Credit Card Processing Solutions
Top Companies in 2024
Intuit Quickbooks Payments vs Square
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- Transparent pricing
- Synchronization
- Easy online setup
- Easy cancelation
- Many hardware options
- Free introductory option
- Transparent pricing
- Free proprietary mobile app
- One-stop shop for payments, payroll, and marketing solutions
- Free 30-day trial for Plus plans
- Extensive third-party software integrations
- High processing fees
- Lack of a POS system
- Delays in funding
- Doesn't support high-risk businesses
- Reports of frozen funds
- May not suit high transaction volumes
Intuit, a trailblazer in the industry established in 1983, introduced Quickbooks as a payment processing solution that epitomizes financial innovation. Renowned for pioneering business solutions, Intuit made it possible to integrate Quickbooks payments with various other products to streamline business operations through credit card processing. This comprehensive service facilitates diverse payment methods, including major credit cards, ACH payments, and digital wallets like Apple Pay and Google Pay. They also partnered with Shopify for a full inclusive migration with their POS systems for in-person transactions. They provide a holistic business approach through their integration capabilities with over 750 popular third-party business applications. Merchants can opt for instant deposits with a 1.75% additional fee for various payment types or enjoy instant deposits with a QuickBooks checking account. The company's commitment to security shines through partnerships with leading PCI service providers, instilling user confidence. While users commend their services, considerations include potential drawbacks like higher processing fees and funding delays. Quickbooks Payments lack a personal BBB profile and are unified under Intuit. Although negative customer experiences exist because of delayed payments and slow customer service, QuickBooks Payments boasts a commendable G2 rating of 4.2 out of 5, highlighting user satisfaction. QuickBooks offers diverse options for sales inquiries and support, emphasizing their dedication to customer assistance.
Square is a leading financial services and digital payments company owned by Block Inc, which is a financial services and technologies company that also deals in blockchain. Square was founded in 2009 by Jack Dorsey and Jim McKelvey and has become a common way for businesses to accept credit card payments and use phones or tablets as payment registers for a point-of-sale system. They cater to all business types and sizes and offer their clients a comprehensive list of tool integrations and hardware. Square offers a range of transaction-processing options and supports invoicing, recurring payments, and international credit card payments. They have a great reputation among clients for their responsive customer support and the flexibility they offer to clients with their many tools and software and have a 4.3/5 on Trustpilot. There are many things to consider when it comes to costs with Square, but their website lists pricing and processing fees clearly. They offer three plan tiers, including a free one where they only charge processing fees for accepted payments.
- Transaction Speed : 24 hours
- Customer Experience : Good
- Gift Cards : Undisclosed
- Real-Time Reports : Available
- Transparent Pricing : Available
- Pricing Model : Interchange-Plus
- Trustpilot Score : N/R
- BBB Rating : N/R
- Transaction Speed : 1-2 days (same-day available at an added fee)
- Customer Experience : "True"
- Money-Back Guarantee : True
- Gift Cards : Available
- Real-Time Reports : Available
- Transparent Pricing : Available
- Pricing Model : Fixed monthly fee, Interchange plus
- Trustpilot Score : 4.3 out of 5
- BBB Rating : A+
- Chargeback protection
- Comprehensive integration capabilities
- Instant deposits
- Free features such as payment gateway and PCI compliance
- Competitive flat-rate transaction fees
- Jam-packed mobile app for both Android and Apple devices
- Billing & Invoicing
- Electronic Receipts
- Free Hardware
- Mobile Card Reader
- Multiple Payment Gateways
- Recurring Payments & Billing
- Reporting & Analytics
- Virtual Terminal
- Billing & Invoicing
- Electronic Receipts
- Free Hardware
- Mobile Card Reader
- Multiple Payment Gateways
- Recurring Payments & Billing
- Reporting & Analytics
- Virtual Terminal
- EMV Compliant
- Payment Fraud Protection
- PCI Compliance
- EMV Compliant
- Payment Fraud Protection
- PCI Compliance
- Annual Subscription
- Free Trial
- Freemium
- Monthly Subscription
- One-Time License—Undisclosed
- Annual Subscription—Undisclosed
- Free Trial
- Freemium
- Monthly Subscription
- One-Time License—Undisclosed
- Processing Services
- Accounting Software
- POS
- Productivity Software—Undisclosed
- Processing Services
- Accounting Software
- POS
- Productivity Software
- ACH Processing
- Cash Transactions
- Credit Card Terminals
- Electronic Signature
- In-Person Payments
- Mobile Payments
- NFC Payments—Undisclosed
- Online Payment Procesing
- ACH Processing
- Cash Transactions
- Credit Card Terminals
- Electronic Signature
- In-Person Payments
- Mobile Payments
- NFC Payments
- Online Payment Procesing
- Demos
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets—Undisclosed
- Demos
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets
Quickbooks Payments vs. Square
In the ever-evolving realm of Credit Card Processing (CCP), QuickBooks Payments and Square emerge as frontrunners, each boasting distinct features to simplify business payment processing. As we delve into their usability, security measures, and pricing structures, you'll gain insights to confidently determine the solution that aligns best with your company's needs and goals.
Value added benefits
Square and QuickBooks provide essential CCP services like invoicing and recurring payments. Despite sharing these core functionalities, the two platforms showcase distinct strengths. Square offers businesses versatility and adaptability with features like inventory management, complimentary card readers, and seamless mobile payments. On the other hand, QuickBooks Payments provides a full-service merchant account and seamless integration with QuickBooks accounting software, appealing to businesses seeking an all-encompassing financial management solution.
Square and QuickBooks offer multi-currency support, booking, and robust reporting capabilities. While Square excels in surcharging, chargeback management, and real-time transaction monitoring, QuickBooks Payments offers businesses automated payment options with a choice between a pay-as-you-go model and a low monthly fee.
Usability
QuickBooks and Square aim to provide reliable credit card processing services; both platforms seamlessly handle card payments in various scenarios, whether in-person, online, or over the phone, offering a flexible solution for merchants navigating the digital landscape. In addition to these shared features, both companies facilitate invoicing and recurring payments, catering to the essential needs of businesses in the modern era.
While both platforms offer mobile processing apps for convenient on-the-go transactions, the distinction lies in their approach to additional services. QuickBooks Payments leans towards integration with third-party providers, broadening its capabilities through external collaborations. At the same time, Square offers exclusive services usable within the Square account ecosystem, presenting an all-in-one solution for businesses aiming for a consolidated platform.
Level of data security
QuickBooks ensures a high level of security for credit card processing. The company collaborates with SecurityMetrics for enhanced security. The QuickBooks PCI Service also includes Security Awareness Training, Threat Prevention Tools, Vulnerability Scans, and Card Data Breach Protection, offering a Premium Service Warranty.
On the other hand, Square handles PCI compliance on behalf of sellers. Its secure approach includes robust data encryption and secure hardware with end-to-end encryption. Square's compliance with PCI-DSS Level 1 standards ensures merchant ease. Fraud prevention, machine learning for transaction monitoring, and a commitment to no extra fees for PCI compliance further solidify their comprehensive security framework.
Pricing
QuickBooks lays out detailed pricing information, featuring rates like a 2.99% fee for card payments through invoices, 2.9% + 30¢ for invoiced transactions, and 1% for ACH bank payments. Expanding its offerings, the company provides three monthly plans—Simple Start at $9, Essentials at $18, and Plus at $27—each offering features like income tracking, expense management, and invoicing. To enhance accessibility, QuickBooks also offers enticing options like promotions and 30-day free trials tailored to high-volume businesses. While these plans provide valuable tools, companies should exercise caution due to potential additional fees, such as a $25 chargeback fee and a $9.95 monthly fee for PCI compliance service.
Square adopts a transparent pricing model without any hidden fees or lengthy contracts. Square applies a standard processing fee for major credit card transactions—2.6% + 10¢ for card-present, 3.5% + 15¢ for card-not-present, and 2.9% + 30¢ for other transactions. A notable feature is Square's inclusion of PCI compliance and dispute expert assistance in the processing rate. They ensure fee transparency by specifying costs for various payment types, including swiped magstripe cards, inserted chip cards, contactless (NFC) payments, and online transactions. Square further distinguishes itself by refraining from additional fees for activation, app downloads, chargebacks, dispute management, reporting tools, account inactivity, or PCI compliance.
In conclusion, QuickBooks Payments and Square offer distinct strengths for businesses. Square excels in versatility with features like inventory management, while QuickBooks provides a comprehensive financial solution. Both prioritize usability, robust data security, and transparent pricing. The choice depends on individual business needs, allowing for a confident decision in navigating the credit card processing landscape.
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