By now, you probably have a pretty clear idea of what your
company's goals for 2014 are. "Make more money" is likely one of them.
There are plenty of ways to go about that, but if you're not yet
accepting credit and debit card payments, maybe it's time to re-think
that. And if you are not using the Intuit Merchant Services, this is a
good time of year to at least look to see if you could benefit.
Statistically,
Here are some of the basics you'll want to know about when you're getting started:
What credit cards are eligible for electronic payments? Visa, MasterCard, American Express and Discover.
How much will it cost? There are many factors that determine your fees, such as volume of sales, whether you swipe a card or key in the card number. Typically there is a discount fee (a percentage of the sale transaction) and a per transaction fee. Depending on your plan, there may be other fees. But keep in mind, that if your customers are spending more or you have fewer payment issues, that the cost of accepting credit cards is worthwhile for the improved cash flow.
How soon does the money reach my bank account? Generally within 2-3 business days (holidays and weekends often affect timing).
Intuit has made lots of changes recently to their payment products and pricing structure so even if you've talked with them before, it is worthwhile talking with them again.
Source
Statistically,
- Consumers spend twice more when using a credit card versus cash/check. (Wouldn't you love to have your customers spend more with you!)
- 74% of small business owners say accepting credit cards helps them avoid non-payment/bad debt. (that sure helps your bottom line)
- 45% of 1000 small business owners cited "not getting paid on time" as the biggest challenge they faced when managing cash flow.
- Save time: 78% of QuickBooks merchant service users saved an average of 6.9 bookkeeping hours per month - that's about 82 hours per year or 2 work weeks! Customers can pay you online when you provide the link or you can enter in your QuickBooks and the payment will process when you save the transaction.
- Reduce errors: 75% of QuickBooks merchant service users say automatic integration and reconciliation of payments in QuickBooks reduced errors caused by manual double entry of transactions. (That also saves you money when you don't have to correct those mistakes.) Payments are automatically batched together.
- A better experience: 71% of QuickBooks merchant service users that switched from another provider said they were more satisfied than with their previous provider.
Here are some of the basics you'll want to know about when you're getting started:
What credit cards are eligible for electronic payments? Visa, MasterCard, American Express and Discover.
How much will it cost? There are many factors that determine your fees, such as volume of sales, whether you swipe a card or key in the card number. Typically there is a discount fee (a percentage of the sale transaction) and a per transaction fee. Depending on your plan, there may be other fees. But keep in mind, that if your customers are spending more or you have fewer payment issues, that the cost of accepting credit cards is worthwhile for the improved cash flow.
How soon does the money reach my bank account? Generally within 2-3 business days (holidays and weekends often affect timing).
Intuit has made lots of changes recently to their payment products and pricing structure so even if you've talked with them before, it is worthwhile talking with them again.
Source
