How Do I Set Up Payments in QuickBooks?
A lot has changed for small business owners in recent years. For example, a digital presence is no longer optional: you’ve got to maintain an up to date website in addition to a multifaceted social media presence. But changes to the small business world aren’t just limited to the marketing side of things. Everyday processes have shifted, too — and nowhere is this more true than when it comes to invoicing and payments.
Simply put: paper invoices and written checks are a thing of the past. No matter what industry you’re in, the ability to create and send invoices online and accept instant electronic payments is essential for cash flow. Printing out paper invoices, sending them to customers, waiting for a written check to arrive in the mail, depositing the check, waiting for it to clear…all of this can take weeks. Why delay an incoming payment for that long when you could receive it in a matter of seconds?
For millions of small business owners in the United States, QuickBooks Online is the go-to choice for a range of accounting and bookkeeping tasks, including invoicing. But until you’ve set up QuickBooks to allow for online payments, you’ll still be stuck waiting for paper checks to arrive from your customers.
Below, we’ll take a look at how to setup QuickBooks payments so that your customers can pay you instantly. Plus, we’ll show you how Biller Genie integrates seamlessly with QuickBooks and expands upon its basic payment functionality with features like an online payment portal, automated invoice reminders, and more.
How to Set Up QuickBooks Payments
Setting up online payments in QuickBooks is relatively simple.
First, log into your QuickBooks Online account. You’ll be presented with the QuickBooks dashboard.
Click the gear icon in the top right corner of your screen. Under Your Company, select Account & Settings.
From the Account & Settings page, select the Payments option from the menu on the left side of your screen. Then, select Learn More under QuickBooks Payments.
Here, you’ll be presented with an overview of QuickBooks’ online payment processing fees. For swiped credit cards, QuickBooks charges a 2.4% fee in addition to $0.25 per transaction. Online invoice payments come with a fee of 2.9% plus $0.25 per transaction. Keyed payments (where you manually enter a customer’s credit card information rather than swiping their card) are charged a rate of 3.4% plus $0.25 per transaction.
To proceed, click the Set Up Payments button. You’ll be prompted to enter relevant information about your business, including your business name, address, phone number, industry, business type, and so on.
Next, you’ll need to provide your personal information. This includes your name, date of birth, personal phone, address, and social security number.
Lastly, QuickBooks will prompt you to enter information for the bank account where payments will be deposited. Click Submit, and you’re done!
Now, when you go to send one of your customers an invoice, there will be two clickable options available under the Payment Options heading on the invoice: Credit Card and Free Bank Transfer. Select one or both of these in order to receive a payment via QuickBooks. Still have questions or need more information? Visit our friends over at Quickbooks!
Biller Genie: the Preferred Online Payment Solution
While you can accept payments from your customers via QuickBooks, the functionality is limited.
For one thing, QuickBooks commits you to a particular payment processor. You don’t have the ability to integrate your own payment processor into the QuickBooks platform.
Additionally, customers can only pay you by clicking the “Pay Now” button while viewing one of their invoices.
If you’re like most small business owners, however, you know how time consuming it can be to collect payments from customers. You send them multiple email reminders — a time consuming process — and the customer is ultimately forced to dig through their email in order to find the relevant invoice, click Pay Now, and make a payment.
But with Biller Genie, it’s easier than ever for your customers to pay you online!
Biller Genie integrates seamlessly with your existing QuickBooks account, making it easy to gain instant access to Biller Genie’s advanced functionality.
With Biller Genie, you’ll have the option of using your own third-party payment processor. If you opt to process payments with Biller Genie, the pricing is identical to QuickBooks: 2.9% and $0.25 per transaction. There are no monthly fees and no cancellation fees.
Best of all, Biller Genie offers a secure, online, custom-branded payment portal that’s easy to integrate with your business’ website. Here, customers can set up their own username and password, log in to the secure portal, view outstanding and paid invoices, and make payments instantly online.
Rather than spending your time responding to customer email requests for previous invoices, outstanding balance updates, and other time consuming inquiries, your customers can log in and view all of this information directly.
Biller Genie offers a whole host of other functionality, too, including automated email invoice reminders, late payment fees, and more.
Plus, Biller Genie is FREE to try!
Ready to get started? Click here to sign up for your free Biller Genie account now.
Have questions? Schedule a free demo here.