Best Way to Pay Overseas Suppliers: A Complete Guide for US Businesses
Find the best way to pay overseas suppliers. Enhance your international business transactions with our comprehensive payment solutions guide.
No conversation about accounting software happens without a mention of QuickBooks. With features for businesses to create invoices, manage their payroll, track their expenses, and make accounting easy, the platform caters to small startups and big organizations alike.
Through QuickBooks recurring billing, businesses can take their financial management up a notch and automate repetitive transactions. This article will go over what recurring payments are, their pros and cons, and how to set them up on QuickBooks.
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Rent payments, subscription charges, and memberships are all examples of recurring payments. They allow businesses to automate charges on a set schedule, so they don’t need to put in the time and effort to follow up with customers every time a payment is due. They’re usually charged to a debit or credit card or directly taken from a bank account using ACH transfer.
On QuickBooks and most other software, recurring payments are set up by the customer or merchant. They’ll save their bank account or card information on the accounting platform, and funds will be transferred to the merchant during every billing cycle.
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If you’re a QuickBooks user who could benefit from recurring payments, you can follow these instructions to set them up. Remember, all methods require you to obtain permission before initiating automatic payments.
Autopay involves deducting money from a customer’s account on a regular cycle.¹
Recurring ACH payments are taken directly out of a customer’s bank account.²
The credit card authorization form is a pre-authorized form that is required by Visa and Mastercard. Customers need to fill out and sign the form before the initial charge so there’s transparency with all QuickBooks automatic payments. You can download this authorization form once you enter a customer’s credit card information or manually select it from Create recurring payment.³
Templates are QuickBooks’ easy way to set up recurring transactions, and these can be created through your dashboard. You can create one by going to Settings > Lists > Recurring transactions. From there, click New and choose the type of transaction you’re looking to create. Enter a suitable Template name, select a Type, and hit Save.
Automatic recurring payments to vendors is also called a “cheque” on QuickBooks. To create one, head over to QuickBooks desktop and select Banking > Write Cheque. Fill out the cheque and select Save & Close to confirm.
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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Find the best way to pay overseas suppliers. Enhance your international business transactions with our comprehensive payment solutions guide.
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