![]() The new hardware can increase QuickBooks' in-store presence. The contactless payment solution could be appealing for merchants transitioning back to in-store operations that want to cater to pandemic-driven consumer habits: More than 50% of US consumers now use contactless payments, per Mastercard.Why it's worth watching: QuickBooks Card Reader opens up new in-store opportunities for Quickbooks as competition in the space heats up. 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. 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. ![]() 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. ![]()
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