In this first article of our two-part mini-series we will cover what 'parts' make up the whole and where to get started when accepting electronic payments. We hope to clear-up confusion regarding taking payments via the EMV chip reader and the GoPayments App, and how to link the various platforms with QuickBooks Online which makes mobile payments less of a hassle. So what are all the parts?
QuickBooks Payment Merchant Services
- Email invoices right from QuickBooks with a Pay Now link, letting customers pay you instantly online or from their mobile device.
- Accept payments Accept ACH bank transfers and all major credit cards including Visa, MasterCard, Discover and American Express.
- Books are auto-updated QuickBooks updates your books automatically as soon as your invoice is paid. We auto-deposit, too.
Accept and record all credit card transactions on mobile device. Plus, record any cash or check payments. Works with QuickBooks, all transactions sync up with QuickBooks and Intuit Point of Sale products to help you fully manage your business.
EMV Chip Reader MOBILE (used in combination with GoPayments App) - EMV is a new US credit card payment standard meant to make credit transactions more secure. "EMV" stands for Europay, MasterCard, and Visa - the developers of this standard.
To Start you must first have a QuickBooks Payment Merchant Account:
1) Either setup directly inside QuickBooks Online, or if you already have an account it will need to be merged inside QuickBooks Online.
- To access the QuickBooks Payment Merchant Account go to the Gear icon > Account and Settings > Payments > either Create New Account or Connect Existing Account
QBO Payments Part 1 - Figure 1
Linking these 2 products allows you to be able to accept payments inside your QBO by emailing invoices with QuickBooks Payment Merchant Services links in which your clients/customers can then pay directly through the invoice. Another way to process payments with the QuickBooks Payment Merchant Services is to use the credit card information directly through the sales receipt or receive payment screen inside of QBO.
QBO Payments Part 1 Figure 2
When converting QBD to QBO merchant service accounts it is necessary to contact Intuit for assistance.
2) Accepting Payments Using QuickBooks Payment Merchant Services inside of QuickBooks
QBO Payments Part 1 Figure 3
Note: EFT is a feature many of us have asked for and is being developed so we can process those payments directly inside QBO but for now EFT must be processed through QuickBooks Payment Merchant Services account which you can access using the same steps described above.
3) Enter Credit Card Information
QBO Payments Part 1 Figure 4
A) Manually enter the credit card information, or
B) Swipe the card, if you have a credit card reader attached
C) Save the customer's credit card information (optional), then
QuickBooks has created a number of options to accept payments which can be overwhelming and confusing. There is a way to streamline this process and make it more user friendly if you break it down and see all the components and understand their role in the payment process. Next week, in part 2 of this mini-series, we will cover how to set-up the GoPayments App and import those transactions into QuickBooks Online as either Received Payments or Sales Receipts.