QuickBooks Credit Card Processing Reviews

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.

Signatures No Longer Required for EMV Cards

Gone are the days of signing your name at checkout! As of April, MasterCard, Visa, Discover, and American Express no longer require merchants who are EMV compliant to collect and store signatures for POS transactions where a card is present. This decision moves away from a decades old ritual of using a signature as a form of authentication, and may be a sign of more changes to the credit card processing industry as technology develops.

What is EMV?

Named for the initials of its original developers (Europay, MasterCard, and Visa), EMV technology adds a stronger layer of security during credit and debit card transactions compared to traditional magnetic stripe cards. EMV-enabled cards feature a cryptogram, which validates the authenticity of the card. The cryptogram ensures that only the party that is supposed to receive the information (for example, the bank) has the key to decode the card.

The chip and the card reader ‘talk’ back and forth to authenticate the transaction. Magnetic stripe cards, on the other hand, simply ‘tell’ the card number and expiration date to the card reader. This is why data from magnetic cards can easily be stolen. Chip cards generate a unique code with every transaction, so even if someone were to obtain the authentication code, it would not work on future transactions.

With its use among merchants and banks in over 80 countries, EMV cards are seen as the global standard for both credit and debit card payments.

Do All Businesses Need to Stop Collecting Signatures?

While it is no longer a requirement for some merchants, it’s important to point out that others may need to still collect signatures. First, this new rule only applies to EMV transactions only. Merchants who currently do not accept EMV cards and other non-EMV transactions (like many restaurants) are still required to collect signatures.

In addition, merchants still have the option to request for a signature if they choose to do so. Payment companies, like Square, have no immediate plans to update their system to skip the signature step, so merchants who use Square and other similar payment companies may need to continue to collect signatures.

History of the Credit Card Industry

The end of requiring signatures is a huge change to the credit card industry as it has been a requirement since the industry was first founded. Since 1958, when BankAmericard rolled out its first credit card network with merchants, signatures were required in some way. Back in the days of plastic cards and carbon-copy receipts, merchants were required to verify a customer’s signature to the one on the back of the card.

As time went on, merchants stopped verifying signatures as often in hopes to speed up the checkout lines. While some merchants would ask to check the cardholder’s name against an ID, many others felt it was worth assuming the liability of chargebacks, as not checking the signatures made the purchase process more time efficient.

Reasoning Behind Changing How We Authenticate Payments

One of the biggest reasons for this switch is that advanced technologies are better at detecting fraud than relying on signatures. Advancements like machine-learning algorithms, which allow card networks to better detect fraud, and EMV cards, which are difficult to counterfeit, seem to do a better job at protecting against fraud than the old signature standard. According to a blog post on Visa’s website, Dan Sanford, the Vice President of Consumer Products, writes, “We believe making the signature requirement optional for EMV chip-enabled merchants is the responsible next step to enhance security and convenience at the point of sale.”

Another cause of this major change is the natural shift towards digitalization. Merchants and credit card companies had to find new ways to protect their customers against fraud that can be done online, like tokenization and biometrics, which further makes signatures obsolete. According to Total System Services’ (TSYS) 2017 US Consumer Payment Study, of consumers who use a banking or payment app, 69% were comfortable authenticating by passcode, with 63% comfortable using a fingerprint.

In addition to security purposes, major credit card companies believe that no longer making signatures a requirement will help more merchants switch over to accepting chip cards. According to research by Visa, as of December, there were roughly 460 million EMV cards and 2.5 million physical merchant locations that accepted chip cards. This new benefit to accepting chip-enabled cards is another reminder to get on board with the changing times. Especially because the initial switch to EMV compliant technology can be costly, this new incentive may help sway merchants who were reluctant to change.

Another reason for this major switch is competition. One of signature debit’s main competitors are EFT networks, which more times than not offers lower merchant fees. In recent years, EFT networks like NYCE and Pulse and Star have instituted ‘PINless debit,’ which no longer required customers to enter their four-digit PIN code. This PINless debit system offers a cheaper and faster transaction alternative (all with lower fraud rates) to merchants.

Many Large Retailers are on Board with this Change

Many retailers, including Walmart and Target, welcome this change. Austen Jensen, Vice President for Government Affairs at the Retail Industry Leaders Association, says that retailers have long argued that signatures are a costly way of securing transactions. This is because retailers have to store all of the signatures collected and present them back to the issuer, and needs to be done as safely as possible. Eliminating this step can potentially help consumers save money, as retailers can save on securely storing the signatures, which may result in lowering their prices.

In addition, many large retailers who experience long lines at checkout will be likely to stop asking for signatures, as many believe this will help speed up the checkout process.

As an industry leader, Payment Collect® was the first to offer EMV integration into QuickBooks Point of Sale, equipping merchants with the reporting tools they need to improve their business. These powerful tools give merchants quick and accurate authorization tracking, as well as eliminating guesswork if IT or network problems are encountered during processing. For more information about our payment processing technology, please visit our FAQ page!

Plug-In Product for QuickBooks® Online Released

PaymentCollect® is proud to announce the launch of its new plug-in product for QuickBooks® Online.  This fully integrated product allows merchants to take advantage of all of the great features included in QuickBooks’ newest product without losing anything they love about working with PaymentCollect®: exceptional software, excellent customer support and the smoothest onboarding process in the industry.  Most importantly, it allows merchants to use multiple payment processors, allowing for the best combination of software and savings.

“QuickBooks’ Online product offers so many great features for retail merchants.  Creating a fully featured plug-in was not easy but it was worth it.  We took our time to get it right and could not be more pleased.  And feedback from our customers has been incredibly positive,” said Philip Holan, CEO.

Some of the features offered by our QuickBooks® Online plugin that customers are especially excited about include the ability to use it as a Point of Sale, accepting Card Present transactions, including Debit and EMV (chip cards), split tendering, recurrent billing, emailing invoices out to have customers pay online and storing Credit Cards.  Additionally, working with the online product means that customers can have access to their transaction information from anywhere.

About PaymentCollect®

Founded in 2010 due to an overwhelming demand from the QuickBooks market for better payment processing options, PaymentCollect®  provides savvy merchants with best in class integration to QuickBooks POS and Financial Products, matching and improving on the existing payment processing experience with a real time embedded plug-in solution and allowing merchants the flexibility to choose preferred payment processors.  Merchants report PaymentCollect®’s solution as the easiest and most reliable QuickBooks plug-in, as evidenced in a 20 minute setup, installation and training of extremely satisfied merchants.

PaymentCollect® is just one of several merchant-focused companies founded by its CEO, Philip Holan.  Nearly 20 years ago Mr. Holan co-founded Datatel, an internationally recognized IVR (interactive voice response) provider that is best in class for providing both hosted and managed telephone payment and electronic voting services in the internet telephony market.  Both PaymentCollect® and Datatel offer premium services for the savvy user.

Online Invoice Payments Now Released

Payment Collect announces the release of Online Invoice Payments for QuickBooks Desktop (Financial).

With this new addition, Merchants are now able to email a unique link to customers. Customers will be able to view and pay the invoice online.

Payments will be automatically posted into QuickBooks.

Payment Collect Drops $199 Refundable Fee

Payment Collect has effectively dropped the initial refundable fee of $199.

Payment Collect believes this move will help merchants with the initial cost of switching processors.

This changes are now reflected in our current Merchant Agreement.

 

PHILIP HOLAN, CEO

EMV Support for QuickBooks Desktop

PaymentCollect™ is pleased to announce its latest innovations for QuickBooks Financial™ (Desktop): EMV integration and Level II processing support. The EMV (chip-card) integration gives merchants greater protection against fraud and chargebacks.

Commercial, Corporate, Purchasing, and Government credit card transactions submitted with Level II Card Data can qualify for lower processing rates.

More Flexibility and Automation

Built on over 7 years of merchant feedback, PaymentCollect’s integration into QuickBooks Desktop is flexible enough to meet the unique ways in which merchants use QuickBooks , while offering automation that saves time and eliminates dual-entry errors.

This allows merchants to save money on merchant service fees by going with the processor of their choosing, while not disrupting their current workflow. And the new release further reduces the number of steps required to process a payment.

“Our new QuickBooks Desktop release really offers something wonderful for everyone,” said Philip Holan, CEO. “Top of the line integration, the latest in
fraud protection and the flexibility to use QuickBooks are all in here and in the best way possible. At the end of the day, PaymentCollect’s greatest goal is to offer a product that is intuitive and easy to use.”

“Top of the line integration, the latest in fraud protection and the flexibility to use QuickBooks are all in here and in the best way possible.”

About PaymentCollect

Founded in 2010 due to an overwhelming demand from the QuickBooks market for better payment processing options, PaymentCollect provides savvy merchants with best in class integration to QuickBooks POS and Financial Products, matching and improving the existing payment processing experience with a real time embedded plug-in solution and allowing merchants the flexibility to choose preferred payment processors.

PaymentCollect is an industry leader, with innovations such as being the first to offer EMV integration into QuickBooks Point of Sale (a full year prior to Intuit’s native support) and equipping merchants with powerful reporting tools for fast and accurate authorization tracking, eliminating guesswork if IT / network problems are encountered during processing.