When Square came out, even without using the product, I was already a big fan. I mean, the idea itself was just that good and now a new competition is in town ready to go head to head with Square. Intuit’s GoPayment, introduced very recently, is offering the same type of services that Square offers.
In this blog, I will break down the similarities and the differences between the two services. Who you use is entirely up to you.
Cost of Hardware (card reader)
Zero dollars. Nothing can beat that right? Both Square and Intuit offer their card readers at no charge. Intuit’s GoPayment is technically $29.95 but is free with application. GoPayment also supports Mophie’s credit card reader but that’ll run you about 80 dollars. Square’s card reader can be ordered from its website for free and soon enough, can be bought at the Apple Store online for 10 dollars and comes with a 10 dollar credit that can be applied to Square fees (so still zero dollars).
Square supports iOS devices (except 1st gen iPod touch and 1st gen (2G) iPhone) and most of the Android devices manufactured by HTC, Motorola, Samsung, LG, and Dell. The minimum Android version required is 1.6. Square’s card reader plugs in via the headphone jack (3.5 mm). Intuit’s GoPayment has a list of devices supported here.
Square has one simple pricing model. The fee is 2.75% of every transaction unless the credit card number was entered manually, in which case the fee is 3.5% and a 15 cent transaction fee. Intuit has two pricing models: Low-Volume Plan and High-Volume Plan. The low volume plan has no monthly service fee with a swipe rate of 2.70%, keyed rate of 3.70%, and a 15 cent transaction fee. The High-Volume plan charges a $12.95 monthly service fee, swipe rate of 1.70%, keyed rate of 2.70%, and a 30 cent transaction fee. Right off the bat, Intuit’s GoPayment is a little bit pricier than Square’s.
There you have it. Both of these services work about the same way. There are other considerations of course such as security and the type of support that both companies provide.