Last Updated on June 17, 2020 by Editor Team
In many small businesses, it is a little bit difficult to bring money form the customers. As you know in this digital world nobody carries cash. But they carry debit & credit cards. And customers usually pay by credit cards. So Quickbooks has given an offer to Quickbooks users to took payment easily by credit card with low-cost Quickbooks credit card processing fees. So that you and your customer will not have to worry about any extra processing fees. But any business owner cant takes payment directly through credit card online. So in this situation business owners should have a Quickbooks merchant account. So let’s see below for more info…
What is Quickbooks Credit Card Processing Fees
Quickbooks credit card processing fees are those fees, that are applicable to the customer credit card. When the customer paid to the vendor then the bank takes some charges from the customer. Every time when you do any transaction then Quickbooks takes 2.9% on invoices and $0.25 per transaction.
When a business owner thinks to take online payment then they have to use a payment gateway. For this, they have to create a Quickbooks merchant account. Where he will get services like Quickbooks payment, Go payment and point of sale, etc. Point of sale is such a kind of transaction that uses QB point of sale software to proceed with the transaction.
How To Secure Quickbooks Credit Card Processing
If you want to secure your Quickbooks credit card processing. Then you have to be PCI compliant. Because if you will not a PCI compliant. Then there is a possibility for cyber fraud with you and your customer. In such cases, you can face decrease customers or your business. To become a part of PCI you have to pay $20-$30 per month. That’s why you have to choose the right merchant account for your Quickbooks credit card processing that has low-cost processing fees. Quickbooks is one amongst them. So let’s see how to create an entry in Quickbooks…
How To Enter Quickbooks Credit Card Processing Fee Into Quickbooks
If you have trouble entering Quickbooks credit card processing fee in Quickbooks. Then we will teach you how do you enter in credit cards. But first, you have to set up a credit card function from the Quickbooks settings.
- Open your Quickbooks and go to the List from menu bar
- Then select chart of account, then select the account and click on Add New
- And then select the Credit Card option and click on Continue.
- Then you have to provide Account Name, Description
- And provide credit card balance before using Quickbooks
- But if you don’t know the credit card statement then click on Inner Opening balances.
- Then find your statement so that we can start further steps.
- Fill opening balance and date to get a statement and then click on OK
- Then click the enter button and select No. because we don’t want to save online.
Now Enter Quickbooks Credit Card Processing Fee
- Got your Quickbooks dashboard and click on Enter credit card charges
- You will see form for Quickbooks credit card charges
- If you have more than 1 business credit card, then you can enter multiple credit card
- Now provide vendor name from the drop-down menu
- And select date from the calendar menu
- Fill amount in the amount field
- You can specify a memo and if you want to provide detail of what types of expenses. You have done. Then fill the below table of the memo.
- Then you can click on the Save button to save it and then click on close.
- Then again go to the QB dashboard, and click on Reconcile
- A popup window will open. Then you have to select Account from the drop-down menu
- Select date and fill the balance
- Then provide Finance Charge and select date, then select an account type from the drop-down menu
- Click on continue and you can now see credit card payment window. Where you can see various credit card payment list.
Latest Quickbooks Credit Card Processing charges released
Quickbooks have provided latest credit card processing charges. That are applicable on customers. Let’s see below various pricing schemes…
Standard Quickbooks Credit card Processing Fees
This pricing scheme is applicable only to the new subscriber or Quickbooks merchant account. Or first time user of Quickbooks Point Of sale. We have provided below the chart of QB credit card processing fees. This pricing scheme is applicable to the purchase instance and returns an instance. Like if you use a single time then you will not have to pay any Quickbooks credit card processing fee. But if you are using a monthly plan then you need to pay $20/ month.
Similarly, if you are using a card swiper to take the transaction. Then you have to pay 2.40 % for the one-time user. But if you took a monthly plan then you have to pay 1.60%. Or if you are using Paypal then charged 2.90% for without monthly subscriber. And for monthly subscribers have to pay 2.80%. And per transaction fees is $0.25.
Standard Quickbooks Point of Sale Transaction Fee
If you are using Quickbooks point of sale transaction fee then below fee table is for you. As you can see below if you use the first time then it will not cost you anything. But if you choose the monthly to plan you ave to pay $19.25.
Standard GoPayment Transaction Pricing
Similar to Point of the sale there are no charges for the irregular customer or Pin debit rate. But if you want to take benefits on each transaction. Then you have to pay $20 per month. And if you use the card swipe method, you need to pay 2.90% for unsubscriber user. And if you are subscribed for the monthly plan, then you have to pay 1.60% on card swipe, 2.80% on the invoice, and 3.20% on the Keyed rate credit card.
So you have seen what is Quickbooks credit card processing fee. And how you can make an entry in QB., in addition, we have given various deduction rates for credit cards. So if you still taking invoice payment through check or cash. Then create a Quickbooks merchant account for a fast & easy payment process. And not only fast Quickbooks online transaction is secure and reliable software for vendor and purchaser.