Businesses looking for a hassle-free way to accept payments should consider QuickBooks Payments—an all-in-one payment processing solution designed to simplify business transactions. However, we understand that you may have questions about how QuickBooks Payments can specifically benefit your business. To help you make an informed decision, we’ve compiled a list of the most common frequently asked questions (FAQs) around the key features and advantages of QuickBooks Payments.
How can QuickBooks Payments benefit my business?
With multiple payment options, including credit cards and ACH bank transfers, businesses can provide convenient payment methods to customers, leading to increased sales. QuickBooks Payments also improves cash flow management through faster payment processing and automated reminders, while its robust reporting and analytics features provide insights to make informed decisions.
How do I get started with QuickBooks Payments?
To get started, you need to sign up for a QuickBooks Payments account, link it to your QuickBooks Online accounting software, and complete the necessary verification steps. To set up QuickBooks Payments from your QuickBooks Online account, click on the gear icon on your QuickBooks dashboard, choose Account & settings, and then select Payments from the left-side navigation menu.
Setting up QuickBooks Payments
What types of payments can I accept with QuickBooks Payments?
QuickBooks Payments allows you to accept credit card payments, debit card payments, ACH bank transfers, and card readers. You can also accept payments directly through the QuickBooks Online platform.
How long does it take for funds to be deposited into my bank account?
Historically, funds are deposited into your bank account within two to three business days after the payment is processed. However, if you have a QuickBooks Checking account, QuickBooks can process instant deposits for free (including nights and weekends).
Can I accept online payments with QuickBooks Payments?
Yes, QuickBooks Payments provides online payment solutions that allow you to accept payments through your website or online store.
Can I accept payments in multiple currencies with QuickBooks Payments?
Yes, QuickBooks Payments supports accepting payments in multiple currencies, which is beneficial if you conduct business internationally or have customers who prefer to pay in their local currency.
Does QuickBooks Payments charge a monthly fee?
No, QuickBooks Payments doesn’t charge a monthly fee. You only pay a fee for each transaction. Fees depend on the payment method used, whether it’s through ACH transfers, invoiced transactions, card readers, or keyed-in transactions. Below is a quick rundown of QuickBooks Payment’s fees per transaction by payment method. ***The pricing below is Intuit standard pricing. As an Elite Solution Provider, our internal pricing for Intuit Payments is discounted and less than what you see. Call us at 866-949-7267 for the rates and details.
QuickBooks Payments’ fees for each transaction type
Can I set up recurring payments with QuickBooks Payments?
Yes, QuickBooks Payments allows you to set up recurring payments for customers who make regular payments or subscriptions.
Can I accept payments on the go with QuickBooks Payments?
Yes, QuickBooks Payments offers mobile payment solutions that allow you to accept payments anywhere using your smartphone or tablet. This is particularly useful for businesses that frequently operate outside of a traditional brick-and-mortar location.
Can I issue refunds through QuickBooks Payments?
Yes, you can issue refunds to customers directly through QuickBooks Payments. Refunds can be processed for credit card payments, debit card payments, or other payment methods.
Can I import banking transactions and reconcile accounts with QuickBooks Payments?
Importing banking transactions and reconciling accounts are features of QuickBooks Online. QuickBooks Payments primarily focuses on payment processing and does not have built-in bank reconciliation features.
Does QuickBooks Payments provide reporting and analytics?
Yes, QuickBooks Payments offers reporting and analytics features that provide insights into your payment activity, transaction history, and overall financial performance. Additionally, you can use QuickBooks Online’s reporting feature to create reports on other aspects of your business, including sales, expenses, profitability, balance sheets, and more.
How is QuickBooks Payments different from QuickBooks Online?
QuickBooks Payments is a specialized payment processing service that is designed to streamline and simplify the way businesses process payments. On the other hand, QuickBooks Online is a comprehensive accounting software that offers a wide range of financial management features beyond payment processing. It allows you to manage invoices, expenses, inventory, and payroll, as well as generate various financial reports for analysis and decision-making.
How secure are payments processed through QuickBooks Payments?
QuickBooks Payments employees advanced security measures to ensure payments are safe and secure, including encryption, tokenization, and maintaining Payment Card Industry (PCI) compliance standards.
Can I use QuickBooks Payments without using QuickBooks Online?
Yes, QuickBooks Payments can be used as a standalone payment processing service without using QuickBooks Online. However, integrating it with QuickBooks Online offers a more comprehensive financial management solution.
Can I use both QuickBooks Payments and QuickBooks Online together for my business?
Absolutely! Many businesses use QuickBooks Payments for payment processing while leveraging the broader accounting features of QuickBooks Online. The two platforms can be integrated to create a comprehensive financial management solution that covers both payment processing and accounting needs.
These FAQs are a great starting point to help you decide whether QuickBooks Payments is right for your business. If you need additional guidance and support to point you in the right direction, contact us at 866-949-7267, and one of our experts will provide a free consultation.