For retailers, accepting credit and debit cards is a no-brainer—it’s well known that customers expect to be able to pay with a card, and also that on average customers spend more when using a card. But even for non-retail businesses, accepting credit cards can be a real benefit. Allowing payment of invoices by credit card can mean getting paid faster and thus improved cash flow. Considering that poor cash flow is one of the main killers of new businesses, accepting cards can quite literally be a matter of survival (and at the very least better sleep at night).
Eliminate Manual Reconsiliation
Intuit introduced built-in credit card processing to its QuickBooks suites of accounting software some years back, and the integration is a thing of beauty (at least for those who find any beauty in accounting-related matters). The manual reconciliation process for credit card transactions is not a thing of beauty, so the automation of that task means less time spent on bookkeeping chores and fewer opportunities for errors.
QuickBooks Click-To-Pay Invoicing
QuickBooks Payments allows you to include a click-to-pay link in your invoices (which are sent electronically, naturally, rather than mailed). Not only does this make it easier for your customer to pay, it also means that your books are updated immediately when they do so—no more of the multi-step process to receive payments, deposit the funds, and then reconcile the account that’s required otherwise. Paying this way is free for your customer, so what’s not for them to love, too?
Get Paid With ACH and Electronic Check
We should add that credit cards aren’t the only payment option with QuickBooks Payments. The customer can also choose to pay by ACH directly from their bank account, which larger companies in particular may prefer to a credit card. Either way, the payment and reconciliation processes are fully automated in QuickBooks. Also, you can set up recurring billing in QuickBooks and get paid automatically going forward without having to lift a finger.
Intuit Go Payment Mobile App
So what if you need to accept card payments on the spot—in other words, not from an invoice? QuickBooks Payments includes Virtual Terminal as well as the GoPayment app. With the app you can accept payments on both iOS and Android smartphone and tablet platforms, and with Virtual Terminal you can do so from any computer with an Internet connection. If you use a mobile device-compatible cardswipe, you’ll benefit from the lower swiped rate on the transaction.
Special Rates And Pricing For QuickBooks Enterprise Users
As for pricing, there are two standard QuickBooks options. For those with low card transaction volumes, the pay-as-you-go option will probably make sense. There are no monthly fees; you are charged only when you have a transaction. As of this writing the rates for this plan are 2.40 percent for swiped transactions and 3.40 percent for keyed; in both cases there is also a $0.25 per transaction flat charge. With a monthly fee of $19.95, the swiped and keyed rates drop to 1.75 percent and 3.15 percent respectively, and the $0.25 flat charge still applies. Under both plans ACH transactions are a flat $0.50 each.
If you are using QuickBooks Enterprise, you get the best pricing available. The current rates are only 1.60% for swiped transactions and only 2.85% for all keyed and corporate cards. If you are currently processing credit cards somewhere else and need custom pricing, we have the flexibility to do that as well and in many cases will not only match your current pricing but end up creating additional savings as well. This gives you the double benefit of not only time savings from the automation, but a overall cost savings from lower rates. Regardless, integrating credit card and ACH payments into QuickBooks can be a boon to your business. You’ll see improved cash flow and less work for your bookkeeper—and whether you’re paying someone to do the work or you’re the bookkeeper, that’s a good thing.
Have Questions? Need Help?
If you have questions with integrating credit card processing into QuickBooks Enterprise Accounting Software, give us a call. In just a couple minutes, we can show you how to set up low cost payment processing that will allow you to use QuickBooks as a complete system when it comes to your accounting and billing. If you are currently accepting credit cards elsewhere, we can even customize the pricing to save you money. To learn more, just give us a call at 866.949.7267 or click here to send us a message.