Intuit QuickBooks Enables Tap to Pay on iPhone for Small and Mid-Market Businesses to Accept Contactless Payments

Rhea-AI Summary

Intuit (NASDAQ: INTU) has announced the launch of Tap to Pay on iPhone for QuickBooks Online customers in the U.S., enabling businesses to accept contactless payments using only an iPhone. This new feature eliminates the need for additional card readers or POS hardware.

The service integrates directly with QuickBooks Online accounts, allowing automatic synchronization and reconciliation of payments. According to Intuit QuickBooks Quarterly Small Business Insights, nearly half of U.S. small businesses report cash flow challenges.

Key features include:

• Seamless in-person payment processing through QuickBooks mobile or GoPayment apps
• Acceptance of contactless cards, Apple Pay, and other digital wallets
• Lower processing fees compared to keyed-in payments
• Enhanced security through iPhone's built-in features
• Expanded invoicing capabilities with instant payment options

Positive

• Eliminates hardware costs for payment processing
• Lower transaction fees compared to keyed-in payments
• Expands payment acceptance capabilities for merchants
• Streamlines payment reconciliation through automatic integration

Negative

• to iPhone users only
• Requires QuickBooks Payments subscription for access

Insights

Financial Technology Analyst

Intuit's introduction of Tap to Pay on iPhone for QuickBooks Online represents a strategically significant product enhancement that strengthens its integrated financial platform approach. By eliminating the need for additional hardware to accept payments, Intuit removes a key friction point for small businesses while potentially increasing adoption of its QuickBooks Payments service.

The seamless integration between payment acceptance and accounting functionality creates a compelling value proposition. Transactions automatically sync to QuickBooks Online accounts, enabling real-time reconciliation and bookkeeping - addressing the cash flow challenges that nearly 50% of small businesses report facing according to Intuit's own data.

This feature positions Intuit more competitively against both dedicated payment processors and accounting software rivals by creating a more cohesive ecosystem. The lower processing fees for in-person payments (versus keyed-in transactions) provide additional incentive for merchant adoption.

The timing aligns with increased consumer expectations for contactless payment options. By supporting all forms of contactless payments including cards, Apple Pay, and other digital wallets, Intuit is meeting evolving market demands while strengthening its core value proposition of simplifying financial management for small businesses.

This enhancement fits within Intuit's broader strategy of creating an interconnected financial technology platform that combines payments, accounting, and financial management into a single ecosystem - potentially driving both customer acquisition and retention through increased platform utility.

New offering streamlines payments experience for millions of QuickBooks merchants and their customers

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Today, Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced the availability of Tap to Pay on iPhone for its QuickBooks Online customers in the U.S., enabling small and mid-market businesses to seamlessly and securely accept in-person contactless payments using only an iPhone. With this added functionality, QuickBooks customers can access even more ways to seamlessly manage their business finances, get paid faster, and unlock their path to growth.

Tap to Pay on iPhone for QuickBooks Online (Graphic: Business Wire)

“With Tap to Pay on iPhone, we’re giving customers a competitive advantage that accelerates cash flow, business growth, and customer loyalty," said David Hahn, SVP, QuickBooks Money Platform. “What makes Tap to Pay on iPhone unique for QuickBooks customers, is that it allows them to streamline their in-person payments and seamlessly connect them to their books and our end-to-end services, putting their full business finances all in one place. This new feature, coupled with our AI-powered platform and ‘done-for-you’ experiences, empowers small businesses to reach new levels of growth and success.”

Tap to Pay on iPhone allows QuickBooks Payments* customers to access an easy way to accept in-person contactless payments from anywhere using an iPhone and the QuickBooks mobile or GoPayment iOS apps, without the need for an additional card reader or point-of-sale (POS) hardware. These transactions sync directly to their QuickBooks Online account, allowing them to seamlessly manage and reconcile these payments and keep their books up to date, on a single platform.

Getting paid on time and generating healthy cash flow remains a top priority for the survival and longevity of small and mid-market businesses, but is often a challenge to maintain. Data from the Intuit QuickBooks Quarterly Small Business Insights shows that nearly half of small businesses in the U.S. report that cash flow is a problem for their business.¹ At the same time, consumers and clients continue to expect convenience and flexibility in how they pay the merchants and service providers they do business with. With Tap to Pay on iPhone, QuickBooks customers will have access to a seamless solution that helps address these challenges, giving them even more ways to manage all kinds of payments, all in one place.

With Tap to Pay on iPhone, business owners can gain access to:

• Seamless Payments: Get paid seamlessly in-person or on the go with the QuickBooks mobile or GoPayment apps and Tap to Pay on iPhone, without the need for any additional physical POS devices or hardware, and features that auto-categorize and reconcile these transactions, so their books stay up to date.
• Flexible Checkout Options: With Tap to Pay on iPhone, businesses can accept all forms of contactless payments including contactless credit and debit cards, Apple Pay, and other digital wallets, allowing their customers to choose how they pay, while keeping the business and customer data private and secure.
• Expanded Invoicing Capabilities: Get paid instantly on open invoices, or create new invoices to accept payments in-person on the spot.
• Reduced Fees: Access a cost-effective way to accept in-person payments, with lower processing fees compared to keyed-in payments.
• Accept Payments with the Security of iPhone: Apple’s Tap to Pay on iPhone technology uses the built-in features of iPhone to keep business and customer data private and secure. When a payment is processed, Apple doesn’t store card numbers or transaction information on the device or on Apple servers.

Tap to Pay on iPhone begins rolling out today and will be available for all QuickBooks Online customers in the U.S. who have a QuickBooks Payments plan added to their subscription in the coming weeks. For more information, visit https://quickbooks.intuit.com/payments/.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. For more information about Intuit Payments' money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/.

*QuickBooks Payments: QuickBooks Payments account subject to eligibility criteria, credit, and application approval. Subscription to QuickBooks Online required. Not available in U.S. territories or outside the U.S.

Tap to Pay on iPhone: Tap to Pay on iPhone requires a supported payment app and the latest version of iOS. Update to the latest version by going to Settings > General > Software Update. Tap Download and Install. Some contactless cards may not be accepted by your payment app. Transaction limits may apply. The Contactless Symbol is a trademark owned by and used with permission of EMVCo, LLC. Tap to Pay on iPhone is not available in all markets. For Tap to Pay on iPhone countries and regions, see https://developer.apple.com/tap-to-pay/regions/. Apple Pay is a service provided by Apple Payments Services LLC, a subsidiary of Apple Inc. Neither Apple Inc. nor Apple Payments Services LLC is a bank. Any card used in Apple Pay is offered by the card issuer.

¹According to data from the August 2024 Intuit QuickBooks Quarterly Small Business Insights, a quarterly online survey of ~5,000 small businesses.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250311864533/en/

Media Contacts:

Intuit QuickBooks

Jaymie Sinlao

jaymie_sinlao@intuit.com

Jen Garcia

Jennifer_Garcia@intuit.com

Source: Intuit Inc.

FAQ

What payment methods does Intuit's (INTU) new Tap to Pay on iPhone feature accept?

It accepts contactless credit/debit cards, Apple Pay, and other digital wallets through iPhone without additional hardware.

How does the new Tap to Pay feature integrate with QuickBooks Online?

Transactions automatically sync and reconcile with QuickBooks Online accounts, keeping books updated on a single platform.

What are the cost benefits of INTU's Tap to Pay for merchants?

It offers lower processing fees compared to keyed-in payments and eliminates the need for additional POS hardware purchases.

When will Intuit's (INTU) Tap to Pay be available to QuickBooks Online customers?

It begins rolling out today and will be available to all U.S. QuickBooks Online customers with QuickBooks Payments plans in the coming weeks.