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Title: How Much Does QuickBooks Charge for Credit Card Payment?
Introduction:
In today’s digital era, accepting credit card payments has become essential for businesses of all sizes. QuickBooks, a popular accounting software, offers a comprehensive solution for managing credit card payments seamlessly. However, before integrating this feature into your business operations, it is crucial to understand how much QuickBooks charges for credit card payment processing. In this article, we will delve into the various fees associated with QuickBooks credit card payment processing and provide answers to frequently asked questions.
Understanding QuickBooks Credit Card Payment Processing Fees:
QuickBooks offers two primary options for credit card payment processing: QuickBooks Payments and QuickBooks Online Payments. Each option has its own fee structure, which we will explore below:
1. QuickBooks Payments:
QuickBooks Payments is an in-built payment processing solution that allows businesses to accept credit card payments directly through QuickBooks. The fees associated with QuickBooks Payments are as follows:
a. Swiped/Dipped/Inserted Payments:
– Visa, Mastercard, Discover, and American Express: 2.4% + $0.25 per transaction
– Non-Qualified Rate (e.g., corporate or foreign cards): 3.4% + $0.25 per transaction
b. Invoiced Payments:
– Visa, Mastercard, and Discover: 2.9% + $0.25 per transaction
– American Express: 3.4% + $0.25 per transaction
c. Keyed Payments:
– Visa, Mastercard, Discover, and American Express: 3.5% + $0.25 per transaction
2. QuickBooks Online Payments:
QuickBooks Online Payments is a payment processing solution that integrates with QuickBooks Online. The fees associated with QuickBooks Online Payments are as follows:
a. Swiped/Dipped/Inserted Payments:
– Visa, Mastercard, Discover, and American Express: 2.4% + $0.25 per transaction
– Non-Qualified Rate (e.g., corporate or foreign cards): 3.4% + $0.25 per transaction
b. Invoiced Payments:
– Visa, Mastercard, and Discover: 2.9% + $0.25 per transaction
– American Express: 3.4% + $0.25 per transaction
c. Keyed Payments:
– Visa, Mastercard, Discover, and American Express: 3.5% + $0.25 per transaction
It is important to note that QuickBooks may occasionally offer promotional rates or discounts. These rates may vary, so it is advisable to check the official QuickBooks website or contact their customer service for the most up-to-date information.
FAQs:
1. Can I use QuickBooks Payments or QuickBooks Online Payments without a QuickBooks subscription?
No, both QuickBooks Payments and QuickBooks Online Payments require an active QuickBooks subscription.
2. Are there any monthly fees associated with QuickBooks credit card payment processing?
QuickBooks does not charge any monthly fees for credit card payment processing. However, there may be additional charges for other services such as invoicing or recurring payments.
3. Are there any setup fees or cancellation fees?
QuickBooks does not charge any setup fees or cancellation fees for their credit card payment processing services.
4. How long does it take for funds to be deposited into my bank account?
Typically, funds from credit card transactions processed through QuickBooks Payments or QuickBooks Online Payments are deposited into your bank account within 1-2 business days.
5. Can QuickBooks process international credit card payments?
Yes, QuickBooks supports processing international credit card payments. However, non-qualified rates may apply for foreign cards.
Conclusion:
QuickBooks provides businesses with convenient and reliable credit card payment processing solutions through QuickBooks Payments and QuickBooks Online Payments. Understanding the associated fees helps businesses make informed decisions and manage their finances effectively. By referring to the fee structures outlined in this article and consulting QuickBooks’ official resources, businesses can determine the most suitable payment processing option. Remember to periodically check for any promotional rates or discounts offered by QuickBooks to optimize cost savings.
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