Square integrates Intuit's QuickBooks accounting tools
Square is integrating Intuit's QuickBooks small business accounting software into its Register point-of-sale system, enabling merchants to automatically import transaction data into their QuickBooks customer account.
Square Register, first launched in March 2012, operates in tandem with the Square Card Reader payment dongle, enabling mom-and-pop businesses to accept cash and credit transactions, customize inventory, integrate loyalty programs and issue receipts via smartphones and tablets. Square Register will integrate QuickBooks beginning Nov. 19, giving merchants the tools to track tasks like invoicing, bookkeeping and billing and allowing them to more efficiently manage expenses and sales.
Square and Intuit did not supply details on how the QuickBooks integration will work, but promised to automatically transfer data from one software platform to the other. Existing customers of both firms will be able to activate the integration seamlessly, while new customers may sign up for either service to begin leveraging the new features. Dan Wernikoff, SVP and GM of Intuit Small Business Financial Solutions, told AllThingsD that about 75 percent of QuickBooks customers are service-oriented, invoice-based businesses--i.e., companies outside of the traditional Square target demographic. About a million QuickBooks customers are retail-centric businesses.
More than 4 million North American businesses and individuals use Square services. The company now processes more than $15 billion in payments on an annualized basis, billing U.S. merchants 2.75 percent on all transactions. Square has credited its growth to increased adoption by brick and mortar merchants using the startup's m-commerce platform as a full point-of-sale system. Square notes that iPad customers now represent nearly 50 percent of total payments processed across its platform--moreover, the average payments volume processed by tablet users is more than double the average volume of their smartphone counterparts.
Intuit said it will continue to offer its full range of Intuit Payment Solutions offerings, including its GoPayment m-commerce service. GoPayment competes head-to-head with services like Square: The GoPayment reader plugs into the audio jack of supported iOS and Android devices, enabling merchants to swipe or manually enter credit and debit card transactions, transmit receipts in email or SMS, and leverage geo-location tools to calculate the correct sales tax. Intuit charges 2.7 percent per GoPayment swipe and 3.7 percent for a keyed transaction. Operator partners including Verizon Wireless (NYSE:VZ) and AT&T Mobility (NYSE:T) offer GoPayment services to their subscribers.
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