By now, you probably have a pretty clear idea of what your company’s goals for 2014 are. “Make more money” is likely one of them. There are plenty of ways to go about that, but if you’re not yet accepting credit and debit card payments, maybe it’s time to re-think that. And if you are not using the Intuit Merchant Services, this is a good time of year to at least look to see if you could benefit.
- Consumers spend twice more when using a credit card versus cash/check. (Wouldn’t you love to have your customers spend more with you!)
- 74% of small business owners say accepting credit cards helps them avoid non-payment/bad debt. (that sure helps your bottom line)
- 45% of 1000 small business owners cited “not getting paid on time” as the biggest challenge they faced when managing cash flow.
Intuit Merchant Services offers numerous ways to get paid quickly, wherever you are – by smart device (phone or tablet), web, within your QuickBooks, or terminal. All it takes is an internet connection and an account. AND, the integration with your QuickBooks makes this definitely worth the time to check out.
- Save time: 78% of QuickBooks merchant service users saved an average of 6.9 bookkeeping hours per month – that’s about 82 hours per year or 2 work weeks! Customers can pay you online when you provide the link or you can enter in your QuickBooks and the payment will process when you save the transaction.
Figure 1: You can receive credit card payments from customers within QuickBooks.
- Reduce errors: 75% of QuickBooks merchant service users say automatic integration and reconciliation of payments in QuickBooks reduced errors caused by manual double entry of transactions. (That also saves you money when you don’t have to correct those mistakes.) Payments are automatically batched together.
Figure 2: Payments are automatically batched in QuickBooks.
- A better experience: 71% of QuickBooks merchant service users that switched from another provider said they were more satisfied than with their previous provider.
It’s simple to setup and simple to use, but we’ll be happy to help you get setup and recommend some best practices.
Here are some of the basics you’ll want to know about when you’re getting started:
What credit cards are eligible for electronic payments? Visa, MasterCard, American Express and Discover.
How much will it cost? There are many factors that determine your fees, such as volume of sales, whether you swipe a card or key in the card number. Typically there is a discount fee ( a percentage of the sale transaction) and a per transaction fee. Depending on your plan, there may be other fees. But keep in mind, that if your customers are spending more or you have fewer payment issues, that the cost of accepting credit cards is worthwhile for the improved cash flow. We wrote an article last year explaining merchant service terminology, which you may find helpful.
How soon does the money reach my bank account? Generally within 2-3 business days (holidays and weekends often affect timing).
Intuit has made lots of changes recently to their payment products and pricing structure so even if you’ve talked with them before, it is worthwhile talking with them again. As an Intuit ProAdvisor and Premier Reseller, we are able to get our clients special pricing, so if you are interested, be sure to contact us. We have a team of merchant service reps dedicated just for us so you’ll also get great service in addition to the special pricing.