QuickBooks Payment Fees: Overview and FAQ

QuickBooks is a popular accounting software that offers various features to help businesses manage their finances effectively. One such feature is QuickBooks Payments, which allows users to accept credit and debit card payments from their customers.

In this article, we will discuss everything you need to know about QuickBooks Payment fees. We'll also discuss how Wise Business is a great way to get paid and make quick and safe transfers internationally.

Looking to use QuickBooks and get the mid-market rate on international transactions?

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QuickBooks Payment Fees Review: Quick Overview

Before we get into actual prices, it’s important to note that QuickBooks’ fees depend on what plan you choose from four options. Those are:

• Simple Start: $15-$30/month
• Essentials: $30-$60/month
• Plus: $45-$90/month
• Advanced: $100-$200/month

Each of these plans comes with a suite of features. Essentially, Simple Start is the most basic plan, and as each plan increases in price, it increases in features that build on the Simple Start features.

In addition to these, you’ll also have the option to pay for Live Assisted Bookkeeping, which is $50/month, or one of three Payroll service options:

• Payroll Core: $22.50-$45/month
• Payroll Premium: $40-$80/month
• Payroll Elite: $62.50-$125/month

These also all come with a suite of features that correspond with their price. Again, these features are only optional and you only need a plan to open an account.

Once your account is made with your plan of choice, you will be subject to standard transaction and payment fees. We will get into those in the next section.¹

However, those are the general QuickBooks plans. They also offer others tailored to managing money. Here is an overview of those four plans:

• QuickBooks Money: $0/month (not including payments made per transaction)
• QuickBooks Simple Start: $15-$30/month
• QuickBooks Essentials: $30-$60/month
• QuickBooks Plus: $45-$90/month

The three latter plans, which may look familiar from the original plan structure, also include accounting features, while QuickBooks Money is simply for managing money.

These are the plans you are directed to in the Payments section, so it would be wise to choose an account from here instead of from the original bunch if you are looking to focus on payments.²

Currently, QuickBooks does offer multicurrency accounts.

Looking to make or receive payments internationally? Learn more below.

QuickBooks Fees and Pricing³

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QuickBooks Payments FAQ

What Is QuickBooks Payments?

QuickBooks Payments is a payment processing service provided by Intuit, the company behind QuickBooks. It allows businesses to accept credit and debit card payments from customers directly within the QuickBooks platform.

How Much Does QuickBooks Payments Cost?

QuickBooks Payments does not have a set cost. The cost is variable and depends on factors like your plan of choice, how many transactions you complete, what type of transactions you make, etc.

You can begin working with QuickBooks payments for free through the QuickBooks Money plan, but you should expect to incur QuickBooks processing fees based on your actions with your account.

How Much Does QuickBooks Charge Per Transaction?

QuickBooks charges a variable fee of 1-3.5% per transaction. You can look at the QuickBooks Fees and Pricing section above for a better idea of what these fees apply to and what fees to expect for your average transactions.

What Percentage Does QuickBooks Take?

QuickBooks takes a variable percentage of 1-3.5% per transaction in addition to their flat rates for plans and additional features. You can learn more about the specific instances when certain percentages are taken in the QuickBooks Fees and Pricing section.

How Much Does QuickBooks Charge to Accept Payments?

QuickBooks charges a variable fee for accepting payments that depends on how the customer is paying and how you are choosing to accept the payment. This charge is anywhere from 1-3.5% of the transaction amount.

Does QuickBooks Charge For ACH Payments?

Yes, there is a QuickBooks ACH payment fee. When invoices or quick requests are paid using ACH bank payments, the QuickBooks bank transfer fee is 1% of the transaction amount. However, this is the lowest of QuickBooks invoice fees for payment acceptance.

How Much Does QuickBooks Charge for Credit Card Payments?

QuickBooks credit card fees for payments are variable depending on how the payment is processed. QuickBooks card reader fees are 2.5%, QuickBooks online payment fees are 2.99%, and their keyed-in fees are 3.5%.

Therefore, you should budget for 2.5-3.5% being charged by QuickBooks for credit card payments.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

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Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise and QuickBooks together

If you have international bills to pay, not only can you do so at the mid-market rate with Wise, but now you can also sync Wise Business with QuickBooks.

• You can see your unpaid bills in real-time and pay them seamlessly from your ‘Bills’ page on Wise.
• Your bill payments and any other Wise transactions will be synced, matched, and categorized in QuickBooks for simple reconciliation.
• Once connected, all bills you create in QuickBooks Online will automatically sync in real-time to Wise, where you can choose which ones to pay.

Sound amazing? See for yourself how much time and hassle you can save.

Sources used :

Sources last checked on 10-January 2024.