One of the most useful of these integrations is Merchant Services – also known as QuickBooks Payments. Businesses are paid for the goods and services that they provide to their customers, and with Intuit Merchant Services they can gain access to these funds quickly and easily. Real-time alerts let you track when customers view and pay invoices. Some users choose to set the payment gateway to only authorize charges rather than authorize & capture them. However, this requires the user to then log into the payment gateway admin to capture charges. This extension allow you to optionally capture previously authorized transactions directly from the WooCommerce Edit Order screen rather than logging into your gateway control panel to do so.

• And, on top of all of that, they increase purchase power—because people have the flexibility to spend more money than they have at that exact point in time.
• The most customizable eCommerce platform for building your online business.
• Make a habit of reviewing very large orders, or others that are out of the ordinary.
• QuickBooks Payments offers separate rate plans for eCommerce-only merchants.
• Although there are obvious benefits to accepting credit cards from customers, there are also some risks associated with managing credit card purchases.

It’s also important to note that QuickBooks Payments is available only to users with a QuickBooks account. QuickBooks GoPayment is one of the best mobile payment apps for accepting in-person payments.

Quickbooks Desktop Credit Card Processing Costs

You’d pay less to accept the consumer card than the reward card. You can use Intuit payments for accepting all major credit and debit cards.

To find out if it’s a fit for your business, contact QuickBooks for more information. QuickBooks has a whole collection of proprietary hardware, including cash drawers, card readers, POS systems, receipt printers, and bar code scanners. It also works with a selection of third-party payment processing equipment. It’s easy to use QuickBooks for online, in-person, and even over-the-phone payments—not accounting to mention recurring, ACH, and invoice payments. QuickBooks Payments syncs your invoice information with your other payments information for real-time, seamlessly integrated cash flow reporting. It’s one of the best ways to accept recurring payments because you can process low-cost ACH transactions. This product uses a “hosted checkout” which places an iFrame in your checkout pages.

Connect With Quickbooks Experts

Plus, you won’t have to pay a monthly fee in order to access these lower payment processing fees. I too am learning quickly of how expensive these extortion rates are for using Quickbooks Online payments. I just tallied 3 recent transactions and the total fees QB took were $171.68 for processing 3 payments. Now while I’m on hold, 20 mins estimated they say, I am writing to let anyone know that the convenience is not worth these rates. They also take up to a week to get the funds to your bank account whereas my local bank merchant account is nearly instant.

Every transaction that the company processor does not see as qualified is routed to a significantly higher “non-qualified” or” mid-qualified” rate. Intuit’s statement includes the number of processed transactions as well as the Hiring Employees associated transaction fee and rate. On the other hand, it doesn’t give information about interchange categories, so it is difficult for users to understand if the deal they are getting is the most suitable for their needs.

QuickBooks Cash Flow is currently available to new QuickBooks customers only but is coming soon to existing users of the Online and Desktop products. QuickBooks Online invoices using invoice tracking & payment features from August 2016 to July 2017. QuickBooks Payments account subject to eligibility criteria, credit and application approval. Tell them you’re open for business with custom card brand logos from QuickBooks Payments. Tools and services included in QuickBooks PCI service for more information about QuickBooks PCI service benefits. In a nutshell, if your business does not comply with PCI standards, you’re at risk for data breaches, fines, card replacement costs, forensic audits and investigations. If there is a data breach, you’ll be liable for all damages.

That $0.25 is going to add up pretty quickly and take a chunk of your revenue. ACH transfers are available for a set fee of $3 per transaction instead of being free.

Unsurprisingly, the Multi-Store plan is also the most expensive version of this POS software—its one-off price starts at $1,900. If you’re used to all things QuickBooks Desktop, check outQuickBooks Desktop POS software to accompany your QuickBooks merchant services. And just like accounting QuickBooks Payments, with QuickBooks POS software, you’ll have options to choose from. You’ll also be able to access the online Merchant Center that Intuit tailors specifically to your business based on your QuickBooks accounting software and QuickBooks Payments accounts.

Unless your business only processes a few thousand/month in credit cards or has small average transactions (under $10), flat rate like the Intuit fees listed above will not be the lowest cost option. Using QuickBooks does not lock you into credit card processing with Intuit. You can choose another credit card processor and still utilize QuickBooks for accounting. Additionally, many processors offer plugins that allow you to sync your transaction data with QuickBooks.

However, it’s not only the quantity of sales that gives your business a boost—it’s the value of each of those sales. Plenty of research proves that customers actually spend more when they’re paying with credit cards. Despite the growing use of plastic over cash, a GoPayment survey discovered that more than half of U.S. small businesses—a staggering 55%—don’t accept credit card payments. Now that you’ve gotten an overview of what you should know when accepting payments for your products and services, it’s time for the fun part.

Author: Rita Liao