How Business Can Save Money with QuickBooks Online Payments

For small and medium-sized enterprises (SMEs), every penny saved can contribute significantly to overall profitability. QuickBooks Online Payments is a robust payment processing tool that can help businesses streamline their financial processes while saving money in the process. 

In this post, we’ll share how QuickBooks Online Payments help businesses save money when processing payments.

No Monthly Fees

Unlike other payment processors, there’s no monthly fee for using QuickBooks Online Payments. If you already have a QuickBooks Online account, you can simply sign up for free, and the only time you pay is when you process payments. This makes QuickBooks Online Payments beneficial for small to medium-sized businesses (SMBs) with fluctuating transaction volumes, as they won’t be burdened by fixed monthly expenses. 

Affordable Processing Fees

QuickBooks Online Payments offers competitive rates with its pay-as-you-go pricing structure. In fact, QuickBooks Online has more affordable rates than similar payment processors and because we are able to discount the rates, it is even lower. For instance, for cards and digital wallets, our QuickBooks Payment pricing is only 2.3% for swiped and 2.8% per transaction for e-invoiced charges, while Square and Stripe, cost 3.3% + 30¢ and 2.9% + 30¢ per transaction, respectively. 

Additionally, with our discounted pricing, key-in cards cost only 3.3% per transaction in QuickBooks Online Payments, while Square users have to pay 3.5% + 15¢ and Stripe users are charged 3.4% + 30¢. For businesses engaging in high-volume transactions, these seemingly marginal differences can translate into substantial savings over time, making QuickBooks Online Payments a cost-effective choice.

Payment processing and banking fees for different QuickBooks product (Source: QuickBooks)

Free Instant Deposits

Historically, it takes two to three business days for deposits to arrive, and even longer for ACH payments. This delay in accessing funds could pose challenges for businesses needing immediate access to working capital or those managing cash flow in a dynamic business environment. However, QuickBooks has introduced a game-changing solution for users seeking faster access to their funds. With a QuickBooks Checking account, you can now benefit from free instant deposits, including nights and weekends. 

Learn how to get instant deposits in QuickBooks Online Payments. 

Digital Checks

Digital checks, including ACH and e-check payments in QuickBooks Online Payments, are a more cost-effective solution compared to traditional paper checks. Processing paper checks involves manual handling, increased processing times, and potential errors, all of which contribute to higher costs. In contrast, digital checks in QuickBooks Payments streamline the payment process, reducing operational expenses associated with manual intervention.

QuickBooks Online Payments facilitates the processing of digital checks with its Automated Clearing House (ACH) system. By transitioning from paper to digital checks, businesses can experience substantial cost savings in terms of processing fees and operational efficiency.

Automated Workflows

One of the primary ways to save money with QuickBooks Online Payments is by leveraging automated payment processes. By automating repetitive tasks such as invoicing and payment reminders, businesses can reduce the time and resources required for manual intervention. This not only increases efficiency but also minimizes the risk of errors associated with manual data entry.

QuickBooks Online Payments allows users to set up recurring payments, which is particularly beneficial for subscription-based businesses. By automating the collection of recurring payments, businesses can save both time and money, as the system takes care of the entire process without the need for constant manual oversight.

Take Advantage of Free Support and Setup

When you purchase QuickBooks Online through an elite reseller like Paygration, you have access to free support, free consultation, and once you’ve decided, one of our experts will contact you for a complete setup of your QuickBooks Online or QuickBooks Payments account. 

Wrap Up

QuickBooks Online Payments is a versatile tool that goes beyond mere transaction processing. When used strategically, it can become a powerful tool to improve your payment processing workflows and save money. 

If you have any questions about QuickBooks Payments or you’re ready to enjoy its benefits, you can give us a call at 866-949-7267 and one of our experts can walk you through the details.