How Much Is the Credit Card Fee for QuickBooks?
As businesses continue to adapt to the digital era, the need for efficient and secure payment processing solutions has become paramount. QuickBooks, a popular accounting software developed by Intuit, offers a convenient credit card processing service for its users. However, like any payment processing service, there are fees associated with accepting credit card payments through QuickBooks. In this article, we will explore the credit card fees for QuickBooks, how they are calculated, and answer some frequently asked questions regarding these fees.
Understanding QuickBooks Credit Card Fees
QuickBooks offers two primary pricing plans for credit card processing: Pay-as-you-go and Pay monthly. The Pay-as-you-go plan charges a flat fee per transaction, while the Pay monthly plan charges a monthly fee in addition to a lower transaction fee. Let’s delve deeper into each plan:
1. Pay-as-you-go Plan:
– Flat Fee per Transaction: Under this plan, QuickBooks charges a flat fee of 2.4% + $0.25 per card-present transaction. For card-not-present transactions, such as online or over-the-phone payments, the fee increases to 2.9% + $0.25 per transaction.
– No Monthly Fee: The Pay-as-you-go plan does not require a monthly fee, making it suitable for businesses with infrequent credit card transactions.
2. Pay Monthly Plan:
– Monthly Fee: QuickBooks charges a monthly fee of $20.00 for this plan, which covers a certain number of included transactions.
– Lower Transaction Fee: Compared to the Pay-as-you-go plan, the Pay Monthly plan offers a reduced transaction fee. For card-present transactions, the fee is 1.6% + $0.25 per transaction, while card-not-present transactions have a fee of 2.3% + $0.25 per transaction.
– Additional Transactions: If your business exceeds the included transactions in the monthly fee, additional transactions will be charged at the standard Pay-as-you-go rates.
Factors Affecting Credit Card Fees
It is important to note that the credit card fees for QuickBooks may vary based on several factors. Here are a few factors that may affect the fees you pay:
1. Card Type: Different credit card types may have varying processing fees. For example, rewards or premium cards often have higher fees due to the added benefits they offer to cardholders.
2. Transaction Volume: If your business processes a high volume of credit card transactions, you may be eligible for volume discounts or lower transaction fees. It is advisable to reach out to QuickBooks sales representatives to discuss custom pricing options.
3. Integration: QuickBooks integrates with various payment processors, such as Square and PayPal. The fees associated with these processors may differ from the standard QuickBooks rates. It is recommended to review the pricing details of the specific payment processor you choose to integrate with QuickBooks.
Q: Are there any additional fees apart from the transaction fees?
A: While the transaction fees are the primary cost associated with credit card processing in QuickBooks, there may be additional fees, such as chargeback fees or fees for specific payment processing features. It is essential to review the terms and conditions provided by QuickBooks to understand all potential fees.
Q: Can I negotiate credit card fees with QuickBooks?
A: QuickBooks may provide custom pricing options for businesses with high transaction volumes or unique requirements. It is best to contact QuickBooks sales representatives to discuss potential negotiations.
Q: Are there any setup fees or cancellation fees?
A: QuickBooks does not charge any setup fees for credit card processing. However, cancellation fees may apply if you terminate your account before the agreed-upon contract period.
Q: Can I accept international credit cards through QuickBooks?
A: Yes, QuickBooks allows businesses to accept international credit cards. However, additional fees may apply for processing international transactions. It is advisable to contact QuickBooks customer support for detailed information on international credit card fees.
QuickBooks offers a reliable and user-friendly credit card processing service for businesses of all sizes. The credit card fees for QuickBooks vary depending on the chosen pricing plan, transaction type, and other factors. By understanding the fees associated with credit card processing in QuickBooks, businesses can make informed decisions and ensure a seamless payment experience for their customers.