Recently, Intuit has updated their processing systems to include a few new options and pricing setups. We have had a number of merchants calling us asking how we compare so we have decided to write this blog post to break down the two different services.
PRODUCT COMPARISON
Intuit
Similar to most processing companies, Intuit offers its customers a number of different options for processing credit cards. this can get a little confusing so we are going to try and simplify it as best as possible for our readers. The obvious reason most people choose to use Intuit's merchant processing option is because they love the Quickbooks software and want to process credit cards directly through it. In order to do this, customers must use the Intuit processing service as they don't allow for any API connectivity into their system. The processing page is very basic and doesn't allow for much customization.
In order to process cards away from the software, Quickbooks has now added a virtual terminal accessible online with any computer. In order to use this, users must sync their customer info to the virtual terminal from the software. This can take some time if you have a lot of customers. Once synced they can download the info to an Excel spreadsheet or directly into Quickbooks.
Intuit now also offers their GoPayment cell phone processing system. This runs separately from the Quickbooks software and all transactions must be synced in order to show up in Quickbooks. There is also check processing and a webstore which are add-ons that cost more.
Intuit includes their merchant account with the product.
Trinity
The Trinity System is very straight forward with what it has to offer. The services aren't broken up nor are there additional fees for using certain aspects of the system. Trinity is not software-based but a complete virtual environment that offers 3 ways of processing in one: virtual terminal, e-commerce and wireless processing through any cell phone or laptop. No matter how you process, all transactions route through the same central system that is accessible any time, anywhere online. Customer date is saved in a contact manager along with all of their transactions for the lifetime of the account. Simply recharge a previous customer with a click of a button or issue a recurring charge on the fly. All transactions can be exported to Excel, XML or PDF.
The best way to compare the two products is to actually test them out. Ask an Intuit rep to run you through a demo of their system and call us any time for a demo of Trinity. There are also detailed video demos of the Trinity System on the corp PayJunction site here.
Trinity comes with a merchant account through PayJunction.
SECURITY
Both Intuit and Trinity are fully PCI Compliant products which means they adhere to the strictest security requirements set by the Card Associations. However, like with pretty much any other processor, when using Intuit's merchant processing system, the merchant is still responsible for completing quarterly scans and answering the annual PCI compliance questionnaire. Scans can be costly and time consuming.
As stated in a previous blog post, Trinity's unique patent pending technology allows for its merchants to skip the scan and questionnaire process. This can save merchants hundreds of dollars a year as well as countless hours of time.
PRICING
Intuit
Intuit breaks up its services and products with multiple pricing options. The basic Quickbooks processing cost is: $20 a month with no up front cost save for the software cost. Rates are in a 3 tier setup of 1.64% and 27 cents for swipe, 2.44% and 27 cents for keyed/rewards and 3.87% and 30 cents for corp/foreign cards. If you use the Virtual Terminal, there is an additional fee of $13 a month at the 3 tier rate of 1.90% and 30 cents for swipe, 2.90% and 30 cents for keyed/rewards and 3.87% and 30 cents for corp./foreign cards. In order to use their mobile card swiping GoPayment option, there are two options depending on how much volume you want to process. Here are details on that. In order to process e-checks or run transactions through a webstore, merchants must pay an additional $10 a month for each service. Intuit has a $20 monthly minimum for smaller businesses.
Trinity
We do not break up the pricing in any way for the Trinity System. There is one simple monthly cost that covers all of the functionality you get with the Trinity merchant processing system. As stated on our site, we do not have generic pricing structures as we custom quote all of our customers based on their size. Average monthly costs range from $15-$20 with no up front fees. Our rates in general are much lower however with a swipe rate averaging around 2.19% vs the 2.44% with Intuit. We also charge a $20 monthly minimum.
Both Intuit and TMS do not charge for PCI compliance, do not have long term contracts or any other hidden costs.
CONCLUSION
Intuit has come a long way in improving its merchant services for Quickbooks users. No longer are they 'stuck' on one computer where the software is installed. Furthermore, with the addition of their GoPayment service, merchants can now process out on the go like our customers. Cost can be a bit of a factor however if the merchant wants to take advantage of all of these features. In order to get the 3-in-1 functionality of Trinity a merchant would need to pay $40-$50 a month with Intuit. Also, their rates are about 40-60 basis points higher. Product-wise, the two systems are very different, offering solutions that might fit better for one company vs another. We recommend you take the 'Pepsi Taste Test Challenge' with both products and decide for yourself.
For a detailed quote and demo of the Trinity System please contact us today!
