Comprising a free mobile application with a low-cost chip and PIN card reader, the company is testing the tool by partnering with hundreds of small businesses in the UK.
Suitable for both brick-and-mortar businesses as well as those businesses who are always moving, it helps get paid instantly to avoid lapsing a deal.
Under the pilot program, payments can be accepted using a credit card, through a smartphone or tablet, a free application and the Intuit Pay chip and PIN card reader. The payment can be realized online from a computer when in office or home.
Designed to encrypt all customer data and keep them secure, the new system complies with the UK payments industry regulations as well as approved for chip and PIN payments by Visa and MasterCard.
Currently only 19% of micro-businesses accept card payments in the UK, according to a survey conducted by Intuit on 1,000 small businesses in the country.
According to the UK department for business innovation & skills, there are an estimated 4.6 million micro businesses in the country, which offer a suitable opportunity for payment companies.
