The Intuit GoPayment mobile payment program, which is a mobile credit card reading device tandemed with a mobile App, has added a prepaid card to compliment it’s credit processing strategy. Intuit says that this with provide a convenience for users using a Visa prepaid account linked to GoPayment.

“The GoPayment Card adds new value to those using GoPayment. In addition to helping them get paid, we’re helping them make payments,” said Chris Hylen, vice president and general manager of Intuit’s Payment Solutions division.

Here’s How It Works:

The GoPayment card is available exclusively to GoPayment users. You can sign up on GoPayment.com or with the GoPayment App. They App and the card scanner, which can be inserted directly into your mobile device, are offered for free. Users can accept GoPayment credit card transactions and the funds will then be distributed into their account within two or three business days. The GoPayment Visa Card may subsequently be used to manage and obtain the funds in the account, anywhere Visa cards are accepted.

The Fine Print: Charges, Fees, and Monthly Allowances

  • No sign-up or monthly maintenance fees–> (Pay-as-you-Go plan)
  • One free ATM withdrawal per month
  • One free account transfer per month
  • Transaction charges range between 1.7% and 2.7%

More Features:

  • No bank account required for initial enrollment
  • Great for separating business funds and personal finances
  • Users can still have funds deposited into their personal bank account

Summary:

The GoPayment program and Visa prepaid card is a great way for businesses or individuals without business bank accounts to oversee finances as well as accept payments on the spot. Yes, there are surcharges associated but this bodes true to just about every prepaid card. Considering that enrollment and hardware (card scanner) come free, the charges associated are relatively fair.