Managing credit card processing fees can be difficult, but it doesn't have to be. Here are strategies for managing your QuickBooks credit card processing costs.
How to manage QuickBooks credit card processing fees.
When it comes to managing QuickBooks credit card processing fees, there are a few ways you can go about doing so.
- Use the lowest possible rate: If you're using a processor that charges by the transaction, then look for one with lower rates. This is especially important if you don't have high volume because it'll cost more per transaction at higher rates–and those costs add up quickly!
- Use one processor: Similarly, when using multiple processors (which we recommend) try not to use too many at once–you want to keep things simple and streamlined so that there aren't any hiccups in your workflow.
- Use multiple processors but pick one as primary and stick with it: This can be done by setting up rules within QuickBooks so that if someone uses their card during checkout online or over the phone then process through that specific account first before checking any others; this way they'll get charged less money since they've already been approved by default when entering their info into something like Stripe's dashboard before making their purchase online etc…
What are the best practices for managing QuickBooks credit card processing costs?
- Use a credit card processor that offers lower rates.
- Check for hidden fees.
- Consider using a merchant account that offers better rates and terms. A merchant account can be set up in-house, or you may be able to work with your bank or other financial institution to establish one on your behalf. You'll also want to consider what type of terminal will be used in conjunction with the processing service: will you need a virtual terminal (Visa/MasterCard) or physical device like an iPad? If so, what type of software is compatible with those types of terminals? And how will these devices connect with QuickBooks?
How to save money on processing fees.
The first step to saving money on processing fees is to choose the right credit card processor. A merchant account, like those offered by Merchant Service Providers (MSPs) or Payment Gateway Providers (PGPs), can help you get started with accepting credit cards at your business.
A merchant account allows you to accept payments through a POS system or online payment gateway in exchange for a percentage of each transaction. This fee typically ranges from 1% to 2% of each sale made with a credit card, but there are ways around this cost:
How to avoid overspending on QuickBooks credit card processing fees.
- Use a credit card processing company that offers free processing.
- Use a credit card processing company that offers low rates.
- Use a credit card processing company that offers no hidden fees and has no annual contract, so you can cancel at any time without penalty or hassle if you find another service you like better.
- If you process more than $50,000 in transactions per month, look for providers who offer discounts on volume (a good example is [Credit Card Processing Company Name] – they give new customers 10% off their first invoice).
Using these strategies can help you keep your business' expenses down.
- Use a credit card processing company that offers a flat rate.
- Make sure the company has good customer service.
- Make sure the company offers a free trial period.
- Make sure the company offers a money back guarantee, which allows you to test out their services before buying them for good and committing yourself for at least six months (and hopefully longer).
If you can't find one with all of these features, look for one that has at least two or three of them!
Conclusion
QuickBooks credit card processing fees can be a big expense for your business. By following some of these tips and strategies, you can keep your costs down while still providing your customers with the level of service they deserve.
