Quickbooks Cc Fees
Edelira Longinotti
How to Save Money on QuickBooks Credit Card Fees
If you use QuickBooks to accept credit card payments from your customers, you may be wondering how to reduce the fees that you pay to the payment processor. QuickBooks credit card fees can vary depending on the plan you choose, the type of card you accept, and the amount of your transactions. In this article, we will explain how QuickBooks credit card fees work and how you can save money on them.
How QuickBooks Credit Card Fees Work
QuickBooks offers two plans for accepting credit card payments: QuickBooks Payments and QuickBooks Point of Sale. QuickBooks Payments is a service that allows you to accept online and mobile payments from your customers, while QuickBooks Point of Sale is a software that allows you to accept in-person payments using a card reader. Both plans charge different fees depending on the type of card you accept and the amount of your transactions.
QuickBooks Payments charges a percentage fee and a flat fee for each transaction. The percentage fee varies depending on whether you accept a card online or in person, and whether it is a debit card, a credit card, or a rewards card. The flat fee is $0.25 for all transactions. For example, if you accept a debit card online, you will pay 1% + $0.25 per transaction. If you accept a rewards card in person, you will pay 2.4% + $0.25 per transaction.
QuickBooks Point of Sale charges a monthly fee and a percentage fee for each transaction. The monthly fee depends on the number of devices you use and the features you need. The percentage fee varies depending on whether you accept a debit card or a credit card. For example, if you use one device and need basic features, you will pay $29 per month + 2.3% per transaction for debit cards and 3.2% per transaction for credit cards.
How to Save Money on QuickBooks Credit Card Fees
There are several ways to save money on QuickBooks credit card fees, depending on your business needs and preferences. Here are some tips to help you lower your costs:
- Choose the right plan for your business. If you mainly accept online and mobile payments, QuickBooks Payments may be cheaper than QuickBooks Point of Sale. If you mainly accept in-person payments, QuickBooks Point of Sale may offer more features and benefits than QuickBooks Payments.
- Compare the fees for different types of cards. Depending on your plan, some types of cards may have lower fees than others. For example, debit cards usually have lower fees than credit cards, and rewards cards usually have higher fees than non-rewards cards. If possible, encourage your customers to use the cards that have lower fees for your plan.
- Avoid chargebacks and refunds. Chargebacks and refunds can incur additional fees and penalties from the payment processor. To avoid them, make sure to provide clear and accurate information about your products and services, communicate with your customers regularly, and resolve any disputes or complaints promptly.
- Negotiate with the payment processor. If you have a high volume of transactions or a long-term relationship with QuickBooks, you may be able to negotiate lower fees with the payment processor. Contact them and ask if they can offer you a better deal or match the rates of their competitors.
Conclusion
QuickBooks credit card fees are unavoidable if you use QuickBooks to accept credit card payments from your customers. However, by choosing the right plan, comparing the fees for different types of cards, avoiding chargebacks and refunds, and negotiating with the payment processor, you can save money on these fees and increase your profit margin.
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