When to Use QuickBooks Online Payments?

QuickBooks Online Payments is a flexible payment processing solution integrated into QuickBooks Online, designed to simplify financial transactions for businesses. It allows QuickBooks users to accept via ACH transfers, credit and debit cards, mobile, in-person, and through the QuickBooks Online platform. While it offers a powerful solution for payment processing, it’s essential to understand when to leverage its features effectively. 

In this article, we’ll cover some situations where using QuickBooks Online Payments is particularly beneficial for businesses.

Invoicing

QuickBooks Online Payments allows you to create professional and customized invoices tailored to your business needs. It offers an intuitive invoice generator, and you can choose from a variety of professionally designed invoice templates or create your own custom templates.

Another standout feature of QuickBooks Online Payments is the ability to add payment links directly within the invoices. Your customers can conveniently pay their invoices online with just a few clicks, streamlining the payment process and improving cash flow for businesses.

Setting up a payment link in QuickBooks Online Payments (Source: QuickBooks Payments)

Ecommerce Integrations

QuickBooks Online Payments integrates with leading e-commerce platforms such as BigCommerce, Shopify, WooCommerce, and UltraCart. This integration allows businesses to sync their online sales data seamlessly with their QuickBooks Online account. QuickBooks lets you send an emailed invoice to your customer so they view the details of their purchase. When they’re ready to make a payment, they can simply click on the embedded payment button within the email.

Additionally, the integration between QuickBooks and your eCommerce platform ensures that your sales data, inventory updates, and payment information are seamlessly synchronized. This eliminates the need to manually enter transactions into different software platforms. 

Mobile Payments

When businesses need flexibility in accepting payments on the go, QuickBooks GoPayment is the answer. QuickBooks GoPayment is a free mobile app that allows you to process payments by inputting your customer’s card details on your mobile device or using a mobile card reader. Also, merchants can obtain a mobile card reader so they can accept in-person payments wherever they are.

Recurring Billing Transactions

Businesses that offer services on a regular basis, such as subscription services and monthly contracts, can benefit from QuickBooks Online Payments’ recurring billing features. With this feature, you can set up recurring payment schedules for your customers and indicate the amount, duration, and frequency of the payments. QuickBooks Payments will automatically deduct the fund from the customer’s bank or credit card account on your specified dates, simplifying the billing and payment collection process. 

Learn why recurring payments in QuickBooks Payments is a game-changer for small business owners.

In-Person Transactions at Point of Sale (POS)

Retail businesses or those with physical storefronts can benefit from using QuickBooks Online Payments for in-person transactions. The seamless integration with various POS systems enhances the customer experience by providing multiple payment options. 

Customers have the flexibility to choose their preferred payment method at the point of sale. Whether it’s swiping or inserting a physical card, making a contactless payment with a mobile device, or using a chip card, QuickBooks Payments accommodates various payment methods to meet customer preferences

Instant Deposits

QuickBooks introduced a QuickBooks Checking account feature that users can link to their QuickBooks Online Payments account. This checking account is designed to facilitate faster fund transfer. With a QuickBooks Checking account linked to QuickBooks Payments, funds from card transactions and ACH payments are transferred into the linked checking account almost immediately, providing businesses with quicker access to their funds.

Integrated Bookkeeping Features

Since QuickBooks Payments seamlessly integrates with QuickBooks Online, you’ll get access to QuickBooks’ bookkeeping features, including banking, project accounting, inventory management, and income and expense tracking. You can conveniently access and manage all financial aspects of their business, from payment processing to banking, projects, inventory, and more, all within the QuickBooks Online ecosystem. You can integrate QuickBooks Payments directly from your QuickBooks Online account. 

Setting up QuickBooks Payments from your QuickBooks Online account (Source: QuickBooks Payments)

Integrated Reporting and Analytics

The integration of QuickBooks Payments with QuickBooks Online provides businesses with robust reporting and analytics capabilities. Businesses can access detailed insights into their financial transactions, helping with informed decision-making and financial planning. Discover the top 10 most popular reports in QuickBooks Online.

Wrap Up

Whether it’s streamlining invoicing, accepting international payments, or ensuring the security of financial transactions, QuickBooks Online Payments provides a versatile solution for businesses of all sizes. By leveraging this integrated payment processing tool, businesses can enhance efficiency, improve cash flow, and provide a seamless payment experience for both themselves and their customers.

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.