QuickBooks Credit Card Fees Uncovered: How Much Does It Really Cost?

In the world of modern business, accepting credit card payments has become essential. QuickBooks, one of the most popular accounting software platforms, offers integrated credit card processing services. This feature allows businesses to accept payments from customers directly through QuickBooks, streamlining the payment process and improving cash flow. However, like all payment processing systems, QuickBooks charges fees for processing credit card payments.

This article provides a comprehensive explanation of QuickBooks credit card processing fees, including how they work, the fee structure, how to calculate fees, and ways to reduce them. By understanding these fees, business owners can better manage their operating costs and make informed financial decisions.

What Is QuickBooks Credit Card Processing?

QuickBooks credit card processing, also known as QuickBooks Payments, is an integrated payment solution that enables businesses to accept debit and credit card payments from customers. This payment service supports multiple payment methods, including Visa, Mastercard, American Express, and Discover.

With QuickBooks Payments, business owners can process payments through various channels, including in-person, online, and over-the-phone payments. The payments are automatically recorded in QuickBooks, reducing manual data entry and minimizing the chances of errors.

How Do QuickBooks Credit Card Processing Fees Work?

When a customer pays using a credit card, the payment undergoes processing, which involves communication between banks, payment networks, and merchant accounts. This process incurs fees that are shared among financial institutions, card networks, and QuickBooks as the payment service provider.

QuickBooks charges a percentage of the transaction amount, plus a fixed fee per transaction. The rate varies depending on how the payment is processed (in-person, online, or keyed-in) and the type of card used.

Types of QuickBooks Credit Card Processing Fees

QuickBooks credit card processing fees are categorized into three main types:

Swiped (In-Person) Transactions: These transactions occur when the customer physically swipes, dips, or taps their card on a payment terminal. Since these transactions have a lower fraud risk, they have the lowest processing fees.

Fee Structure: 2.4% + $0.25 per transaction (subject to change)

Online Transactions: These transactions happen when a customer pays online, such as through an invoice link or a customer payment portal. Online payments have a higher risk of fraud compared to in-person payments, so the fees are higher.

Fee Structure: 2.9% + $0.25 per transaction (subject to change)

Keyed-In (Manual Entry) Transactions: If a business owner manually enters a customer's credit card details, it is considered a "keyed-in" transaction. These transactions pose a higher risk of fraud and chargebacks, resulting in the highest fees.

Fee Structure: 3.4% + $0.25 per transaction (subject to change)

These fees are subject to change and may differ depending on the specific QuickBooks Payments plan you have.

How to Calculate QuickBooks Credit Card Processing Fees

To calculate the fees for any given transaction, use the following formula:

Processing Fee = (Transaction Amount x Percentage Fee) + Flat Fee

Example Calculation: Suppose a customer pays $100 using an online payment method. The fee for online payments is 2.9% + $0.25.

Calculation:

Percentage Fee: $100 x 2.9% = $2.90
Flat Fee: $0.25
Total Fee: $2.90 + $0.25 = $3.15

If you process multiple transactions daily, you can calculate the total fees for all transactions and subtract them from the total revenue to estimate the net profit.

Factors Affecting QuickBooks Credit Card Processing Fees

Several factors influence the processing fees charged by QuickBooks. Understanding these factors can help you take steps to minimize costs.

Payment Method: In-person swiped payments have lower fees than online or keyed-in transactions.
Card Type: Credit cards like corporate and rewards cards often have higher processing fees.
Volume of Transactions: Larger transaction volumes may qualify for lower fees or negotiated rates.
Chargebacks and Refunds: Refunds may still incur processing fees, while chargebacks can lead to additional costs.
Merchant Account Type: Businesses with higher transaction volumes may negotiate better rates.

How to Reduce QuickBooks Credit Card Processing Fees

High credit card processing fees can reduce your business’s profitability. Here are strategies to lower these fees:

Encourage In-Person Payments: Since swiped payments have the lowest fees, encourage customers to pay in person.
Negotiate Lower Rates: If your business processes a large volume of transactions, you may be able to negotiate better rates with QuickBooks Payments.
Use ACH Payments: ACH (bank-to-bank) payments have much lower fees than credit card payments.
Avoid Keyed-In Transactions: Use payment terminals or card readers to reduce keyed-in transactions and their higher fees.
Reevaluate Payment Processors: If the fees are too high, consider alternative payment processors that offer lower rates.

Comparing QuickBooks Credit Card Processing Fees to Competitors

While QuickBooks Payments provides seamless integration with QuickBooks, it’s important to compare its fees with other payment processors, such as PayPal, Square, and Stripe. Each provider has different rates and benefits.

ProcessorIn-Person FeeOnline FeeKeyed-In FeeQuickBooks2.4% + $0.252.9% + $0.253.4% + $0.25PayPal2.29% + $0.492.59% + $0.493.49% + $0.49Square2.6% + $0.102.9% + $0.303.5% + $0.15Stripe2.7% + $0.052.9% + $0.303.4% + $0.30

Note: Fees may vary based on the business type and volume of transactions.

Frequently Asked Questions (FAQs)

1. Can I avoid QuickBooks credit card processing fees?

No, but you can reduce them by encouraging in-person payments and using ACH payments when possible.

2. How long does it take to receive payments through QuickBooks?

Payments are usually deposited within 1-3 business days.

3. Are fees the same for debit and credit cards?

Yes, the fees are generally the same for both debit and credit card transactions.

4. Can I pass the processing fees to my customers?

Yes, but you must check local and state laws before implementing a surcharge policy.

5. What happens if a customer issues a chargeback?

You may be subject to additional fees and could be required to provide evidence to dispute the chargeback.

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Conclusion

QuickBooks credit card processing fees are an inevitable part of accepting credit card payments. While these fees may seem small, they add up over time, affecting your bottom line. By understanding the fee structure, calculating transaction costs, and implementing strategies to reduce fees, you can keep more of your revenue.

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If you’re considering QuickBooks Payments for your business, weigh its seamless integration against the fees it charges. Compare it with other providers to ensure you’re getting the best value for your business.

If you have any questions or need assistance with QuickBooks Payments, call +1-833-200-3695 for expert support. Our team is available to provide guidance and help you reduce processing fees to maximize profitability.

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