The Hidden Cost of Quickbooks Online Payments: A Closer Look
Published by
Jason Cowan
on
As a small business owner, you likely rely on QuickBooks Online to manage your finances efficiently. One of its convenient features is the ability to process credit card and bank transactions directly within the platform. However, it's crucial to be aware of the associated costs, particularly the fees for QuickBooks Online Payments.
Why Pricing Matters
Understanding the pricing structure of QuickBooks Online Payments is essential for several reasons:
- Budgeting: Knowing the exact fees helps you accurately budget your expenses.
- Profit Margin: Overlooking these costs can negatively impact your profit margins.
- Decision-Making: It allows you to make informed decisions about payment processing choices.
How to Confirm Your Pricing
To determine the specific fees (find them here) you'll incur for QuickBooks Online Payments, follow these steps:
- Log into Your QuickBooks Online Account:
- Access your account and navigate to the "Settings" tab.
- Check Your Plan:
- Review your current QuickBooks Online plan. Different plans may have varying fees for payment processing.
- Look for Payment Processing Fees:
- Within the "Settings" tab, search for options related to payment processing or credit card fees.
- Contact QuickBooks Support:
- If you're unable to find the information, reach out to QuickBooks support directly. They can provide accurate and up-to-date pricing details.
Tips for Minimizing Fees
While you can't completely eliminate fees, here are some strategies to minimize them:
- Choose the Right Plan: Select a QuickBooks Online plan that offers the best value for your payment processing needs. Alternatively, find a payment partner who can replace QB payments with a product tailored for your business.
- Optimize Payment Processing: Encourage customers to pay via methods with lower fees, such as ACH payments or using Dual Pricing.
- Review Your Fees Regularly: QuickBooks may update its pricing structure, so it's important to stay informed. Spark Solutions Group can help with this.
By understanding the pricing of QuickBooks Online Payments, you can make informed decisions about your payment processing strategy and potentially save money for your business. Please let us know if you would like us to help!