Intuit QuickBooks Payments Review: A Superior Payment Gateway for QuickBooks
The Intuit name is synonymous with products like Intuit QuickBooks, TurboTax and Quicken, all of which are used regularly for taxes, accounting and finances. All of the tools mentioned are viewed favorably by accountants and other professionals throughout the world, so it’s exciting to see exactly what the Intuit brand has to offer in terms of a payment gateway.
This brings up the question: Why would a company that has focused so much on tax and accounting software want to get into the payment processing game? Well, we’re certain it has something to do with improving revenues, but it also makes sense in order to integrate with some of the other tools they have such as QuickBooks.
And that’s just it, QuickBooks Payments is a fine processor, but there’s not really any reason to use it unless you’re currently utilizing QuickBooks for your online store or physical shop. In fact, they don’t really even seem to try that hard to sell the QuickBooks Payments system without QuickBooks.
Therefore, we recommend checking out this review if you’re currently, or planning on, working with QuickBooks for your online store. This way, you gain access to one of the better integrations out there.
Intuit QuickBooks Payments Review: Top Features
- Email invoices to your clients with a quick Pay Now link.
- Get paid everywhere with the mobile POS and swiper.
- Accept ACH bank transfers.
- You payments are deposited within 2-3 days.
- A merchant account is provided regardless of the plan you go with.
- The payment processor integrates with everything you do in the QuickBooks bookkeeping software, making it one of the best features in the system.
- You get a free swiper if you don’t currently have a merchant account with Intuit.
- The mobile app is great for collecting payments on the go.
- You gain access to a virtual terminal for linking up with any internet connected computer.
Intuit QuickBooks Payments Review: Ease of Use
As we talked about in the section above, the virtual terminal is one of best parts of working with QuickBooks Payments. It allows for accepting payments from any module, and it’s extremely friendly for those who aren’t familiar with the software just yet.
In addition, companies that use QuickBooks are going to love the interface of QuickBooks Payments. Not only will you receive some help in getting it integrated, but all of your invoices, payments and bookkeeping reports are synced without you having to think twice about it.
Intuit QuickBooks Payments Review: Pricing
You’ll notice on the QuickBooks Payments pricing page that they ask you whether or not you are currently using QuickBooks. This is yet another reason you’re not going to want to go with QuickBooks Payments unless you’re on the QuickBooks system. The pricing is different and not that impressive.
That said, if you do have QuickBooks, the pricing structure goes as follows:
Pay as You Go Plan
- You only pay per transaction for this one.
- The monthly fee is $0 per month.
- The card swiped/dipped rate is 2.40% + 25¢.
- The card keyed rate is 3.40% + 25¢.
- ACH/bank transfers & checks are 50¢.
Low Monthly Rates Plan
- This plan is $19.95 per month.
- The card swiped/dipped rate is 1.6% + 25¢.
- The card keyed rate is 3.2% + 25¢.
- ACH/bank transfers & checks are 50¢.
When selecting between the two plans, it comes down to how much you’re willing to pay per month. With the Low Monthly Rates Plan you receive much lower card keyed and swiped rates, but you must pay that monthly fee. I like the Pay as You Go Plan for smaller companies just getting started out, or businesses where the sales are a little lower. Then you can switch over to the Monthly Rates Plan when a higher number of sales come in. Otherwise you’ll get killed by the transaction fees.
Keep in mind that a few other fees are charged your way if needed. You must pay $10 for a returned check fee, $25 for a chargeback fee and $25 for an ACH reject fee. Lots of payment processors have fees like these, but it’s still annoying that we’re not starting to see some new startup that can eliminate these.
QuickBooks Payments Review: Security
Although the entire QuickBooks Payments platform is PCI Compliant, it seems that, once again, the standout feature here is the integration with QuickBooks. This way, all of your transactions are automatically registered and you can go back to look at the reports and understand whether or not something looks strange. Security alerts and suspicious activity reports are provided, but in general you’ll have to complete most of the security manually.
One thing is for certain, the process is streamlined, and the interface is clean. Intuit has been around for quite some time, so it takes security seriously. You shouldn’t have any problems with getting issues cleared up if something arises.
While QuickBooks Online is available worldwide, QuickBooks Payments is currently only available in US and Canada.
Intuit QuickBooks Payments Review: Support
As with security, QuickBooks is streamlined to the point where the processes seem to work just fine. Mixed reports about Intuit support are all over the internet, so it may depend on your own personal experience, or the person you happen to be talking to. However, the company has FAQs, a Help section, tutorials and a full blog for updating you on new developments.
A full knowledge base is dedicated to the QuickBooks Payments platform, and you do have the opportunity to call in and speak with a rep if you need to.
Who Should Be Using Intuit QuickBooks Payments?
This one is as clear as day: Go with QuickBooks Payments if you’re currently using the QuickBooks bookkeeping software. The integration is smooth and secure, while you also receive items for collecting payments through mobile devices. I wouldn’t recommend it to anyone not on QuickBooks, but you can still compare prices if you would like.