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We are all aware of what a credit card is and how it works. It is a card that your bank issues to you. It allows you to borrow funds from the bank at a specified interest rate. In QuickBooks, you can connect your bank account and your credit cards and all the transactions will be recorded automatically. Furthermore, you can even make payments from QuickBooks using a debit cards, bank transfers, credit cards, etc. When you get paid or pay using credit cards, you get charged a certain fee known as QuickBooks credit card processing fee.
In this article, we’ll discuss what is QuickBooks credit card processing fee and everything related to it. So, without stretching it any further, let’s get started.
Using credit cards to complete any payment in QuickBooks, makes the work easier and simpler. However, most of the users are unaware of the fact that not only in QuickBooks but all over, when you use your credit card for payments, a certain fee is charged. It is called the QuickBooks credit card processing fee. The charges of QuickBooks fee for credit card processing is a specified percentage of the entire transaction. It is not only necessary to pay these charges but also to record them.
Using QuickBooks for credit card payments will be a wise choice as it will be much easier to record them and therefore maintain your books. You should know where each penny goes, therefore QuickBooks credit card processing fee calculator is your best shot.
Before we learn about the QuickBooks credit card processing fee, you must be aware of the fact that QuickBooks allows three different ways to pay using a credit card. The QuickBooks credit card processing fee calculator calculates different processing fee for different methods of payments.
You’ll need to record where each and every penny goes in order to maintain accurate books. Therefore missing out on recording QuickBooks fee for credit card processing can lead to improper book tallying. The best choice is that you record loans or charges. There are two methods by which you can record QuickBooks credit card processing fee calculator results. Let’s look at both of them one by one.
The get paid and payment option in QuickBooks is the inbuilt feature that records all the charges that you pay or receive in the software. Here’s how you can use this tab to record QuickBooks credit card processing fee:
As the name suggests, the expense option records all the expenses. QuickBooks credit card processing fee is kind of an expense and therefore you can use the expense report to record the detail also. Here’s how:
QuickBooks allows you to enter the QuickBooks fee for credit card processing manually. You get the benefit for self-checking all the data before they are recorded when you opt for the manual method of recording QuickBooks fee for credit card processing. Here’s how you can do this:
Another method for manually adding the QuickBooks credit card processing fee is using the bank deposit option. Here’s how:
Not only the owners and employees will have to pay the credit card fees in QuickBooks but anyone, even the customers who use credit cards for payments will have to pay the charges. Therefore, while creating invoices, you’ll need a QuickBooks credit card processing fee calculator to record the charges in your books and in the invoices as well. More ever, you should always ensure that your clients know how much is QuickBooks credit card processing fee to maintain transparency.
You have to add or edit the existing payment methods in QuickBooks sometimes. By default, QuickBooks is set to accept Visa, American Express, and Mastercard credit cards. However, these options can be edited. You can add new credit cards or you can alter the already added ones. Here’s how:
The main focus of any business should be to maintain accurate books. Therefore, it is crucial to take into account even the smallest expense or income. Having said that, recording QuickBooks credit card processing fee is important to balance out your books. However, most of the users are unaware that a thing like credit card fees exists. Be that as it may, you need to make your team, employees, and your client aware of what is QuickBooks credit card processing fee and how much is QuickBooks credit card processing fee.
This article is a perfect solution that will help out in explaining everything about credit card processing fees in QuickBooks. We have well-researched and discussed each and every aspect of QuickBooks payments and QuickBooks credit card processing fees.
A: Merchants can easily pass credit card fees to customers with 4 main methods:
A: A credit card processing fee is a necessary charge that everyone who chooses to pay using a credit card has to pay. The charges vary depending on the type of credit card and the bank.
A: The ideal credit card processing fee amounts to 1.5% to 3.5% of the entire transaction. Therefore for a sale of $100, you will have to pay approximately $1.5 to $3.5 as a credit card fee.