We are continuing to explore financial software tools this week. A common question business owners have:
Is there an easy QuickBooks payment processing integration?
The short answer is yes, and there are many ways this work for you and your business. Behind the scenes, there are many options that give you benefits beyond the basic payment processing using QuickBooks. The good news? Integration is simple and will not only be more transparent, it will likely save you money.
If your business uses QuickBooks for accounting and bookkeeping, you don’t want to utilize the standard payment processing. Instead, you can use an independent merchant services account. This will not impact functionality of QuickBooks for record-keeping and may save you money.
Dual Pricing and Surcharging Fee Programs
One way is in passing the fee onto the customer via dual pricing. Another is setting up a formalized surcharge program.
If you want to pass costs on using dual pricing, the system will identify the difference in the payment. The higher rate for credit card and a reduced, discounted rate paying by check.
In the case of surcharging, the process must be set up correctly with state and local regulations. There maybe requirements for fee based programs in your area.
Credit or Debit Card Payments
You can also give the customer the option between paying by check, credit or debit card – this in particular can save on fees – even without flipping the expense to them. The basic fee to accept a check is less than a credit card processing rate and debit cards have lower percentages, too.
Some systems, like QuickBooks assess the same rate for ACH and EFTs regardless of the amount of the transaction, rather than a flat fee. For example, we have heard clients being charged a percentage transaction versus a flat rate fee no matter how much is being paid.
Note: Here at TransAct, we offer caps and flat rates to help you mitigate expenses and achieve the lower overall cost.
Automated Recurring Billing
Other benefits can be related to setting up recurring billing which eliminates repetitive back office work. This also saves time staff doesn’t need to spend on tasks that can be automated.
Using a variety of options that suit your business, invoices can be issued making it clearly optional for the customer to choose pay by check, e-Check, ACH/EFT, or credit/debit card. When offering dual pricing, the customer has full transparency for the amount paid.
Payment Processing Options
One integrated provider may make it easier to manage, but can be more confusing to customers and more expensive overall. Start using the best tools for QuickBooks payment processing integration – your own merchant account.
Setting up your own account and integrating with business operations software helps create transparency, clarity and reduces costs. Reach out today to book a call. We will review your current QuickBooks payment processing integration and how we can help.