During an interview with Square COO Keith Rabois earlier this week, we asked him why his company – which allows small merchants to accept credit card payments through their iPads, iPhones, and Android phones – won’t just get run over by Intuit.Keith’s answer riled up Intuit’s PR operation and landed us a note from Andrew Freed, product manager for Intuit’s Square-killer, Go Payment.
BETTER GET YOUR POPCORN!
Here’s Keith’s answer:
We focus on product, design and creativity. They are just re-packaging a normal merchant account which has requires a credit check (!) and a two-day application process.
We abolish the credit check and allow a user to begin accepting payments in less than 60 seconds
They also don’t include AmEx which is important to small businesses.
Ease of use and quality of design will trump a TV commercial.
Here is Freed’s reply:
We’ve heard some misconceptions about GoPayment and lots of questions about how it’s different from Square. When I saw your chat with Keith, I thought it’d be a good chance to clear some of this up. Here are some points that I’d like to clarify:
- GoPayment has been in the market for nearly two years – it’s not new and was one of the first mobile payment offerings in the space.
- It’s not just a repackaging of our merchant service account. Ease of use, utility and design that appeals to small businesses and their clients were all key factors in our development of GoPayment. And we worked, and continue to work, with thousands of our small business customers to get it right.
- Yes, we have a merchant account – one of the big advantages is that you don’t have an arbitrary transaction cap of $1,000 a week and you get lower discount rates starting at 1.7%.
- It takes as few as 15 minutes to sign up and start processing with GoPayment.
- Of course we accept Amex, we always have.
- Other advantages: we sync with QuickBooks and offer 24/7 live customer support so you don’t have to wait days to get help.
Thanks for hearing me out and hopefully that helps clarify what GoPayment is all about. Let me know if you have any other questions.