Intuit Merchant Services (also known as QuickBooks Payments) is a merchant services provider that is an internal division of the gigantic financial software company Intuit.
Intuit Merchant Services offers a wide range of products for business owners, from accounting software to point-of-sale systems. The problem is that Intuit Merchant Services / QB Payments is (almost) as layered and as diverse as QuickBooks and Intuit. QuickBooks Payments has four different elements, not to mention the stand-alone mobile treatment option. All have different payment rates, not to mention the custom rates available to merchants processing more than $ 7,500 per month, which, according to a sales representative, equals 15 different plans. Fifteen!
What we liked:
- Predictable flat rate
- Seamless integration with QuickBooks
- Low-cost smart card readers
- No monthly charges
- Good for professional services
What we don’t like:
- Limited customization of invoices
- High transaction costs
- Slow deposit times
- Inconsistent customer support
At present, you probably have a pretty clear idea of your company’s goals for 2014. “Earning more money” is probably one of them. There are many ways to go about it, but if you do not yet accept credit card or debit card payments, it may be time to rethink that. And if you do not use Intuit Merchant Services, it’s a good time of year to at least look for benefits.
Statistically,
- Consumers spend twice as much when using a credit card as cash/checks. (Would not you like your customers to spend more with you?)
- 74% of small business owners say that accepting credit cards helps them avoid unpaid or unpaid bills. (It certainly helps your bottom line)
- 45% of the 1,000 small business owners said “not getting paid on time” was the biggest challenge they faced in managing their cash flow.
Intuit Merchant Services offers many ways to get paid quickly, wherever you are: with your smartphone (phone or tablet), on the web, from your QuickBooks or your device. All you need is an account and an internet connection. And, the integration with your QuickBooks makes this moment really interesting.
- Save time: 78% of QuickBooks merchant service users saved an average of 6.9 hours of accounting per month, or about 82 hours per year or 2 weeks of work! Customers can pay you online when you provide the link or you can enter your QuickBooks and the payment will be processed when you save the transaction.
- Reduce errors: 75% of QuickBooks merchant service users report that automatic integration and reconciliation of payments in QuickBooks reduces errors caused by manual double-entry transactions. (It also saves you money when you do not have to fix these errors.) Payments are automatically grouped.
- A better experience: 71% of QuickBooks merchant service users who switched providers said they were more satisfied than their previous provider.
It’s simple to install and use.
Here are some basics that you will want to know when you first start:
Which credit cards are eligible for electronic payments? Visa, MasterCard, American Express and Discover.
How much will it cost? Many factors determine your costs, such as sales volume, whether you are dragging a card or entering the card number. There are usually discount fees (a percentage of the sales transaction) and fees per transaction. Depending on your plan, there may be other fees. But keep in mind that if your customers are spending more or if you have fewer payment problems, the cost of accepting credit cards is worth it to improve cash flow.
How long does the money reach my bank account? Generally within 2-3 business days (holidays and weekends often affect the timing).
Intuit has recently made numerous changes to its payment products and pricing structure. Even if you’ve talked to them before, it’s worth talking to them again.