Mobile payments competitors Square and Intuit plan to join their technologies, the two announced Tuesday.
San Francisco-based start-up Square, whose technology lets business owners swipe credit cards through plastic attachments on their smartphones, will integrate with QuickBooks, an accounting platform developed by software company Intuit. Starting Nov. 19, customers of Square will be able to import transactions from Square into QuickBooks.
Intuit offers GoPayment, a mobile payment system similar to Square’s, with its own plastic smartphone attachment. Square keeps 2.75 percent of transaction with no monthly fee, or a flat fee of $275 a month for businesses processing less than $250,000. Intuit charges 1.75 percent in addition to a $12.95 monthly fee, and offers a pay-as-you-go option for 2.75 percent of each transaction.
Intuit, which generated about $4.2 billion in fiscal year 2013, will continue offering GoPayment after the partnership.
“By rebuilding QuickBooks as an open platform, small businesses can choose to use services we provide as well as the solutions they already use and love, like Square,” Dan Wernikoff, Intuit’s senior vice president and general manager of Small Business Financial Solutions, said in a statement.
Mobile payment transactions worldwide totaled about $163.1 billion in 2012 with about 200.8 million users, according to a recent Gartner report.