POS Warehouse, Blog

Understanding Your QuickBooks Merchant Service Agreement

Merchant Service Agreement photo by rawpixel.com on Unsplash

Photo by rawpixel.com on Unsplash

As retailers rush to meet the PCI deadline of March 31, 2016, they need to take a deep breath and read through the fine print of their QuickBooks Merchant Service Agreement. After all, no one wants to get stuck in a long contract without ensuring it is fair. If you are unsure of how to digest your agreement or have any questions about how to move forward with it, contact POS Warehouse. We are here to help you. Below are some questions you must ask when deciding on your Merchant Service Agreement.

How long is the contract?

Merchant accounts use contracts with predefined lengths. New retailers should choose shorter contract lengths to ensure that they like the credit card processing company. The Intuit QuickBooks Payments Agreement has no contract with their merchant service account. You can cancel at any time.

Are there hidden fees?

Transaction fees are standard, but be sure you understand any other charges that may apply. You may have an application fee, setup fee, annual fee, batch fee, or monthly minimums. The Intuit contract lists bank fees, schedule of fees, and fee provisions. You can find more information here.

What are the rates?

Intercharge – the cost of the credit card transaction from the credit card company – is standard for any credit card processing company. Make sure you understand the markups. Intuit offers preferred rates for QuickBooks customers.

What kind of support do you offer?

Many merchant service companies offer only email support. However, Intuit has a toll-free number for support.

These kinds of agreements are complex. There are many pitfalls when signing one. Be sure you know what you are getting into.

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About Marjorie Adams

Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Magazine.

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