QuickBooks has become a lifeline for many business owners who appreciate the comfort of a seamless payment acceptance process. Its simplicity has become a soothing balm, making it easy to forget the associated costs. But have you ever paused to consider the actual price tag attached to this convenience - the QuickBooks payment fees?
There is indeed a premium to pay for the ease and integration that QuickBooks offers. The costs may not seem exorbitant at first glance. You pay:
But let's dissect these fees a little deeper.
Accepting Expensive Cards
Imagine, for a moment, you only accept the priciest cards for your business. The figures would look something like this:
Commercial Card Not Present 2.70% + $0.10
This is still a substantial cost. Now, picture this. No business will accept only expensive cards. You'll also be accepting standard CPS VISA cards, averaging around 1.5% and .10, and debit cards.
For businesses processing a smaller number of transactions but at high values, the costs can still be striking. Take, for example, a $5,000 debit card transaction:
$5,000 x 2.9% = $145.00 on QB
But what if you had a transparent pricing model like Interchange Plus? Here's the math for that:
$5,000 x .05% .22 = $2.72 + (processor markup of 40 bsps) = $20.00 Total $22.72.
That's quite the stark contrast, isn't it? It leaves you wondering about the profit QB is making off that one transaction. Is QuickBooks a universally bad deal? Not necessarily. But the challenge is that you, as a business owner, can't fully grasp what you would be paying until you process with a parallel solution that offers transparency about the payment methods your customers are using.
Now, add in the fact that QuickBooks' popularity results in countless businesses vying for QB Online's bandwidth. This competition can trigger slowdowns, demand major updates, and stir up frustrated customers when their payments fail to process.
This is where we come in. At SPS, we offer solutions that not only integrate seamlessly with QuickBooks Online but also promise to reduce your payment fees significantly. And here's the cherry on top: if you qualify, we can even eliminate these fees entirely. Isn't that a sweet prospect? So, why not cast away the unnecessary weight of excessive payment fees, and let us guide you to a lighter, brighter path for your business?