a remote location like a tradeshow or such. My instinct tells me that these larger small businesses have either found a solution other than Intuit or have decided not to process any mobile payments.

Square was founded by Jack Dorsey founder of Twitter. Square’s success is a perfect example of the young start up culture stealing corporate America’s lunch. Payment Processing is Intuit and Paypal’s core business and for some reason no one in their organization had thought of this idea or if someone did someone in their senior leadership shot down the idea. Too bad for them as innovation trumps everything else. If you haven’t used Square to process payments yet and you are looking for a low cost solution without any commitment I highly recommend them.

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