QuickBooks Payments Review: Is It Right for Your Business?

QuickBooks offers two different transaction rates depending on whether you are using QuickBooks Online or QuickBooks Desktop. QuickBooks also has a Gmail plugin and a mobile app, QuickBooks GoPayment, and the same processing fees as QuickBooks Online apply. Miscellaneous fees, such as chargebacks and return and reject fees, are common regardless of the platform.

If you do not have a QuickBooks Online or QuickBooks Desktop account, you will need to sign up for one to use QuickBooks Payments. The subscription fees for QuickBooks Online range from $35 to $235 per month, while QuickBooks Desktop plans range from $799 to $1,410 per year.

Check the monthly fees for the different QuickBooks Online and QuickBooks Desktop plans.

Hardware

QuickBooks offers mobile card readers that can accept insert, tap, and digital payments. These are sold separately but you’ll often find promotional pricing offers for its POS devices. All hardware purchased from Intuit includes a one-year limited warranty and a 60-day money-back guarantee.

	QuickBooks Mobile Card Reader$49 or $79 with Power Stand Accepts swiped, EMV chip cards, and NFC contactless payments (including Apple Pay and Google Pay) Connects via Bluetooth with both iOS and Android GoPayment App Buy QuickBooks Mobile Card Reader

Being able to successfully sign up for a QuickBooks platform account does not mean you are already approved for a payments merchant account. However, access to any of QuickBooks’ platforms does provide you with the means to apply for payment processing. So, if you don’t have a QuickBooks account yet, you will be asked to sign up for one; otherwise, the website will prompt you to log in to your account.

There are no setup, application, or termination fees related to a QuickBooks Payments account; however, your QuickBooks platform may impose separate terms and conditions. For instance, legacy accounts that have not updated to the new pricing plans are subjected to tiered pricing. Custom plans with discounted rates are also available for businesses with large volume transactions but may apply different contract lengths and terms.

Signing up for a payments account is relatively quick, particularly for its mobile payment app QuickBooks GoPayment. Once you have downloaded the app and logged in to your GoPayment account, you will automatically be guided through the application process, or you can click on the “Get set up” button.

Stipulations on the use of QuickBooks Payments can be found under Section N: Merchant Payment Service. While it’s important to read the document in its entirety, you may want to clarify the following terms and conditions around payment processing with a QuickBooks sales representative:

• You give QuickBooks access to your QuickBooks account information to conduct creditworthiness verification.
• QuickBooks reserves the right to assign, set, or decrease limits to your per transaction or aggregate monthly transaction volume and can impose sanctions, including termination of your payments account if you exceed your processing limit.
• You may be required to set up and maintain a Reserve account and QuickBooks may require you to increase the balance of this account at any given time.
• In the event of changes in your average transaction amount or processing pattern, unusually high monthly percentage of different transaction types, or excessive chargebacks, QuickBooks is authorized to place holds on your transactions or Merchant Account.

QuickBooks Payments accepts all Visa, Mastercard, Discover, and American Express cards, ACH bank transfers, PayPal, Venmo, and NFC payments, including Google Pay and Apple Pay. QuickBooks Online Payments allows you to process remote transactions and is supported by a variety of business tools to track and manage your funds. QuickBooks GoPayment, on the other hand, provides tools for accepting in-person cash, check, and card payments with a card reader connected to your mobile device.

QuickBooks allows you to integrate your payment processing tools with popular ecommerce platforms such as BigCommerce, Shopify, WooCommerce, and UltraCart. Online invoicing lets you create payment button links you can include on emails you send to your customer to offer instant card payment options. Your QuickBooks Online platform can then securely process your payments, record your transaction, calculate taxes, and issue a digital receipt for your customers.

ACH and e-check payments are generally cheaper to process compared to paper checks and are funded faster. QuickBooks processes your digital checks with the Automated Clearing House (ACH) and then sends the details to your bank over a secure connection. While it typically takes up to five business days to process these types of payments, qualified merchants using QuickBooks Payments are offered next-day deposits at no extra cost.

Create, customize, and send invoices directly from QuickBooks. It offers invoice generator and invoice template tools to easily design invoices and manage them according to your business type. Customers can easily pay invoices online through payment buttons, over the phone, or in-person with a mobile card reader. You can also set and accept recurring payments and send recurring invoices.

QuickBooks Payments integrates seamlessly with other QuickBooks tools, such as payroll and accounting. This integration gives you a full view of your business’s cash flow and makes it easy to manage online, in-person, and even over-the-phone payments.

With QuickBooks Checking, you can sign up for a business bank account with Green Dot Bank, where you can receive instant deposits and faster ACH transfers at no extra cost. You also earn from your savings and manage your cash with an ATM card that earns you points each time you use it for cashless purchase. Sign-up is free, with no monthly fees or minimums to maintain, and you get seamless integration with your QuickBooks Payments and QuickBooks Workforce accounts.

Though QuickBooks works best within its own ecosystem, there are also integrations with external platforms like Amazon, PayPal, Square, and Shopify, there is also a long list of third-party integrations to choose from. Aside from the ecommerce platforms we mentioned, it is also compatible with SOS Inventory, QuickBooks Time (formerly TSheets), and Fathom. These integrations allow you to use QuickBooks Payments with your tech stack.

QuickBooks GoPayment is a free app that allows you to process payments by keying in your customer’s card details on your mobile device or with a mobile card reader. Merchants can also get a mobile card reader so that they can accept in-person payments on the go.

Historically, QuickBooks would take two to three business days to deposit funds from card transactions and even longer for ACH payments. However, with a QuickBooks Checking account, you can get free instant deposits (including nights and weekends).

Look for the Help button on any screen when in your dashboard to find QuickBooks’ self-serve support content. If you can’t find what you need, you can reach out via the website to start a live chat or request a callback. QuickBooks also has a community forum where you can ask and answer questions of other QuickBooks users.