The news: Intuit’s QuickBooks launched new portable point-of-sale (POS) hardware, QuickBooks Card Reader, that lets small businesses accept contactless payments and chip cards. The hardware integrates with QuickBooks Payments to enable automatic transaction reconciliation and includes a feature that lets merchants customize tipping options.
More on this: QuickBooks has long operated in the small-business space through its accounting software, but it’s moved further into mainstream financial services in recent years: It launched small-business lending service QuickBooks Capital in 2017, and last summer, it introduced a business bank account offering called QuickBooks Cash. And although QuickBooks already offers bundled POS solutions—including hardware from third-party providers—it may be looking to delve deeper into small-business payments through proprietary hardware solutions. Intuit’s online service revenues grew 34% year over year (YoY) in its fiscal Q3 (ended April 30, 2021), driven in part by payments processed through its digital accounting software, QuickBooks Online.
Why it's worth watching: QuickBooks Card Reader opens up new in-store opportunities for Quickbooks as competition in the space heats up.