How to Set Up a Credit Card Account in QuickBooks
Ready to start accepting credit cards in your accounting software? Here’s how to set up a credit card account in QuickBooks.
First, you’ll need to open a merchant account. A merchant account is a special bank account that allows a business to accept credit and debit cards. In order to set up credit card processing within QuickBooks, you can either open your account with Intuit, the parent company of QuickBooks, or with a credit card processor that offers specialized payment integrations.
Opening a merchant account with Intuit unlocks the functionality to accept credit cards directly in QuickBooks. The software will automatically apply payments to invoices and update your A/R and G/L, and you won’t have to switch between QuickBooks and your virtual terminal to run cards anymore. Plus, you’ll be able to securely store your customers’ credit card information for future transactions.
Unfortunately, Intuit charges steep fees for maintaining your merchant account and allowing you to process credit cards within QuickBooks. Any time you save will be outweighed by higher processing fees.
The high cost of Intuit’s services makes alternative payment solutions attractive for small to medium businesses. Find a credit card processor that offers a QuickBooks payment integration, and you’ll be able to process credit cards in QuickBooks while saving money on processing fees.
Finding the right QuickBooks payment integration
In this section, we’ll explain how to set up a credit card account in QuickBooks without paying exorbitant fees. The key is to choose a credit card processor with fair rates and a high-quality QuickBooks payment integration that allows you to accept payments within QuickBooks while avoiding Intuit’s high processing costs.
Ask for a cost savings analysis
First and foremost, ask any potential credit card processor to provide you with a cost savings analysis. You’ll be able to determine at once whether that processor can save you money.
Also ask which pricing structures they offer. If tiered pricing is the only structure available, it might be wise to look elsewhere. Tiered pricing plans are notorious for their lack of transparency and high rates. Instead, look for two pricing structures: flat rate and interchange passthrough. Both plans are great options for reducing your rates, and with flat rate in particular, processors will often guarantee a cost savings.
Click here for a cost savings analysis for QuickBooks credit card processing >
Schedule a demo
Evaluate the payment integration through a live demo. You want to ensure that the integration works seamlessly within QuickBooks and actually streamlines payment acceptance instead of adding further complications. If a credit card processor offers you a recorded demo, push for a live demo instead—it’ll be one of your best opportunities to ask specific questions about the ins and outs of the integration.
Look for top features
To find a solution that allows you to seamlessly accept payments in QuickBooks while saving money, check for the following features.
Free in-house customer support
Customer support for payment processing is too important to be outsourced to foreign agencies. Look for a payment processor that offers free in-house customer support with their QuickBooks integration. It’s a bonus if they also have an in-house development team, which means you’ll get a higher quality integration and better technical support.
Credit card processors often use contracts to lock businesses into their services while raising rates or underdelivering on what they promised. Working with a processor that doesn’t require a contract puts you in a position of power and forces the processor to earn your business through quality service and fair pricing.
Certification as an Intuit QuickBooks Developer
This certification guarantees that an integration developer has gone through Intuit’s rigorous certification process and can offer you a high-quality software integration specific to QuickBooks.
PCI compliance, data tokenization, and TLS 1.1 or 1.2
Certain security features are a must when it comes to any software that handles sensitive payment information. Confirm with the credit card processor that their QuickBooks integration is PCI compliant and houses customer payment information offsite. Also check if the integration uses both encryption and tokenization and is up-to-date with TLS 1.1 or 1.2 (preferably TLS 1.2).
Setting up your credit card processing inside QuickBooks is a great way to streamline payment acceptance and accounts receivable. With some research and diligence, you can find a solution that will allow you to seamlessly run cards within QuickBooks while saving you money on processing fees.
Want to learn more about how to set up a credit card account in QuickBooks and cut credit card processing costs? Fill out the contact form on the right for a free cost savings analysis.