Chris Hylen, vice president and general manager of Intuit’s Payments Solutions Division, recently sat down with investors in New York City to answer questions about the company’s payments business. Here are highlights.
What’s Generating Growth
It is all about acquiring new customers, Hylen told investors. “Our focus is on growing the base and making our products drop-dead easy to use. It should take a new user less than a minute to get a payments account.”
Intuit was the first to market a mobile payments solution and over the last two years has made steady progress. While offering mobile payment capabilities to Intuit’s 4 million QuickBooks customers is a key part of the strategy, more than 70 percent of mobile payment customers are new.
Competing for Customers
Intuit Payments Solutions target small businesses, helping them accept payments whenever and wherever they want.
“We still see huge opportunity within our reach; more than 60 percent of small businesses today don’t accept credit and debit card payments,” said Hylen. “We are confident we’ll get our fair share of these customers.”
The Payments Space in Transition
In the last 18 months, myriad new solutions have emerged, and the pace of innovation in the payments space won’t slow anytime soon. Intuit remains focused on enabling seamless, easy-to-use solutions wherever small business customers want to integrate payments into their processes.
“In the near-term, we continue to invest in our infrastructure, as we look at the right mix of consolidating our solutions for our customers, creating a single sign-on and driving growth in our core business,” said Hylen.
Most recently, the company has talked about opening the payments platform. And while it’s still early in the process, the Intuit Payments Network, could enable electronic payments for the more than 50 million invoices processed by QuickBooks customers each month.
“We know certain things to be true. Customers want a simple process for things like statements and payments, and they want great customer care,” said Hylen. “This is where we are investing. It will help us get out of the way of our customers so they can easily process payments. For now, we’ll continue to focus on our biggest competitor – a postage stamp.”