Three Things Merchant Service Companies Don’t Want You To Know about QuickBooks Payments

Angela RustMerchant Services, Quickbooks OnlineLeave a Comment

We are all quite familiar with QuickBooks software products. Now enter the world of payment processing. It can be daunting with all of the options out there. Everyone wants to get the best rate because who wants to give away their hard earned sales to the bank! As we swim through the sea of information, we attempt to gain knowledge and decipher what is the best deal available for business owners. After much research and working with Intuit Resellers we have learned a great deal about QuickBooks Payments and the benefits to using it with your QuickBooks Software. We hope to share some valuable information on the topic.

If you want a risk free option, you should be using QB Payments. When it comes to merchant services accounts, there are so many options with hidden fees that it becomes overwhelming and we just stick our head in the sand. You don’t have to do that any longer. We have done extensive research on the options available. When it comes to QuickBooks software for your business, adding QB Payments is a smart solution. There are many reasons and we will share some key information to clear the air on payment rates that can be confusing.

To begin, QuickBooks Payments offers two plans so you can select one that fits your business needs.

Pay As You Go. You only pay per transaction. This is very beneficial for business that do not process many credit card transactions or they are just starting out. There is no monthly fee or contract so you can cancel at anytime with no risk.

Low Monthly Rate. You can save more on each transaction and pay the low monthly fee of $19.95. If having the lowest rates means more to you than no monthly fee, this is the best option to go with.

Now that you understand the two plans offered by QB Payments, we will share the simple two tier pricing with the Swipe Rate and Keyed Rate for the various QuickBooks software products.

Rate Options for QuickBooks Payments:

Pay As You Go

$0

Per Month
  • Only pay per transaction
  • Card Swiped Rate 2.4% +$0.25
  • Keyed Rate 3.4%
  • ACH/check processing $0.50 per transaction
  • Go Payment Card Reader (Free)

Low Monthly Rate

$19.95

Per Month
  • Save more on each transaction
  • Card Swiped Rate 1.6% +$0.25
  • Keyed Rate 3.2%
  • ACH/check processing $0.50 per transaction
  • Go Payment Card Reader (Free)

Many payment processing services have hidden fees, contracts, cancellation policies that make it challenging to really understand the better options. Here is a quick comparison to share three things other merchant service companies don’t want you to know about QuickBooks Payments. We compared Quick Books Payments and the ever so popular Square.

  • Take into consideration the time saving and reduction in mistakes when using an integrated product. Invoices and payments are automatically reconciled. QuickBooks auto-updates invoices and your books when you get paid. The reconciling is done for you, eliminating the most time-consuming task of manually matching payments with invoices and reconciling with the bank statement. Square has no integration and must be manually reconciled to your accounting software.
  • The rate for Square is 2.75% on swipe and 3.50% on keyed. QuickBooks rates are as low as $0.50 ACH per bank transfers or 1.6% on swipe and 2.85% on keyed +25¢ per swipe. QuickBooks payments offers simple pricing. The two pricing plans keeps fees to a minimum. If you are just starting out, you can choose the pay-as-you go plan with no monthly fee or contract and only pay when you accept payments. If you have more processing needs, the low monthly fee option allows you to save even more on rates.  The client can choose what’s best for their business.
  • With QuickBooks, you are always supported. Get answers when you need them with live phone support from the payments team experts. Many clients complain that Square does not have phone support which can be a huge problem when there is an issue with moving your funds for deposit.

It is important to note that if you are working with a Premier Intuit Reseller, you can save your client even more on the rates. We have included the comparison between MSRP vs IRPs Preferred Rates.

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