Nowadays, companies must accept payment via debit and credit cards in order to remain competitive. It offers a convenience that customers have come to expect and can be a make-it or break-it factor in landing a sale. Frequently, credit cards also result in higher average sales than cash sales. But how do you begin accepting credit card payments? QuickBooks may be your answer. They offer competitively priced payment processing that integrates directly with QuickBooks accounting software. Keep reading to learn everything you need to know about using QuickBooks credit card processing.
Types of QuickBooks Services
First, let’s take a look at the three different services offered by QuickBooks. They provide accounting, payment processing, and point-of-sale software that can be used individually or together. The accounting software is the most popular service and what most people are talking about when they refer to QuickBooks. It helps businesses to manage accounts payable, create invoices, track sales and expenses, make tax reports, and more.
QuickBooks Payments can be used to accept payments online, though an electronic invoice, or with a mobile device. It allows users to accept payments from MasterCard, Discover, VISA, American Express, and ACH bank transfers. When you use this service with the QuickBooks accounting software, your transactions will sync automatically.
They also offer QuickBooks Point of Sale. This lets users accept card payments in person at a retail store or restaurant. This software can be used with any compatible desktop computer. Though you do not need to use QuickBooks Payments to use this POS system, it does integrate automatically.
How to Enter QuickBooks Data
QuickBooks Payments make it simple to integrate payment data with your QuickBooks accounting software. There are a few different methods you can use to achieve this. This first is manual entry, which is ideally what you should try to avoid. This doesn’t require any extra software or knowledge, so you can use any processor to do it. However, it does take a lot more time, and there is a high chance of human error. You can also export data from an Excel file and import it into QuickBooks. Though it is a step up from manual entry, it is still not an automatic process.
You can also use a POS system that is compatible with QuickBooks. The payment processor must also be able to support the POS software. Though there is a limited number of compatible POS systems, using the QuickBooks POS may be your best option. Lastly, you have the choice to use plugins and gateway integration. These are comprehensive options that will save you the most time and nearly eliminate the chance of human error completely. This option also provides the most choices when it comes to equipment and processors. Plugin and gateway data entry methods allow two options for integration: real-time integration and daily syncing.
Should You Use QuickBooks Payments to Process Credit Card Payments?
One of the main benefits of this sort of payment processing is its integration with other QuickBooks services. By using QuickBooks payments, you can simplify the rest of your bookkeeping and cut down the amount of data entry that you would otherwise need to do. However, the ideal payment processor for your business will depend on your unique needs.
To learn more about QuickBooks payment processing or to get help managing your bookkeeping software, contact us at Fourlane.