Intuit Credit Card Processing

Century Business Solutions provides a credit card processing enhancement that functions within QuickBooks, so there’s minimal hassle and maximum benefit.  The Intuit credit card processing enhancement marks your invoices as paid and posts payments to accounts receivables (A/R) and general ledger (G/L) for you, saving valuable time every day.
We designed our Intuit credit card processing enhancement to not only reduce your payment processing costs but to greatly improve your accounting workflow and to enhance transaction security.

Why is Intuit credit card processing traditionally so expensive?

Intuit benefits from using a three-tiered pricing structure for most of its customers.  Essentially, this lumps all 350+ types of credit cards into just three categories, each of which are assigned a single price.  The price isn’t exactly an average, as it’s always padded with a markup, so a processor employing that fee structure stands to profit nicely from your business.  But, it’s simple, so it seems better than the alternative, a bunch of numbers and cryptic card descriptors.  (You thought NQUAL was bad to look at?  Try looking at a detailed statement.)  The Intuit credit card processing tiers look like this:

QUAL - Qualified transactions

This category is for debit cards. Regulated debit cards are always very cheap for a processor to accept, just 0.05%. That means if you accept a $10,000 transaction, it costs a processor just $5. However, with Intuit credit card processing, you’re charged around 1.5%–sometimes as high as 1.69%–for those transactions. For the same $10,000 transaction on a debit card, Intuit would charge $169. At worst, that’s a 3280% percent price increase.

MQUAL - Mid-Qualified transactions

You’ll find consumer-type rewards cards here. These are more expensive than debit cards, in the neighborhood of 1%-1.5%. For a $10,000 transaction at 1.5%, your processor would charge you $150 plus a nominal markup. However, with Intuit credit card processing, those cards cost about 2.5%, sometimes as high as 2.69%. That means for the same $10,000 transaction, Intuit would charge $269. At worst, that’s a 79% increase.

NQUAL - Non-Qualified transactions

This slot is reserved for the most expensive credit cards: business-type, corporate-type, and government-type purchasing cards. They usually cost around 1.9%-2.6% to accept, so, for a $10,000 transaction, you might pay $260. With Intuit credit card processing, you’re charged a premium for these cards, anywhere from 3.4-3.96%. Worst case scenario: you pay $396; that’s a 52% price increase.

 

With pricing like that, it’s easy to see why so many search for an alternative to Intuit credit card processing.  For reference, the names of the tiers don’t mean much–they’re just made-up categories.  (It seems appropriate to mention at this point that Intuit did not create the three-tiered pricing structure; they’re just following a very successful format proven over the years.)

Century’s alternative Intuit credit card processing module works like this:

You can record credit card transactions at any or all of these four stages, exactly as you would using Intuit’s own credit card module:

  1. Sales Order
  2. Sales Receipt
  3. Invoice
  4. Received Payments

Watch a short video about our solution for QuickBooks


Features of Century’s Intuit credit card processing alternative:

  • Posts payments  in Accounts Receivable (AR) and updates General Ledger (GL)automatically
  • Marks invoices as paid upon transactions’ approval
  • Qualifies all credit and debit cards at the lowest interchange levels
  • Can send payment requests via email. Once paid,your invoices are automatically adjusted to reflect payments
  • Stores customer card information on our completely PCI-compliant server, making repeat orders much easier

Additional benefits:

  • NO daily discount (fees debited once a month only).
  • NO installation fees and NO software update fees.
  • Our virtual gateway, eBizCharge, with features to easily search for past transactions and run reports.
  • Unlimited, 24/7 customer service provided by our client services team in CA. NO OUTSOURCING.

Whether a current Intuit Payment Solutions customer or a business owner planning to utilize QuickBooks credit card processing, you need look no further for an Intuit merchant services alternative.  Through our payment processing application for Quickbooks, you can rest assured you get the lowest prices and the most convenient solution available.  Use the sidebar on your right to request a QuickBooks merchant services walkthrough and we’ll be in touch with you shortly.

QuickBooks merchant services