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 payments 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
| Service | Charge |
|---|---|
| Invoices or Quick Requests Paid Using Cards or Digital Wallets (Visa, Mastercard, Discover, American Express, Apple Pay, PayPal, Venmo) | 2.99% |
| Invoices or Quick Requests Paid Using ACH Bank Payments | 1% |
| In-Person Payments with a Card Reader (accepts Visa, Mastercard, Discover, American Express, Apple Pay, Google Pay, Samsung Pay) | 2.5% |
| Payments Processed by Manually Entering a Customer’s Card Information | 3.5% |
| Invoicing and Quick Request Rates for Cards (Visa, Mastercard, Discover, American Express) | 2.99% |
| Invoicing and Quick Request Rates for Digital Wallets (Apple Pay, PayPal, Venmo) | 2.99% |
| Invoicing and Quick Request Rates for ACH Bank Payments | 1% |
| Card Reader Rates for Cards (Visa, Mastercard, Discover, American Express) | 2.5% |
| Card Reader Rates for Digital Wallets (Apple Pay, PayPal, Venmo) | 2.5% |
| Rates for Keyed-in Payments via Card (Visa, Mastercard, Discover, American Express) | 3.5% |
| Instant Deposits to an Outside Bank Account via QuickBooks Online | 1.75% |
| Payments Dispute Protection Rates | Starting at 0.99% |
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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.
Wise Business: An International Account
Wise stands out for offering the mid-market exchange rate – the fairest possible rate – to its users. Along with a transparent, pay-as-you-go fee structure, these features provide major cost savings for businesses that do international transfers regularly.
You can also send transfers through a number of transfer types and choose the best payment option based on fees and the potential arrival time.
Businesses can enjoy a multi-currency account that can hold over +40 different currencies at once and get local account details in major currencies (GBP, EUR, USD, JPY, CAD, AUD, and more) so they can pay like a local.
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No minimum balance required and no monthly fees
Use Wise and QuickBooks together
If you have international bills to pay, not only can you pay them 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.
| Some key features of Wise Business include: |
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Sources used :
Sources last checked on 10-January 2024.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. 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.
