How to Avoid Unwanted Quickbooks Fees

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There’s a reason that QuickBooks is the most widely used software for business accounting. It’s easy to use, giving business owners and executives the tools they need to manage expenses, track profits, and collect payments.

While QuickBooks is convenient, it’s not always the most affordable option for things like receiving credit card payments from your clients. In fact, one of the most common questions we hear at CardChamp is this:

How can I avoid unwanted QuickBooks fees?

We’re here to help. Here are some pointers for avoiding unwanted QuickBooks fees and saving money.

Understand What Fees You’re Paying

The first step to saving money on unwanted QuickBooks fees is to understand which fees you’re paying. Beyond your monthly subscription fee, you may be charged fees for accepting credit card payments through QuickBooks.

It can’t be denied that it’s convenient to be able to accept credit card payments using QuickBooks. It’s an option that keeps your invoicing and payments in the same place, saving you time and providing your clients with an easy and secure way to pay you.

That said, convenience always comes at a premium. If you opt to use QuickBooks payments to accept credit card payments, you should be prepared to potentially pay a monthly fee plus higher credit card processing fees than you might pay elsewhere.

Keep in mind that the QuickBooks fee is a tiered pricing structure and includes a hefty profit margin built in, on top of the Interchange Fees from the card issuers. This type of pricing does not benefit small to medium size businesses wanting to keep costs low.

QuickBooks charges different fees based on how the credit card payment is processed. You’ll pay:

  • 2.4% for swiped credit cards
  • 2.9% for invoiced credit cards
  • 3.4% for keyed credit cards

The charge is lowest for swiped credit cards because those transactions are the most secure. If you swipe the card, you’ll be able to verify the cardholder’s information in person.

Can You Afford QuickBooks Fees?

At times, we’re all happy to pay a bit more for the sake of convenience. For example, we understand that buying prepared food costs more than buying whole foods that we need to prepare ourselves.

However, there are times when the cost of convenience is simply too high to bear. If you use QuickBooks payments and pay the fees we’ve listed above, you could be paying -- in total -- 4% or more of the face value of every invoice as a convenience fee.

Some businesses can afford that margin -- but many can’t. And, if that’s the case, it makes sense to look for a more affordable option.

We suggest looking at your QuickBooks statements from the past several months and crunching the numbers. How much have you paid in credit card processing fees? 4% could mean the difference between making a profit this year or ending the year in the red.

If you find that the amount you’re paying in credit card processing fees is negatively impacting your business, then it may be time to look for a more affordable solution.

How CardChamp Can Help

The good news is that there is an easy solution available that works with QuickBooks and can save you money on your credit card processing fees.

CardChamp integrates directly with QuickBooks, which means that you’ll still have the convenience of accepting payments through QuickBooks -- without the extra fees. Of course, we still charge fees, but they are significantly lower than what you’ve been paying.

We offer several pricing options to meet your business needs. They include:

  • A wholesale plan where you’ll pay a monthly fee based on your payment volume plus the direct interchange rate plus a $.06 per transaction fee
  • A free pricing plan where you’ll pay a monthly fee of just $10 and pass the processing fee on to your clients via a non-discounted invoice
  • The match capital advantage plan, which matches your current rates and provides you with the ongoing working capital you need

We’re confident that if you do the math, you’ll see that choosing the CardChamp plan that meets your needs will save you money on your QuickBooks fees. In fact, on average, our CardChamp clients save about 25% off their QuickBooks fees when they enroll with us.

The bottom line is that you don’t need to pay unwanted QuickBooks fees. CardChamp offers the same convenience as QuickBooks payments without the unnecessary expenses. It’s a seamless transition for your clients -- they’ll still be able to pay you via QuickBooks. The only thing that will change is your fees.

You don’t need to pay unwanted QuickBooks fees. CardChamp’s flexible plans offer you the same convenience as QuickBooks payments without the extra fees, allowing businesses to focus on the things that matter most.

Ready to make a change and lower your credit card processing fees? Click here to learn how CardChamp can help!

Jimi Romanus

Written by Jimi Romanus

Currently rooting for the Milwaukee Bucks