Intuit Quickbooks Payments for Businesses: Simplify Your Transactions
Published: December 19th, 2023
Are you tired of complicated credit card processing systems slowing down your business transactions? Look no further than Quickbooks Payments, the innovative solution from Intuit that streamlines your payment process and simplifies your financial management.
In this review, we will go over Intuit Quickbooks Payments, aiming to provide a detailed understanding of their functionalities as a credit card processing provider. Our analysis will include a breakdown of their features and costs and a balanced assessment of both advantages and drawbacks. We will also discuss their commitment to security and compliance and address their customer experience to offer an indispensable resource for businesses looking to optimize financial processes.
A Glance Into Intuit Quickbooks
Established in 1983, Intuit has solidified their position as a prominent financial technology company and accounting software provider. Over the years, Intuit, with their unwavering commitment to innovation, has become synonymous with cutting-edge solutions for businesses. One of the critical contributions to the financial technology landscape came in the form of a comprehensive payment processing service designed to meet merchants' needs seamlessly.
This solution has evolved into what is now widely recognized as 'QuickBooks Payments.' As a testament to Intuit's dedication to facilitating efficient financial management, QuickBooks Payments has become a cornerstone for large and small businesses seeking a reliable and robust platform for processing payments with ease and sophistication.
The Features of Quickbooks Payments
Diverse payment acceptance: QuickBooks Payments accepts card transactions from major credit card networks (Visa, Mastercard, Discover, and American Express), online payments, ACH payments, invoices, and in-person and keyed-in payments for comprehensive versatility. Furthermore, they support payments through digital wallets such as Apple Pay and Google Pay.
Integration capabilities: Seamless integration with various QuickBooks products, including QuickBooks Online, QuickBooks Desktop, QuickBooks checking accounts, and QuickBooks GoPayment, allowing businesses to process payments quickly. Their software also easily integrates with over 750 third-party apps, including eBay, Amazon Business, PayPal, Square, and Shopify.
Recurring invoicing: Businesses using QuickBooks can effortlessly send online invoices, establish recurring invoicing schedules, accept a variety of payment methods, and manually key in customer payments for enhanced flexibility.
Chargeback protection: Applicable to only debit and credit card payments, you can enroll in their payments dispute protection for defense against fraudulent and non-fraudulent charges for a fee as low as 0.99%.
Reporting and analytics: Integrating QuickBooks Payments with QuickBooks Online ensures seamless automation, including automatic payment recording, fee tracking, sales receipts, and refund management. This integration keeps all accounts automatically up-to-date, allowing businesses to track sales and income in real-time effortlessly.
Instant deposit: Quickbooks Payments has an additional service, subject to eligibility criteria, such as type of transaction and financial institution. This feature comes at an additional fee of 1.75%, along with the standard rates of ACH, online, in-person, credit, or debit card payments. However, if you own a Quickbooks checking account, eligible payments are deposited to your chosen bank account on the same day.
What Are the Fees Associated With Using Quickbooks Payments?
When you use this provider, the transaction fees differ based on whether you use QuickBooks Online or QuickBooks Desktop. The flexibility allows businesses to pick the QuickBooks platform that suits them best. Before accessing payment processing, both products require payment plans.
QuickBooks Desktop Payments come with transparent fees: ACH bank transfers cost $3.00, swiped transactions incur 2.4% + 30¢, and both invoices and keyed transactions carry a fee of 3.5% + 30¢, all without any monthly fees. Opting for a $20 monthly plan brings benefits, including adjusting swiped transactions to 1.6% + 30¢ and keyed transactions to 3.3% + 30¢.
For QuickBooks Online Payments, the fees are also straightforward: ACH bank transfers are $1.00, swiped transactions cost 2.4% + 25¢, and invoices, along with keyed transactions, have a consistent rate of 3.4% + 25¢, all without a monthly price. This simple fee structure makes QuickBooks a transparent and accessible choice for various payment needs.
The deposit speed of credit card transactions varies depending on the QuickBooks product utilized and the type of payment method, which is usually the next business day.
QuickBooks Desktop Enterprise offers three plans, Gold, Platinum, and Diamond, each with an annual fee. The Gold plan is available at an initial cost of $1,830 for the first year, the Platinum plan at $2,250 for the first year, and the Diamond plan at $4,400 for the first year. Notably, all these plans come with a 60-day money-back guarantee, providing users with a risk-free trial period to explore and assess the suitability of their chosen plan.
QuickBooks Online offers a variety of monthly plans catering to different business needs. The plans include Simple Start at $15 per month, Essentials at $30 per month, Plus at $45, and Advanced at $100 per month. Each plan is designed to provide businesses with features and tools that align with their specific requirements, offering flexibility in choosing a plan that suits their budget and operational demands.
You are also eligible for a 30-day free trial or a discount for the first three months of service starting from your enrollment date.
The Benefits & Potential Drawbacks
- Transparent pricing: Intuit Inc. promises you affordable rates and fast deposit speeds with no set-up costs or hidden fees when you sign up for their service. They also list all their fees and charges on their site. Hence, they are transparent in their pricing, so businesses know exactly what they are paying for
- Synchronization: Seamless integration with both native and third-party software allows for complete synchronization of business activities
- Easy online setup: Integrating your QuickBooks Payments account into your current financial software is easy using the step-by-step guides and demos provided online. Thus, it will allow you to start accepting electronic payments quickly. Once set up, you can easily access and manage your account through their dedicated merchant service center
- Easy cancelation: The company states that it is easy to cancel your plan subscription anytime by going to the account settings in QuickBooks and then selecting "Cancel." Luckily, you will still have access to your plan's benefits until the end of the billing period
- Mobile and contactless solutions: QuickBooks Payments with the GoPayment app allows you to tap or take digital wallet payments with a card reader for contactless payment options on the go
- High processing fees: Compared to other providers, using Quickbooks as a payment processor may be quite costly. Although transparent, their fees can add up, affecting your profit margins
- Lack of a POS system: Due to the discontinuation of Quickbooks' POS, they no longer have a dedicated POS system. Hence, this provider lacks the common additional offerings of other providers of this type. Instead, you must purchase a POS system from Shopify if you are looking to make in-person payments along with processing
- Delays in funding: According to Quickbooks, whether instant or next day, it is acknowledged that deposit times may vary due to third-party delays
- Quickbooks account approval: A QuickBooks account is required to utilize their payment processing services. To initiate access to payment processing, ensure that you are already registered with QuickBooks Online or Desktop. Following this, you will need to undergo the application approval process, where there is a possibility of getting rejected
Security & Compliance
As a commitment to securing customer data, Intuit has partnered with SecurityMetrics, a leading PCI service provider, to ensure that all merchants utilizing their services remain secure and compliant. The robust Intuit PCI program encompasses an array of security features designed to safeguard your customer's card data. They offer threat prevention tools, including vulnerability scans, mobile scans, and SecurityMetric PANscans, to enhance your ability to identify unencrypted card data and lessen the chances of data breaches.
Additionally, they offer security awareness training to further improve your knowledge about identifying common threats such as phishing scams and keylogging malware attacks. The PCI program provides an additional benefit: enrollment qualifies you for an exclusive premium service warranty, potentially valued up to $100,000. To maintain eligibility for this warranty, ensure your registration in the PCI program is current, and all service fees are kept up-to-date.
User Experience & Feedback
Notably, QuickBooks Payments does not have an individual Better Business Bureau (BBB) profile; instead, they fall under Intuit, Inc., which is neither accredited nor rated by BBB. An alert on the BBB for Intuit indicates known government action regarding business marketplace conduct, specifically concerning false advertising related to their "TurboTax" tax filing software.
As for the Quickbooks Payments customer experience, one reviewer states that their funds were held for more than six months by Intuit because a merchant account could not be opened; however, the company responded and resolved this complaint days after it was posted.
Additional grievances include charges for unrequested services, but based on the company profile, several of these complaints were resolved and closed. Additionally, some users expressed dissatisfaction with slow customer support.
On a positive note, on G2, QuickBooks Payments holds a commendable rating of 4.2 out of 5. Users appreciate the seamless integration with other Intuit products and highlight the automatic matching of payments and records. Furthermore, users praise the transparency of the service, specifically noting the absence of hidden fees.
How Do I Get in Touch With Intuit Quickbooks?
QuickBooks provides diverse customer support options for users seeking assistance. For sales inquiries, you can contact them directly at 1-888-747-6631, which is operated Monday through Friday from 5 AM to 6 PM PST. Additionally, their dedicated customer support line is reachable at 800-446-8848.
For comprehensive assistance, QuickBooks offers additional resources through their online learning and support platform. Users can also explore dedicated Quickbooks Payments FAQ pages, ensuring that a range of helpful information is readily available for resolving queries.
In conclusion, QuickBooks Payments presents a compelling option for businesses, standing out as a potentially top-tier payment processor. While they offer a comprehensive package, it's crucial to note that additional expenses may be incurred for the necessary add-ons to achieve a fully integrated solution. The commitment to security is commendable, instilling confidence in both businesses and customers for online and in-person transactions. Nevertheless, the substantial volume of customer complaints regarding Intuit raises concerns. Further research is advised to ensure that this provider suits your business needs and goals.
Selecting the right credit card processor is a crucial decision. Explore our list of the top credit card processing companies and compare each one to make an informed choice. We encourage you to visit our blog pages for a deeper understanding of the entire industry.
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