If you’re not familiar with Quickbooks yet, it is most commonly used as a bookkeeping software. It has the ability to send invoices, as well as clean and easy-to-read reports. Your CPA receives those reports and uses them to file taxes. You can track what you send to which customers, and see lists of what customers you have. All together, Quickbooks is popular and useful for bookkeeping, but they also offer merchant services. Intuit Quickbooks payments has a very different reputation, and we’ll explain why.
Intuit Quickbooks Payments Has many Integrations
Quickbooks payments are handled by Intuit. Intuit easily connects to many accounting and third-party apps you may have. For these reasons, Intuit Quickbooks Payments is helpful for business owners that don’t have a lot of time to learn something new. However, if you choose Intuit Quickbooks Payments, you had better be willing to throw extra cash at their expensive credit card processing rates.
But Their Payment Processing Fees Aren’t Worth It
Your favorite carwash may offer engine checks, but wouldn’t you rather such an important task be handled by a mechanic? Even though you lose the convenience of a one-stop shop, you could save money and peace of mind knowing it was handled by a specialist. Since Quickbooks is not first and foremost a merchant services provider, they don’t offer the most affordable service. Intuit Quickbooks merchant services operates on a flat rate program. It’s not the worst payment model, but it certainly isn’t the best. A flat rate model charges you a consistent percentage of every transaction, no matter the type. You can expect to pay Intuit Quickbooks Payments near the same amount every month. Since it isn’t customized, though, you’re most likely paying extra processing fees.
Intuit Quickbooks Payment Processing Fees:
2.4% per card swipe
3.4% per keyed card transaction
$0.25 charge per transaction
$1,800 Point of sale desktop software or $20/month
Or Get Lower Rates
PayFrog has the ability to integrate payment processing systems directly into Quickbooks desktop versions and Quickbooks Online. By doing this, you can get lower rates, and still have a Quickbooks integration! This specialized 3rd party integration comes with a monthly fee, so typically businesses processing $6,000 per month or above in credit card sales will still save money on this plan.
If you accept payments in an office setting or send invoices, why not get a better rate than Intuit Quickbooks Payments can offer? This way, you get all of the ease of use out of their great bookkeeping, but don’t pay for their expensive Quickbooks payment fees. If this sounds like something you’d like, please contact us for a free consultation.