Setting up QuickBooks Payments can streamline and automate payment processing for your small business. By integrating payments into your QuickBooks accounting software, you can easily accept credit cards and bank payments from customers.
Follow these steps to get started with QuickBooks Payments:
Choose a QuickBooks Payments Plan
QuickBooks Payments offers two main plans – Payments Pro and Payments Advanced.
Payments Pro is best for businesses processing less than $15K per month. It charges 2.4% + $0.25 per transaction with no monthly fees. You get basic payment processing andInvoicing capabilities.
Payments Advanced has volume-based pricing starting at 2.4% + $0.25 per transaction and a $20 monthly fee. It adds advanced features like setting up recurring billing and sending payment links to customers. This plan is better for larger businesses processing over $15K per month.
Consider your processing volume, features needed and cost to select the best plan for your business.
Sign Up and Get Approved
Go to QuickBooks Payments website and select your plan. Click ‘Get Started’ and fill in some basic business information to sign up.
The approval process checks your identity and assesses your business risk. Have details like your EIN, business address and bank account handy.
approval usually takes 1-2 business days. You will receive an email once approved.
Connect Your QuickBooks Account
In the Payments dashboard, click ‘Connect to QuickBooks’ and login to your QuickBooks Online account. This syncs your customer, product and invoicing data from QuickBooks Sales into QuickBooks Payments.
Connecting accounts allows seamless sending of invoices, payment links and tracking payments against invoices in QuickBooks.
Set Up Your Payment Processing
Now it’s time to set up payment processing capabilities.
Enable payment methods like credit cards and ACH that you want to accept. Enter your bank account details to receive deposits.
Set up your gateway and merchant account with details provided as you complete the Steps.
Customize the Payments Experience
You can customize the checkout experience for customers paying invoices or sales orders.
Upload your logo, set branding colors and include a cover page with a message for your customers. You can also customize email receipts your customer receives after paying an invoice.
These customizations allow you to maintain brand consistency through the payments process.
Send Invoices and Accept Payments
You are now ready to start sending invoices and accepting payments through QuickBooks Payments.
Go to theInvoices tab in QuickBooks Online to create a new sales invoice. Make sure ‘Online Payment’ is enabled. An integrated ‘Pay Now’ button will be included when you email this invoice to your customer.
Alternatively, turn on ‘Online Payments’ in a Sales Order to email a payment link to the customer to complete the order and payment.
The payment will process through your QuickBooks Payments account and sync back with the invoice details in QuickBooks automatically.
Manage Your Payments Activity
Use the Payments tab in QuickBooks Online to view real-time activity on payments, deposits and transactions. You can search for transactions, view monthly statements, customize reports and more.
Integrated notifications and instant sync with QuickBooks accounting system makes payments reconciliation easy.
Also use the Settings tab to update account details, enable modules like recurring billing etc.
Setting up QuickBooks Payments integrates your payment processing with accounting software. Key benefits include automated reconciliation, linked invoices and payments, branded checkout and more. The setup process is simple and QuickBooks Payments plans are cost-effective. Consider automating payments with QuickBooks Payments for a streamlined finance system.