Slow customer payments is a common issue for many businesses. One way to address that problem is to make it easy for your customers to pay you. The complaint I hear from some is they don’t want the fees associated with credit cards. With the Intuit Payment Network, your customers can pay you electronically (via ACH) and your cost is only 50 cents per payment instead of a percent of the total amount!
- First, you need to be in a supported version of QuickBooks (currently 2011 or higher).
- Adjust your settings in QuickBooks for this service.
- Go to Edit > Preferences. Click on Payments, then the Company Preferences tab.
- Check the two boxes below Enable online payment via Intuit Payment Network and enter the email address that you want to use (only the administrator can activate these preferences).
Figure 1: Make sure that QuickBooks is set up for electronic invoicing.
Just like online banking
Once you’ve completed this and Intuit has notified you that your account is active, the rest is equally easy. When you create an invoice, the box in the lower left of the screen next to Show online payment link on invoices will be checked. Just fill out the invoice like you normally would and save it. You can preview the invoice to see how it will look for your customer.
When you send these invoices, they’ll include a short paragraph telling customers that they can remit payment online, with a link taking them to the web page:
Figure 2: Customers who pay bills online will recognize this process.
Once customers transmit their payments, the funds will move into your bank account within a day or two (perhaps longer around holidays and weekends), minus the 50-cent service charge on bank account payments.
Now that’s MUCH faster than waiting for the check to be mailed, then having to go to the bank to make the deposit!