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How To Reduce QuickBooks Credit Card Processing Fees?

by | Aug 2, 2022 | Uncategorized | 0 comments

QuickBooks Credit Card Processing Fees

With over 29 million organizations in the U.S. utilizing QuickBooks Credit Card Processing Fees, enjoys a significant market share in the present accounting software industry. As per Chicago now, 80% of small businesses depend on QuickBooks for their financial management needs.

Also, the ecosystem features an open-source platform that independent developers can use to create new plug-ins, add-ons, and applications to further enhance software functionality. So among the various plugins available are payment applications that take into consideration the processing of electronic payments straightforwardly inside the QuickBooks platform.

quickbooks credit card processing fees

How to add or modify the accepted credit card types in my QuickBooks Online

QuickBooks Online by default will have Visa, MasterCard, Discover, and American Express turned on in the Payment Method List. So if a credit card is missing or the Process Credit Card Payment is grayed out on the Sales Receipt or the Receive Payment screen, the credit card types should be edited or added to the Payment Method List.

If the credit card type is missing from the list, follow these steps to add it:

  • Choose Gear Icon > All Lists.
  • Click on the Payment Method List.
  • Click New.
  • Enter the credit card name and click on the Credit Card box to choose it.
  • Click on Save.

How to Process Sales Receipt Credit Card Payments in QuickBooks Online

Process Sales Receipt Credit Card Payments in QuickBooks Online:

  • Click on the “New” button
  • Sales receipt or Make a sale
  • Choose the Customer utilizing the dropdown
  • Add items and administrations and complete form data
  • Choose the Credit card Payment technique utilizing the dropdown
  • Enter credit card details

  1. If utilizing Magtek card reader > Swipe card, then, at that point, swipe the client’s credit card, or
  2. Manually key in card data

  • Process Credit card, then, at that point, Save
  • Save and close.

Benefit-maximizing strategies that can reduce QuickBooks Credit Card Processing Fees:

1. Give more information

To better comprehend what a merchant account is, and the different high risk payment processors rates, we should review why processing rates exist. Ordinarily, the type of credit card transaction and the type of card utilized (a corporate AMEX reward card, for instance) decide how much collateral risk banks partner with the given transaction. Banks want to see a complete cardholder profile to precisely calculate risk, rather than an anonymous or MasterCard number.

It’s a reasonable concern. Could you like to loan cash to a total outsider, or somebody you know a ton about? The banks feel the same way. Consequently, the more detailed the transaction information field, the lower your merchant processing rate. This leads to lower overall operating expenses for the merchant. Fortunately, a far-reaching cardholder information field doesn’t call for the significant investment of your organization’s employees manually entering detailed card data into the payment gateway. An integrated payment solution for QuickBooks does it for you automatically!

An integrated payment processing solution is a software improvement that permits you to deal with QuickBooks Credit Card Processing Fees. With this add-on, you can accept credit cards in any structure, including both card-present and card-not-present transactions (CNP). When the payment transaction is done, the payment integration marks your invoices and automatically balances the general ledger for you.

2. Comprehend card types and transactions risks

As an entrepreneur, you have the final say in determining which credit cards, if any, to accept as payment. Therefore as clients progressively use credit cards for different purchases, a business that can accommodate various payment options can benefit.

All in all, if you want to survive in the merchant world, you want to accept different credit cards… a lot of them. Therefore credit card transactions can be divided into two main categories: card-present and card-not-present transactions (CNP). By and large, a card-present transaction includes a card that is truly present at the time of the transaction and naturally qualifies for lower base expense rates. For this simple reason that a card that is introduced physically can be verified with a government-issued I.D.

Furthermore, if you accept a great deal of card-not-present transactions (CNP), and they end up comprising essentially business credit cards and rewards cards, make certain to pick a merchant services provider that offers a full range of software solutions, including integrated processing for QuickBooks Credit Card Processing Fees. Integrated software is completely equipped for finding detailed cardholder data that banks like and automatically attaching this information to the transaction, further lessening your base cost rates.

quickbooks credit card processing fees

3. Avoid layered pricing models

Merchant services processors frequently give organization-tier pricing to make it simpler for merchants to comprehend how different transaction processes are. So the most widely recognized is the 3-tier pricing model, which sorts transactions into only three fundamental classifications.

Although this model has efficient benefits over traditional base expense models, it’s a long way from the best solutions. Here’s the reason:

  1. Less straightforwardness: 3-tier processing permits the processor to package different transactions into only three general “buckets,” making it almost inconceivable for merchants to know the details of what precisely they’re paying for arbitrary reasons.
  2. Lack of comparison: As there are no detailed tiers, every processor can continuously redefine the three “bucket” parameters as they like. This training makes it incredibly hard for merchants to sort out whether or not they’re getting an extraordinary deal on processing or being taken to the cleaners.
  3. Variable guessing game: As an entrepreneur, you could find it challenging to foresee upcoming QuickBooks Credit Card Processing Fees. Because the 3-level qualifying factors continually change.

Eventually, numerous organizations settle on an anticipated and straightforward standard expense model, otherwise called a flat rate. Flat rate pricing permits merchants to efficiently figure out costs and boost a more extensive tier table.

4. Keep an eye out for buried expenses

Tragically, numerous processors don’t have their client’s best interests as a primary concern. So a few processors will try to conceal hidden fees in your contact and hope you don’t find them. Therefore read your statements and contracts carefully and pick a provider that will develop with your business, not take advantage of you.

A processor ought to be transparent with nothing to hide. A few significant features to search for include: $0 setup fees, $0 upgrade fees, $0 maintenance expenses, no early termination charges, free in-house customer support, and an experienced chargeback management team.

5. Get 24/7 customer support

As an entrepreneur, you’ve probably heard the saying ‘time is cash’. You can’t afford to spend hours on hold while you wait for support to solve your problem. You really want answers quickly.

If you have an angry client calling you on a Saturday morning, requesting to know why their card was charged or why their payment didn’t go through, you want your processor to be accessible. As a matter of fact, 91% of troubled clients won’t willingly work with you once more.

credit card processing fees

Conclusion

Numerous processors offer one or both base expense models, and they are not charging you more to do as such. Notwithstanding, note that in most cases, you should have prior processing history with the processor to consider these choices. Therefore they like to see your processing history and risk factors in determining. If you promise it for a given timeframe or the existence of your account QuickBooks Credit Card Processing Fees. Contact 5 Star Processing today to know more about how to reduce quick books credit card processing fees.

Frequently Asked Questions:-

Q1. How much does QuickBooks charge for credit card transactions?

The cost of QuickBooks processing varies depending on the amount you want to process each month and your plan. Their flat fee, nonetheless, begins at $0.25 for more modest transactions, however, can go up as high as $2 or more if you’re making bigger payments in bulk.

Q2. How do I add credit card processing fees in QuickBooks?

There are three essential ways of adding credit card processing fees in QuickBooks Online.

  • Enter the transaction and afterward match it to the bank feed.
  • Enter transactions from bank feed or import.
  • Then enter credit card charges directly into the credit card register.

Q3. Can I access QuickBooks Online on my cell phone or tablet?

QuickBooks Online can be accessed from any web-enabled mobile device with an internet browser. The experience is optimized on any iOS gadget (iPad, iPhone or iPod Touch) and Android tablet or Smartphone with the QuickBooks Online App.

Q4. What is a good fee for credit card processing?

A reasonable credit card processing rate is normally around two or three percent of the purchase rate. Besides, the credit card processing rates will likewise vary depending on what type of merchant account you have. The two most common types of merchant accounts are qualified and non-qualified.

Q5. How do I avoid credit card fees in QuickBooks?

The following are five simple ways to lower your QuickBooks credit card fees and get the most reasonable credit card processing for your business.

  • Utilize a QuickBooks payment mix
  • Pick a PCI-compliant payment gateway
  • Select a flat rate pricing choice
  • Watch out for hidden charges
  • Get every minute of everyday customer support

QuickBooks credit card fees are a means to an end for the overwhelming majority of independent companies. Without the right strategy, they can add up and take away from your main concern. Luckily, these five methods can work on payment acceptance and make it more reasonable to deal with credit cards in QuickBooks.