No matter what version of QuickBooks Online you have, chances are it is an integral part of your business’ operations. Not only is Intuit’s software easy to use, but also, it’s ability to connect to hundreds of different integrations makes QuickBooks one of the most popular accounting softwares in the market.
One of the many integrations offered is QuickBooks credit card processing option, which is handled by Intuit Merchant Services. QuickBooks Payments allows business owners to process credit cards through the accounting software, which automatically updates their bookkeeping with the transactions. It’s important to note that Intuit offers different payment processing options, all of which are dependent on what version of QuickBooks you are using. You want to know the differences so you know exactly what product you are signing up for.
Drawbacks to Using QuickBooks Payments
High Fees and Lack of Cost Transparency
Credit card processing fees can quickly add up. And just because Intuit is not charging you a setup or termination fee does not mean you are saving money. In fact, the per-transaction fees are quite high. Every variation of QuickBooks Payments comes with its own pricing scheme, so it’s important that you know what you are going to be charged. Keep in mind; if your business processes more than $7,500 per month, you may be eligible for custom rates.
Find out the different pricing plans based on your version of the software here. In addition to per-transaction fees, swiped credit/debit fees, etc., your account may be responsible for other fees as well. For example, a chargeback fee or a returned check fee. In addition, if you opt-in for PCI compliance service, you will be charged $9.95 per month, or up to $100 annually for PCI compliance (monthly fee accounts). Other expenses include hardware costs and other opt-in features.
Lack of Customizable Invoices
This complaint tends to come up often from QuickBooks Payments users. In regards to customization, Intuit’s invoicing feature is not as capable as many merchants would like it to be. Other than including the customer’s name, products and/or services to be provided, and payment options, there’s not much more customization that can be done to invoices.
Alternative QuickBooks Payment Processing Option
If Intuit’s payment processing fees are too costly for you, it’s important to know that there are alternative solutions. One of them includes Payment Collect, which offers simple, transparent rates that can help lower your credit card processing fees. Payment Collect’s easy to use software seamlessly integrates with both QuickBooks Desktop and QuickBooks Online.
Payment Collect offers many features, including EMV compliance, acceptance of all major credit cards, and transactions post to QuickBooks in real time. In addition, Payment Collect shines where QuickBooks Payments lacks, as it offers customized reporting as well as lower and more transparent fees.
One significant benefit of Payment Collect is that it may help reduce fraud. Our out-of-scope payment terminal ensures that no credit card data passes through your computer at anytime. This can help protect your customers’ identities and private information.
All you need to get started is a Windows computer on which your QuickBooks product is already installed, configured, and licensed. A merchant account is required to run Payment Collect, but their support team can help you find the right one to suit your business’ needs.
For more information about Payment Collect, be sure to visit the support page to get answers to frequently asked questions.