Intuit unveiled its next generation of mobile products that will expand its portfolio of connected services. These range from innovations that will make it easier for the smallest of businesses to accept credit card payments, to others that will help doctors and patients communicate quickly, to a banking application that allows consumers to deposit a check from anywhere with just their mobile phone. With this, it introduced its Innovation Gallery Walk of more than 20 mobile solutions designed to help Intuit’s 50 million customers manage and improve their financial lives. Here Intuit introduced its “Financial Services Consumer Mobile Solutions”; “Prepaid Debit Card for Intuit GoPayment”; “Health iPad Patient Check-In and Mobile Inbox”; and its “ProOnGo Expense for Intuit App Center.”
After have been acquired by Intuit 13 months ago, Mint.com online personal finance service is being introduced to our neighbors to the North. This is part of Intuit’s global strategy to meet the needs of small business and consumer customers in markets around the world with Web and mobile offerings, which currently include ventures in India and Sweden. Since being acquired by Intuit, Mint.com has more than doubled its user base to 4.5 million users, and doubled the number of financial institutions it connects to, now 16,000. This will let Canadians access Mint at mint.com/Canada, offering a secure connection to Canadian banking financial institutions in addition to U.S. banks and credit unions. Mint automatically aggregates users’ accounts and transaction information, categorizes spending, delivers detailed views of their financial life, and saves them money by providing money-saving and money-making suggestions specific to Canada. First to implement the service is RateSupermarket.ca, a website that lets users compare and save money on personal finance products such as credit cards is set to supply bank and credit card recommendation data to Canadian users of Mint.com. RateSupermarket.ca’s rate data and network of financial institutions and brokers lets Mint.com personal finance service from Intuit provide personalized money saving recommendations to its users, as well as easy access to all products (CardFlash International Library, 12/1/2010).
Intuit and mophie has made available its “Complete Credit Card Solution” all-in-one product allowing small businesses to process credit card payments via the Apple iPhone. Integrating Intuit’s “GoPayment” credit card processing app and merchant account with the mophie marketplace iPhone credit card reader, “Complete Credit Card Solution” is now available in Apple Retail Stores and soon on Apple.com. Intuit GoPayment is designed to let merchants start processing credit cards on their iPhones in as few as 15 minutes and is compatible with “QuickBooks” Mac to help save time in keeping business financial files up to date. The Intuit Merchant Account application process is designed to let small business owners easily and quickly apply and be approved to start processing credit cards. The clip-on mophie marketplace card reader allows merchants to save time by securely swiping credit cards instead of entering numbers by hand.
With nearly 35% of Americans losing sleep over money matters, more than those worried about career or marriage combined, Mint.com (www.mint.com), a unit of Intuit, has created a free resource center for people looking to tackle their own debt, available at: http://www.mint.com/solutions/debt/. From February 2009 to February 2010, Mint.com users shrank average credit card debt by 14.3 percent, from $5,501 to $4,716 and increased cash savings by 3.2%, for an average liquidity growth across the aggregate group of 18.4%, year-over-year. Those working with the Mint.com budgeting tool saw their cash increase by 11.4%, while those who elected to not budget with Mint.com’s tool have seen their cash decrease by 3.9%. Still 75% of Mint.com users identify paying off debt as a key financial goal, and 84.1% have revolving debt in the form of credit cards.
More than 3 million people now use Mint.com to get a quick, comprehensive view of their banking and financial information, which is expanding to connect with virtually every bank, credit union and credit card account in the United States. Using the aggregation capabilities of Intuit Financial Services, Mint.com now provides transaction information from double the number of accounts, and automatically places it in categories to give people a complete picture of their finances. With this added reach, Mint.com now connects securely and downloads transactions from virtually every U.S .bank with Internet banking capability to connect with more than 16,000 US financial institutions; support more than 17 million individual financial accounts; and add the 20 top-requested financial institutions. Intuit provides business and financial management solutions to financial institutions, including banks and credit unions.
According to Angus Reid/Intuit research, regarding Canadians’ concerns,
cedit card debt is among the most common. The research was gathered from
1,045 people across Canada and shows 26% of consumers most desire the
abolition of their credit card debt, 22% want to alleviate their mortgage
payment and 15% hope to shed extra pounds. Moreover, Atlantic Canadians
were the most concerned with credit card debt showing 32% in this region
were concerned with this factor above all else while only 22% in Alberta
shared this sentiment. Women were the most concerned with credit card debt
with findings that 30% of those polled wish they had none, compared to 21%
of men, and 33% of those polled between the ages of 35 and 54 years old
felt the same, the largest age group with this concern.
Intuit reported that 50,000 small business retailers now use the “QuickBooks Point of Sale” management system. Since its introduction in 2001, the software has seen an average year-over-year growth of 30%. The “QuickBooks Point of Sale” system sells for $799 and up and is available as stand-alone software or with a complete set of retail hardware including a receipt printer, bar code scanner, credit card reader and cash drawer. The software and hardware can be used alone or together with QuickBooks financial software. The new version 5.0 offers increased simplicity and flexibility along with new inventory and gift card features.
Intuit has released a new $40 simplified credit card processing solution for small businesses that handle less than $5,000 in credit card transactions each month. The new QuickBooks Credit Card Processing Kit is designed for the millions of small businesses that don’t need a full accounting package or a high end merchant account service. The kit helps small business owners turn their PCs into credit card terminals through a short and simple process.
Intuit’s “PayCard” debit card is now accepted at all MasterCard merchant locations worldwide. Intuit also announced that its PayCard debit cards can be used to obtain cash, surcharge-free, from more than 11,000 ATMs throughout the USA. The card is offered through an alliance with Genpass, a provider of payroll card services and operator of “MoneyPass,” a national surcharge-free ATM network. “PayCards” are available immediately to Intuit “Payroll Services Complete Payroll” customers. The company plans to also offer it to its “QuickBooks Assisted Payroll” customers in the first half of 2005. The payroll cards is issued by First Bank of St. Louis.
Optimal Payments has extended its agreements to provide credit card and direct deposit payroll processing to Intuit Canada’s “QuickBooks” customers. Optimal Payments has been providing credit card transaction processing services to Intuit Canada’s “QuickBooks” customers since it was first introduced in December 2000. The “QuickBooks Direct Deposit” service was initially launched in 2002. Optimal Payments currently provides these services to more than 2,000 “QuickBooks” customers. Optimal Payments processes credit card payments for Internet businesses, mail-order/telephone-order, and retail point-of-sale merchants, as well as processing checks and direct debits online and by phone.
Bank of America has added a “Stuff Happens” card to its “CampusEdge” checking package for college students. The new card enables students to waive a fee if they make a mistake such as bouncing a check. The “CampusEdge” checking program includes: no monthly fees for the first six months, or free for five years if a parent has an account with Bank of America, and no minimum balance requirements. Students who get a BofA “Student VISA Gold” card receive a CD-ROM with Quicken and “Practical Money Skills for Life” games. Students also can find advice about making the right decisions through the “Making it Count” college freshman orientation program, presented through a partnership between Bank of America and Making it Count, a division of Monster, Inc.