Inuit announced that it plans to roll out a prepaid card with an account that unbanked merchants can use to deposit their GoPayment sales.
The Intuit GoPayment Prepaid Visa Card will be made available free to GoPayment customers, and Intuit eventually intends to offer the card to users of other Intuit services to fulfill the needs of the 8 million small merchants that handle $2.6 trillion in commerce per year, according to Intuit’s Chris Hylen.
He says the prepaid card account will be the default option, but GoPayment merchants can opt to have their sales funds deposited elsewhere. Double Diamond Group president Todd Ablowitz notes that the Intuit effort demonstrates changes happening in small merchant payments. “No more do you have to have a bank account to take credit cards,” he says. “Square, Intuit, and other innovators are driving big changes.”
ISO & Agent Weekly – Green, Jeffrey