I’m like every business – I like to get paid quickly. So, like other businesses, I try to make paying me as easy as possible. I was slow to accept credit cards because of the fees. Not only do banks often charge a monthly fee, but the bank also takes a percent of the sale, and depending on the provider, there can be other fees as well. If I wanted to let clients pay me online (whatever is easiest for them), I had to accept credit cards. Now, just like most businesses that accept credit cards, I accept those fees as a part of the cost of doing business.
Intuit has introduced a new product – the Intuit Payment Network (IPN); this lets clients pay online from their checking account, instead of using a credit card, through ACH (Automated Clearing House). The good news is that Intuit just charges a flat fee ($.50) per check – no monthly fee and no percent of sales. This means I get to keep more of the original sales transaction – more profit :-) Payments and deposits under $5000 are normally deposited into the bank account the next day. This also integrates with your QuickBooks, making it a streamlined process, and I’m all about automation and simplification.
Now when I email my invoices, my clients can choose how to pay (yes, I still give them a choice). However, you can just use the Intuit Payment Network and skip merchant services if you want, depending on the nature of your business. There is an application process, but it’s quick and setup is simple.
If you want to sign up or look into it more, simply go to: https://paymentnetwork.intuit.com/
Let me hear how you like it or if you have any problems with getting setup.