One of the key objections to using the QB services, such as payroll, merchant services, etc has been that ‘it’s just another added on expense’ or, as one of my clients put it, ‘they nickel and dime you to death’. Here’s the truth, you are going to pay for these services anyway! Whether it’s having Intuit handle your payroll tax filing or handling your Merchant services, you still, bottom line, need these services! Might you be able to find a service cheaper? Perhaps, but let’s look at the advantages of using QB to do this for you.

Merchant Services

1. It’s easier to reconcile.

Other companies batch together the day’s Credit Card totals, which ordinarily wouldn’t be a problem except for the three times a week occurrence that one of those CC doesn’t process in time. Then the bookkeeper has to go through each transaction to see which one (two or three) are missing and why. Using QB merchant services all transactions are posted to the correct accounts upon the CC being deposited into your account. The fees are automatically deducted and correctly assigned to the appropriate account in QB. The clients I have switched to QB have also reported a faster turn around time on payments into their account which improved their cash flow.

2. Reduces Errors in Transfer of Information.

When you are using another provider for Merchant Services, the bookkeeper must manually enter all transactions from the Merchant Services report increasing the chances of a mistyped number or another innocuous mistake that can cause hours of heartache in searching for the reason for the discrepancy. The automatic flow through also reduces errors in assigning accounts. Many business owners set up accounts for CC fees, but do not always consistently assign the appropriate fees to the appropriate category. QB Merchant Services eliminates these and other errors.

3. The Cost of Using QB Merchant Services by Purchasing from a Certified Pro-Advisor.

Purchasing your Merchant Services using a Certified Pro-Advisor can save your company hundreds if not thousands of dollars a year. A Pro-Advisor can get your swipe rates down to 1.9%, so whether you have a small number of large transactions or a large number of small transactions, you still save money!

4. Web-Store Service compatible.

Many businesses are turning to the internet to help them increase their sales. QB Merchant services has a compatibility with many of the current Online Store services and the sales automatically flow through to your QB file, again putting an end to errors and double work by your bookkeeper. Chances are you are using one of the companies that are already compatible with your QB.

5. Flexibility

There are three different payroll plans available to you. Assisted Payroll does it all, however, if you insist on filing your information yourself QB has cheaper options available to you. The least expensive one starts at under $10. a month. Again, use the Pro-Advisor discount that’s available by purchasing the plan from a Pro-Advisor.

Payroll

1. Flow through.

One of the main advantages to QB Payroll services is that your FICA, Social Security and Medicare all flow through to the correct QB account. Using another service may look cheaper, however, consider the number of man hours that it takes to:

a. Reenter identical information – and risk errors.

b. Fill Out the Required Tax Forms – and get them correct.

c. Hurry to Avoid Penalties and Fees – and get them mailed.

You only have to experience one late fee to realize how important the state considers those unemployment forms and the filing of the Federal forms.

2. Quickbooks Files For You.

As long as you are entering the information in time onto your QB software, QB handles the rest. Filing of forms, direct depositing of checks, etc. No more trips to the bank or department of revenue to handle business you could have handled from your desk at work or home.

3. Cost.

The cost of using QB Merchant accounts many times will beat those of an ADP or other provider. But in times that it doesn’t, the convenience and man hours saved will more than make up for the extra cost. And again, purchasing Payroll services from a Quickbooks Pro Advisor will give a substantial discount as opposed to ordering straight from Intuit’s website.

Share and Enjoy :

Although it would be nice to go through a merchant service for free, you better get used to merchant account fees because there are lots of them. Right from the start you will begin getting docked with fees, but the convenience and professionalism make having a merchant service all worth the fees. Here are 7 merchant service fees you can expect to deal with.

1. Transaction fee. The transaction fee is the flat rate fee that is charged with every transaction that is completed. It’s not much of a merchant account fee, but you can accept to pay anywhere from $.10 to $.30 per transaction.

2. Authorization fee. This merchant service fee is charged as soon as the transaction is processed. What is bogus with this fee is that you are still charged regardless of whether the transaction is accepted or denied.

3. Monthly minimum fee. All merchant services have different monthly minimum fees which makes it vital that you look into the different rates. A monthly minimum fee is how much you are guaranteed to pay for fees at the end of the month. For example, if all of your months fees only add up to $20 but your monthly minimum fee is $30, you can expect to pay the $10 difference at the end of the month.

4. Statement fee. This fee is charged for the total generation of a monthly transaction record. This and your monthly minimum fee are the merchant service fees you can get used to paying at the end of the month.

5. Discount rate. This flat-rate fee is a percentage that is taken out of each sale that is processed through the merchant account. All merchant services’ discount rates vary depending on what their intentions are, but the rates range from .85% to 8%.

6. Termination fee. This is potentially the largest merchant account fee that you will face, but it would be the last fee you would pay. The termination fee is a fee you pay for ending your merchant account before the term expires. Most merchant account terms consist of two to four years. The ending result for terminating your account too early can range from $150 to $300.

7. Free equipment. As mentioned, it’s nice when things come at you free but very rarely does it ever. The “free equipment” that you are given when you begin a terminal must be returned in perfect condition at the end of your term. If anything needs to be replaced, expect to drop another $300 to $500 for whatever is broken or damaged.

It may sound crazy after reading all of the merchant service fees that come with having an account, but it is truly to your benefit to have an account. You just have to be ready to fork up the dough, because there are a lot of merchant account fees that get handed out regularly.

Share and Enjoy :