QuickBooks Payments

QuickBooks Payments is a payment processing service that integrates with QuickBooks accounting software. It’s designed for small to medium-sized businesses, offering them a seamless way to accept payments from customers and manage their finances. Here’s a breakdown of what QuickBooks Payments offers and how it works:

Features and Benefits

1. Integration with QuickBooks: Since QuickBooks Payments is a product of Intuit, it integrates seamlessly with QuickBooks accounting software. This integration helps in automating the accounting process, as payments received through QuickBooks Payments are automatically recorded and matched with invoices.
2. Multiple Payment Options: QuickBooks Payments allows businesses to accept payments in various forms, including credit cards, debit cards, ACH bank transfers, and even Apple Pay. This flexibility makes it easier for customers to pay in the way that’s most convenient for them.
3. Mobile Payments: With the QuickBooks mobile app, you can accept payments on the go. This is particularly useful for businesses that operate outside a traditional storefront or who attend trade shows, markets, or client sites.
4. E-Invoicing: Businesses can send invoices directly from their QuickBooks software. These invoices include a “Pay Now” button, making it easy for customers to make payments online immediately upon receipt of the invoice.
5. Competitive Rates: QuickBooks Payments offers competitive processing rates, which can vary based on whether the payment is swiped, invoiced, or keyed in. There are also options for businesses to choose a plan with a monthly fee that offers lower transaction rates, which can be beneficial for businesses with a high volume of transactions.
6. Instant Deposit: For businesses that need access to their funds quickly, QuickBooks Payments offers an Instant Deposit feature. This service allows businesses to get their money in their bank account within minutes, though it may come with an additional fee.

How It Works

1. Setting Up: To use QuickBooks Payments, you’ll need to apply for an account. Approval times can vary, but once approved, you can start accepting payments almost immediately.
2. Accepting Payments: Payments can be accepted in several ways, including through invoices sent via QuickBooks, in person using a mobile device and a card reader, or over the phone by entering payment details into your QuickBooks software.
3. Reconciliation: Payments accepted through QuickBooks Payments are automatically recorded and matched with the corresponding invoice in your QuickBooks accounting software, making the reconciliation process much simpler and reducing manual entry errors.
4. Accessing Your Funds: After a payment is processed, the funds are transferred to your bank account based on the processing time, which can vary. Instant Deposit is available if you need faster access to your funds.

Considerations

While QuickBooks Payments offers many benefits, it’s important to consider your business’s specific needs, including how you plan to accept payments, your average transaction size, and your monthly volume of transactions. Comparing QuickBooks Payments to other payment processing options can ensure you find the best fit for your business.

QuickBooks Payments continues to evolve, adding new features and improving existing ones to better serve the needs of small and medium-sized businesses. Whether you’re already using QuickBooks for accounting or looking for an integrated payment processing solution, QuickBooks Payments offers a compelling option worth considering.

For more info visit https://quickbooks.intuit.com/my/oa/online-accounting-software-for-small-business/?cid=ppc_ROW_SMB_QBO_MY_G_B_Search_Core-Brand&gad_source=1&gclid=CjwKCAjwte-vBhBFEiwAQSv_xUX2ZVtNnOeBwVjUbVg9zMmf-G10UncVkMhzGLbJv7wuk4PASRJc9hoCOEoQAvD_BwE&gclsrc=aw.ds