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Merchant Account
The QuickBooks Merchant Account Service is offered by Wells Fargo Merchant Services and Chase Merchant Services, LLC. These are the only two Merchant Account services that work with QuickBooks. You must use QuickBooks Financial Software version 2002 or higher, or QuickBooks Enterprise Solutions 2.0. This account allows you to accept credit cards – everything you need to process credit cards is built right into QuickBooks - no extra software or phone lines needed. Simply enter credit card and customer information in QuickBooks, and click Send. Credit card payments are authorized and processed on the spot, and data is stored in QuickBooks. With this service, you can process credit cards in QuickBooks or remotely – such as at a trade show or at home – using Virtual Terminal Plus1. The service includes a card reader and features a 1.89% card-swiped rate. The card reader is available and is sold separately.
Your application must be approved before you can use this service, and you can apply from within QuickBooks as shown in the screen below. This process typically takes 7 to 10 days to be processed, approved and activated. You will need to furnish current information about your business: legal name, location, business history, owner information, sales data, bank account information, funding information and current credit card processing and card type information. Pricing for this service is as follows:
Automatic Credit Card Billing - If you have a QuickBooks merchant account, the Automatic Credit Card Billing feature allows you to bill a customer's credit card a fixed amount at regular intervals for recurring services, such as membership fees, insurance premiums, or subscriptions. Before setting up a recurring charge, you must have written authorization from your customer. To set this up, from the "Customers" menu in QuickBooks, choose "Accept Credit Card Payments" and then choose "Manage Automatic Credit Card Billing" to access the Recurring Charges page. Print the "Automatic Credit Card Billing Authorization Form." Visa and MasterCard require that you and your customer complete this form in order to use Automatic Credit Card Billing. After completing the merchant sections, deliver the form to your customer to complete and sign. Next, on the "Recurring Charges" page, click "Set Up Recurring Charge" and complete all fields. Then, click "Next" to review and then save the charge information. Billing begins on the start date you specify. Your customer's credit card is charged automatically each billing period for the amount specified. After payment is authorized, funds are transferred to the account you use for the QuickBooks Merchant Account Service.
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