Reasons Why to use Quickbooks Payments:
- Get Paid Easily – When sending invoices to customers/clients – it adds a PAY NOW button. It encourages a bank to bank transfer which will cost you NO fees and ACH 1% with $10 cap. If they pay credit card through this invoice it is 2.75% .
- Less Bookkeeping – If you use Square or PayPal for example, it requires a bookkeeper to get a login and see where all your payments are coming from. Since it is through a Quickbooks invoice, it automatically knows how to match it. Now you can have an accurate A/R Aging Report.
- Less Fees – You get a discounted price because BSH Accounting is an Intuit Reseller
- No Monthly Subscription Cost Option – Banks e.g. Wells Fargo have a $24.95/month fee to use Merchant Processing.
- Free Card Reader
- BSH QB ACCOUNTANT Rates
Common Questions and Objections to Running Credit Cards and Using a Merchant Processor for Your Business:
- O: “I don’t want to pay the fee to run a credit card.”
A: Studies show you get paid faster (better cashflow) and people spend more on credit card. In 2001, Drazen Prelec and Duncan Simesterof MIT published the results of their research in Marketing Letters. They found shoppers spend up to 100% more when using their credit card to pay instead of cash.
- O: “I have been using square, should I continue to just use them?”
A: The problem with these and for example venmo, is that you are paying more for bookkeeping fees. For example, imagine you are paying a bookkeeper for the sake of argument $50/hour. With square, they now need to get a log in and match all of the transactions and see what each transaction is for. If you pay a bookkeeper one extra hour to do this, an industry standard of 3% of a fee, let’s give an example of someone wanting to pay you $1,675. 3% of that is roughly a $50 fee to a merchant processor. Let’s say you accept the credit cards for this, instead of a bookkeeper having to search, match and reconcile square with your bank account and who paid you, it automatically matches to an invoice in Quickbooks. That is how you save on wasting bookkeeping time.
- O: “I use PayPal, should I continue to use them?“
- A: The problem with PayPal, is that it does not automatically go into your bank account like most merchant processors. You have to manually go in each time and add it back into your bank account. Inefficient. You can set up a PayPal bank feed, but now this creates duplication issues. It’s just a mess. Paypal’s customer service is notoriously bad.
To get set up and start accepting credit cards in 1 day, contact us.