Intuit Inc. : GoPayment Survey Estimates $100 Billion in Missed Sales for Small Businesses that Deny Plastic
05/22/2012| 08:35am US/Eastern
Launches National Video Sweepstakes to 'Get Business Growing' with
Credit Card Processing Anytime, Anywhere
For Main Street America, the secret to success is in the cards - credit
cards, that is.
According to a recent Intuit Inc.
(Nasdaq: INTU) GoPayment survey,
55 percent of the nation's 27 million small businesses do not accept
credit cards. Those nearly 15 million U.S. small businesses potentially
miss out on $100 billion in sales annually. To help small businesses
never miss a sale, GoPayment today launched a national video sweepstakes
to "Get Business Growing"
with chances to win up to $10,000. The sweepstakes shows how easy it is
to take credit card payments on the spot via mobile devices - anytime,
Intuit estimates that each business that does not accept plastic misses
out on approximately $7,000 in sales annually, equating to approximately
more than $100 billion in collective lost revenue. This missed
opportunity represents a combination of new sales and sales that go to
other businesses that accept credit cards.
Releasing the Cash Flow Chokehold
Small businesses also face a cash flow chokehold, waiting for an average
of $5,140 per month in overdue payments. That's a potential $1.7
trillion collective cash flow strain annually across all small
businesses in the U.S.
"Getting paid in a timely manner can be a huge pain for small
businesses," said Cynthia Okimoto, owner of New
York Dog Nanny. "It used to be that if clients didn't have cash
handy, they'd pay by check. Depending on the situation, the payment
wouldn't make it to my business bank account for days or even weeks at
times. The process was inefficient and stressful for both me and my
Accepting credit cards on the spot helps alleviate this cash flow
strain. Small businesses that accept plastic make more sales and get
paid quicker than those that don't. The survey found that 83 percent of
businesses that accept credit cards make more sales, with 52 percent
making at least $1,000 more per month and 18 percent making at least
$20,000 more per month. In addition, 74 percent of those surveyed said
they get paid faster and reduce bad debt by accepting credit cards.
Grow with Mobile Payments
The Intuit GoPayment mobile credit card app and card reader enables
those who sell products or services to never miss a sale, no matter
where the person does business. In a separate 2012 survey of GoPayment
users, more than two-thirds of GoPayment customers new to credit card
processing said they scored sales they would not have gotten without
"GoPayment has helped our business grow by making more sales - it's been
a game changer," Okimoto said. "Now that I process my clients' credit
cards right on my iPad, I never have to turn down a potential client and
I get paid faster and more reliably. Checkout is speedy and convenient
for my clients, and they're impressed by the sleek, innovative
Spread the Word; Win up to $10,000
To help more small businesses maximize sales to grow their businesses,
GoPayment today launched a nationwide video sweepstakes to show how easy
it is to take credit card payments anytime, anywhere on their mobile
devices. GoPayment's Get
Business Growing sweepstakes features video stories from three small
businesses showcasing how each uncovered opportunities to reach new
customers in unexpected places and grow by accepting credit cards
wherever they do business. The videos show how GoPayment helped:
Birds' Barbershop take
its updated and reimagined version of the barbershop experience from
its four wildly successful brick-and-mortar locations in Austin, Texas
to a sidewalk during the SXSW Music
New York Dog Nanny
mobilize its luxury dog treatments to offer them where pups play -
Madison Square Park.
The Jeff Coston Golf Academy
bring its PGA-worthy coaching skills and a pop-up driving range to
Anyone can enter to win one of four $1,000 prizes by sharing any of the
existing videos with their own social networks. Plus, small businesses
inspired by the stories in the videos can win one of two $10,000 prizes
by uploading their own ideas showing how they would grow their
businesses by taking them to a new, mobile location with GoPayment. For
more details or to enter the sweepstakes, please visit www.GetBusinessGrowing.com.
The Intuit Small Business Survey was compiled by Decipher Research for
Intuit in November 2011, polling 1,000 American small business owners
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management
solutions for small and mid-sized businesses; financial institutions,
including banks and credit unions; consumers and accounting
professionals. Its flagship products and services, including QuickBooks®,
Quicken® and TurboTax®,
simplify small business management and payroll
processing, personal finance, and tax preparation and filing. ProSeries®
and Lacerte® are Intuit's
leading tax preparation offerings for professional accountants. Intuit
Financial Services helps banks and credit unions grow by providing
on-demand solutions and services that make it easier for consumers and
businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.9 billion in its fiscal
year 2011. The company has approximately 8,000 employees with major
offices in the United States, Canada, the United Kingdom, India and
other locations. More information can be found at www.intuit.com.
Intuit, the Intuit logo and QuickBooks, among others, are registered
trademarks and/or registered service marks of Intuit Inc. in the United
States and other countries.
Sharna Brockett, 650-944-3856
Jen Garcia, 415-844-6244
© Business Wire 2012