Intuit QuickBooks Payments is a payment processor that offers solutions for various businesses. To find out if Intuit could benefit you, continue reading the review below.
Intuit, formerly starting as Intuit Merchant Services and Innovative Merchant Solutions, has become a credit card processor when partnered with QuickBooks, creating QuickBooks Payments.
QuickBooks Payments is best known for its seamless integration which means it should install smoothly without any problems.
|PROMOTIONAL LINK||LOAN DETAILS||REVIEW|
|Chase Merchant Services|
Best direct processor for all sizes.
2.6% discount rate and $0.10 per tap, dip or swiped transaction, and 3.5% discount rate and $0.10 per keyed transaction
2.90% and 25 cents per transaction
|Intuit Quickbooks Payments|
Best for QuickBooks users.
2.40% & 25 cents per transaction
2.90% + 25 cents per transaction
Best low-fee mobile card processor.
2.75% per transaction
2.9% + 30 cents per transaction
QuickBooks Payments Features
Intuit actually provides you with a merchant account when you sign up for QuickBooks Payments. Each account includes QuickBooks integration.
The plans and features vary depending on QuickBooks version.
Down below are different kinds of plans and features that Intuit QuickBooks Payments has to offer.
With this plan, you can connect your Payments account to Quickbooks and easily send invoices, recurring payments and accept swiped transactions.
This plan is best recommended for businesses who mainly use mobile credit card processing.
With the app, it will automatically sync with QuickBooks Online and process all payments through a smartphone.
Since this plan is desktop based, they offer more advanced accounting features, but lacks the cloud features that Online Payments or GoPayments as.
Transaction data from GoPayments will not sync with QuickBooks Desktop.
You can bring any processor to Intuit’s POS system, but only QuickBooks Payments can integrate seamlessly, which means it will run smoothly on a new device.
Intuit POS is also compatible with QuickBooks Desktop.
You will have to apply for eCommerce processing along with your merchant account.
Intuit is compatible with popular eCommerce providers such as BigCommerce and Shopify, but if you don’t use the default processor of your eCommerce provider’s, you might be charged extra.
QuickBooks eCommerce is best recommended for those who already have QuickBooks Payments.
This feature allows you to use QuickBooks Payments with Gmail to conduct invoices and other transactions.
If you already have an existing Intuit account, you can sync your gmail to QuickBooks Online.
Pricing With QuickBooks Payments
QuickBooks Payments has individual pricing for all their plans. Consider all the fees and features each type comes with.
If you end up processing more than $7,500 a month, you could be eligible for custom rates.
|TYPE OF PAYMENTS||FEE TYPE||BASIC PRICING||MONTHLY/PRO PRICING|
|QuickBooks Online:||Monthly Fee||$0||$20|
|Invoices, PayPal, Apple Pay||2.9%||2.8%|
|QuickBooks Desktop:||Monthly Fee||$0||$20|
|Invoices, PayPal, Apple Pay||2.9%||3.5%|
|QuickBooks POS:||Monthly Fee||$0||$19.95|
|QuickBooks eCommerce:||Monthly Fee||$0||$20|
|QuickBooks GoPayment:||Monthly Fee||$0||$20|
There are some other fees to consider should you experience technical issues and rejections.
Unfortunately, QuickBook Payments will charge you for failed transactions.
If you prefer to go with the PCI compliance service, Quickbooks Payments will charge you $9.95 every month.
|Chargeback Fee||$25 + full chargeback amount|
|ACH/Electronic Bank Reject Fee||$25|
|Returned Check Fee||$10|
|POS Monthly Minimum Fee||$16|
Contract & Closing
The pay-as-you-go option allows you to close your account without having to pay an early termination fee.
Six months of inactivity can also cause your account to be suspended, so if you won’t be using it for a while, then it’s best to cancel it beforehand.
To officially cancel your account, you have to mail a formal written request to Intuit.
If your account becomes closed due to merchant misconduct, Intuit will charge you a fee of $500 to $2,500, so, be careful to not go over your monthly limit on processing volume.
For those who are currently already using QuickBooks for accounting, Intuit QuickBooks Payments can enhance your business.
With quality features such as seamless integration, online invoicing and a convenient mobile app that can sync any QuickBooks account, this processor will be quite useful.
If you tend to have larger transaction volumes, then consider Chase Merchant Services instead, a direct processor that provides more security and is known for its top notch services.
For someone who’s new to the business world and don’t have that high of a transaction volume, then processors like Square can assist you in the journey.
If you are interested in finding out more information about card processors, then check out our Best Credit Card Processing Services to learn about all kinds of different card processors!