If you own a small business that regularly processes online payments and credit cards, then chances are you’ve come across a few payment processing service providers in your day. We’d also guess that you’ve noticed how so many of these providers seem to hike up their processing fees, which means accepting credit card payments continues to cost you more than you anticipated.
Because so many small business owners use QuickBooks accounting software for their business’ operations, they also choose QuickBooks Credit Card Processing Services for a felt sense of convenience; not knowing that organizations like BankCard exist to allow flexible payment processing options, like QuickBooks integration. Why does this matter? Because integrating with BankCard Services guarantees the same level of exceptional service, without the QuickBooks price tag.
When it comes to your small business, every dollar counts. By the end of this guide, you’ll know exactly what QuickBooks is charging you for. But more importantly, you’ll learn about a cost-effective, payment processing alternative that integrates seamlessly with QuickBooks.
What is QuickBooks Payment processing?
QuickBooks Payment Processing, also known as Intuit Merchant Services, offers many attractive benefits to small business owners who don’t want to get bogged down with the details of running their point of sale (POS) systems. This includes processing credit cards and integrating them with their accounting software. But, there are also important considerations to keep in mind before you commit to QuickBooks Payment Processing services for your small business.
QuickBooks certainly paints a promising picture of their payment processing options. However, it isn’t all sunshine and rainbows. There are several challenges small businesses experience when working with QuickBooks Credit Card Processing. Here are some of the more common setbacks:
- QuickBooks Payments account can only be used on one platform at a time; You cannot operate QuickBooks Desktop and QuickBooks online side-by-side.
- Lack of customization (or seriously limited options) for invoices.
- Additional opt-in plan for next-day bank transfer deposits.
- Next day deposits for ACH payments come at a cost; There’s a pesky charge fee of 1% (or a maximum of $10) per transaction. Also, this service is only available to QuickBooks Online (QBO) merchants—no Desktop users just yet.
- Higher percentage rate and per-transaction processing fees. This is especially the case when compared to many services that integrate with QuickBooks.
- Overburdened servers and delays when processing payments. Because QuickBooks is so widely used, there is a lot of competition for their bandwidth, which results in slower payment processing.
Of course, these are only a few setbacks for small businesses to consider when it comes to using QuickBooks’ Payment Processing Service. It’s important to explore any additional concerns you may have so that you can effectively choose the service that meets your needs.
Common Concerns about Merchant Services Providers
As a small business owner, choosing a merchant account provider is no small decision. When you’re in the market for payment processing service providers, there are many questions you’ll want answered before you make your selection. Here are a few helpful questions to ask, before signing any type of contract with a payment processing organization.
- What types of equipment do you provide? The greater the selection, the more likely you’ll be to find equipment that works with your business model.
- What are your fees? Not only do you want answers about whether the company charges a transaction fee, but you also want to know about their processing fees, monthly fees, equipment fees, technical support fees, and other potential hidden fees.
- What type of support is available? Customer Support is what identifies successful merchant services providers. If they do not offer sufficient support, you may be left to your own devices when you need help the most. Ideally, companies will offer 24-hour support to help you in-the-moment when trouble arises.
- What types of security measures does the service deliver? With many small businesses keeping a close eye on the security of their customer and employee data, secured payment processing is a huge concern.
- Are “high risk” businesses welcome? Many small businesses have been identified as “high risk” businesses for no fault of their own or even of their owners. This designation makes some payment processors reluctant to work with these businesses. You want to make sure you seek to do business with a credit card processing company that wants and can work with your business.
These concerns are not small issues and you want to make sure you have answers you can rely on before you choose a payment processor. This is especially true when it comes to things like security and processing fees.
Reducing Costs and Processing Fees with BankCard Services
It is widely known that Intuit Merchant Services fees are much higher than many other payment processing options on the market today. Some view these higher-than-average processing fees as the price you pay for the convenience of working with easily integrated software and a quick setup process.
The problem is this, QuickBooks Merchant Services fees last far beyond the initial setup and integration of the software. Some small businesses find them incredibly restrictive. It is one of the reasons some small businesses have been reluctant about accepting credit cards in the first place.
There is no reason you must pay these high prices when you can have the convenience of easy-integration with QuickBooks accounting software with BankCard Services without the high QuickBooks payment processing fees.
BankCard Services even has a sandbox that allows you to test out everything and see how it integrates with your other software, including QuickBooks accounting software, POS (point of sale) software, and more before actually processing payments.
How BankCard Services Integrates with QuickBooks
Not only does BankCard Services offer seamless integration with QuickBooks SyncPay, but we also do the following to make your accounting more efficient:
- Process transactions.
- Create appropriate accounting entries.
- Mark transactions as paid.
- Eliminate the need for manual tracking and the risk for double entries.
- Access funds as soon as the next day.
- We do all this while charging lower fees, offering transparent pricing, and delivering 24/7 support to help you with the entire process and ensure that payment processing for your business operates smoothly.
BankCard Services Processing Fees vs. QuickBooks Payment Processing Fees
BankCard Services does offer custom rates in some instances. Otherwise, we pride ourselves on offering fair and transparent rates for our services. More importantly, we don’t have hidden costs that come up as nasty surprises once you’ve signed up. This includes but isn’t limited to: authorization fees, sign up fees, batch fees, zero-cancellation fees, and statement fees.
We charge the same credit card processing fees, regardless of the type of card used. This means you’ll pay the same for Discover, MasterCard, Visa, and American Express. We also charge no monthly fees if your business processes more than $5,000 in credit card transactions monthly. You pay for the services you receive in the following ways:
In-Person Payment Fees with BankCard Services
If you accept payments via your point of sale system, the fees are 2.3 percent, plus 10 cents per transaction.
Card-not-Present Fees with BankCard Services
If you accept payments online, over the phone, or by invoice, the costs are 3.3 percent plus, 15 cents per transaction.
QuickBooks Payment Processing Fees for Online Payments
Fees for ACH bank transfers will cost your business 1 percent (with a maximum of up to $10) per transaction. Additionally, card swiped transactions cost 2.4 percent plus 25 cents per transaction.
Curious about card invoiced transactions like Apple Pay and PayPal? Those will cost you 2.9 percent plus 25 cents per transaction, and card keyed transactions cost 3.4 percent plus 25 cents per transaction. Don’t forget that you will need a subscription for QuickBooks online which costs between $25 and $40 monthly, depending on the plan you choose.
QuickBooks Desktop Payment Fees
You have the choice of a Pay-As-You-Go Plan or a Pay Monthly Plan for QuickBooks Desktop. QuickBooks Payment processing fees for the pay-as-you-go plan are as follows:
- No monthly fee.
- ACH transfer fees are $3 each.
- Card swiped fees are 2.4 percent, plus 30 cents per transaction.
- Card invoiced and card keyed fees are 3.5 percent, plus 30 cents per transaction.
The monthly plan fees are slightly different. They are as follows:
- There is a $20 monthly fee.
- ACH transfers cost $3 per transaction.
- Card swiped fees are 1.6 percent, plus 30 cents per transaction.
- Card invoiced and card keyed fees are 3.3 percent, plus 30 cents per transaction.
QuickBooks Point of Sale Payment Fees
QuickBooks charges yet a different set of fees for point of sale payments, once again offering a pay-as-you-go plan and a monthly rate plan. The pay as you go transaction fees are as follows:
- 2.7 percent for swiped debit or credit cards.
- 3.5 percent for keyed credit card transactions.
- 1 percent for PIN debit transactions.
The monthly rates plan is as follows:
- $19.95 monthly fee.
- Swiped credit and debit cards are 2.3 percent, plus 25 cents per transaction.
- Keyed cards are 3.2 percent, plus 25 cents per transaction.
- PIN debit transactions are one percent, plus 25 cents per transaction.
Only you can decide which option is best for your business. Before locking yourself into a long-term contract with QuickBooks credit card processing, it is wise to explore other options with BankCard Services. Schedule a meeting with a BankCard Specialist today or, complete the pre-application to start processing payments with BankCard services for your small business.
Mickael is an entrepreneur and the Co-founder of Bankcard Services. He is a family man and loves technology, innovation, and soccer.