With the popularity of online bill-pay and credit or debit cards, checks are on the decline. But there are still many customers (especially commercial/corporate) who use them and that can mean multiple trips to the bank every week to deposit them. If you wait until you have several before making your bank run, you slow down your cash flow.
QuickBooks Payments may be just the solution for your business! With QuickBooks payments, in addition to accepting credit cards, you can you can accept check payments over the phone or enter the check information entering the payment. Before you say no, there is a $0/month option, so how can you lose? E-checks are deposited into your account anywhere from 1 to 4 days, depending on time of day, day of week and holidays. Most times my checks are in my account by the next day :-). Here are some benefits:
Faster payments. Since you can accept check payments over the phone, you don’ t need to wait for the check to come via snail mail or you can avoid the “check is in the mail” delay tactic..
Save time (yours or staff): You don’t have to fill out a deposit slip and go to the bank. This also saves you money – labor is a significant expense for most businesses, and if you’re the owner, your time is valuable and better spent strategizing and making sales.
Lower fees. While there are fees associated with accepting e-checks, the fee per check is a very low flat rate, instead of a percent of the amount as with credit cards.
Here’s how it works:
Electronic Check – When you accept payment over the phone or have the check in hand, go to Receive Payments in QuickBooks and enter the customer and amount as usual.
- Payment method is E-Check,
- Check the box at the bottom of the screen next to Process E-Check payment when saving, and save the payment record.
- You will be prompted to enter the routing and account information from the check; QuickBooks will lead you through the necessary steps.
You’ll need a payment account with Intuit if you don’t already have one. As a ProAdvisor and Premier reseller, we have dedicated payments staff that can assist you and make you sure you get the best deal, so be sure to let us know.
Contact our office if you have any questions. For those of you already using this, I’d love to hear how you like it!