Best Quickbooks Credit Card Processing – Card Not Present 2017

Due to new credit card processing mandates effective October 14, 2017, business to business merchants especially need to review practices for card not present transactions. Compliance will boost profits and improve customer experience; non-compliance will increase costs, penalty fees and customer dissatisfaction. Our Quickbooks plugin for all desktop and enterprise versions (except Quickbooks Online) eases the burden of compliance, while improving customer buying experience, cash flow and profits. For business to business (B2B), we have the best solution.

Card Not Present Credit Card Processing Rules & Guidelines:

  1. Never store full card data on paper or digitally.  If you can retrieve it, so can a criminal. Merchants are never, ever allowed to request the security code (Visa Core rule 5.4.2.5) on paper, or via digital methods such as email or text. Paper credit card authorization forms as well as digital signature forms that can be unencrypted to view sensitive cardholder data are prohibited. We fix this problem by delivering electronic invoices and empowering customers to self-store payment methods.
  2. When first storing a credit card, perform a Zero Dollar Authorization with the correct transaction type flag. This process is managed seamlessly in the background if supported and enabled by the payment gateway.  (TIP: Some solutions perform a $1 authorization and then void the transaction- this is non-compliant.) We automate this this process in full compliance.
  3. Perform Cardholder Authentication. The two authentication options are card security code and 3-D secure, such as Verified by Visa. The latter is a global standard that requires the cardholder self-initiate payment, a more secure solution; Merchants using 3-D secure benefit by increased sale approvals, fraud liability shift to issuers, and for some cards, lower rates.
  4. When first storing a credit card, have your customer opt-in via a manual checkbox to return and cancellation policies.
    hosted online paypage

    Hosted online pay page, partial screenshot

    If your gateway does not include this option for customer initiated checkout, including paying invoices, it’s an easy way to identify your payment gateway is not compliant with new rules yet.

  5. Use a payment gateway that supports new authorization rules, including stored card pre-authorization, incremental authorization, final authorization, authorization reversal, partial authorization reversal, and credit authorization.initial authorization

Both the payment gateway provider and processor must support 3-D secure and zero dollar authorization.

Alternative Quickbooks Credit Card Processing Module- features for card not present:

  • EBPP- Electronic Bill Presentment and Payment to send invoices and accept ACH/eCheck, credit card, wire, Paypal
  • Customers self-manage payment methods
  • Unscheduled charge card on file supported
  • 3-D Secure and additional security tweaks
  • Customer portal for 24/7 invoice retrieval and payments
  • Deliver invoices via text and email
  • Automated collections reminders
  • Opt-in checkbox with custom text
  • Optional custom fields
  • Works with all the acquirers, including First Data, Paymentech, Heartland, Global Payments, Elavon, TSYS, Moneris etc.
  • Level III 3 processing supported for reduced merchant fees when applicable for purchasing, business and corporate cards.
  • Smart Rate selector optimizes transactions for lowest qualified rate

Want the best Quickbooks credit card processing plugin for your B2B business? Contact Christine Speedy today for a virtually instant ROI, maximize profits and cash flow while improving your customer buying experience. Quick and easy to adopt, you’ll wish you had found this solution sooner.

Christine Speedy, CenPOS authorized reseller, 954-942-0483 is based out of South Florida and NY. CenPOS is a merchant-centric, end-to-end payments engine that drives enterprise-class solutions for businesses, saving them time and money, while improving their customer engagement. CenPOS secure, cloud-based solution optimizes acceptance for all payment types across multiple channels without disrupting the merchant’s banking relationships.

Can I use CenPOS gateway for Quickbooks electronic invoicing EIPP alternative?

Businesses can use the CenPOS Quickbooks integration for einvoicing and payment from text or email. The CenPOS electronic bill presentment and payment, or EBPP, also known as electronic invoice presentment and payment, or EIPP, will improve your customer experience and boost cash flow, as an alternative to the Intuit PaymentNetwork.

cenpos eipp electronic invoice presentment and payment

CenPOS EIPP screenshot of email body

Intuit PaymentNetwork is an electronic invoicing and payment service to accept credit cards, debit cards and ACH payments. CenPOS is a univeral payment processing network that streamlines the payment experience for merchants and customers through all sales channels, and multiple payment types. The CenPOS Quickbooks plugin is easy to use increases profits and cashflow vs Intuit einvoicing solution.

CenPOS vs Quickbooks Intuit EIPP Core Differences:

EIPP Quickbooks Intuit vs CenPOS reviewSome specific advantages:

  • Easier for customers to buy- proven to reduce DS, and increase satisfaction
  • Easier for customers to buy- proven to increase business to business sales
  • Agnostic to financial partners- non-disruptive if you change them
  • Does not create a new customer if the cardholder name does not match the name on the invoice (big complaint for Quickbooks users)

When comparing CenPOS vs Intuit’s Quickbooks EIPP solutions, CenPOS is a far more robust and powerful solution to maximize profits. Contact us for the free plugin and CenPOS services.

Automate accounts receivable collections, integrated with QuickBooks

quickbooks paymentsFirst of three solution reviews to automate collections and boost cash flow for Quickbooks users. While Quickbooks provides plenty of data to help merchants identify outstanding accounts receivables, and then pursue collections, it’s lacking power in automating collections. Third party solutions fill this gap, and the efficiency and cost savings usually far exceed the cost of the services.

Most third party solutions have these in common:

  • Payments occur outside Quickbooks, keeping the application out of scope for PA DSS certification
  • PCI Compliant method to store credit cards
  • The payment gateway manages any stored card data and or check data.
  • Because Intuit Merchant Services does not allow any other payment gateways to be integrated, a new merchant account is required.
  • ACH payments accepted
  • Compatible with current versions Quickbooks Pro, Premier, Enterprise
  • No double entry needed- transactions post back into Quickbooks

Our first solution includes a universal payment gateway, compatible with any merchant account, and Quickbooks integration plugin. It’s the most robust solution for omnichannel and business to business merchants.

Automated Collections features:

  • Emailed invoice includes pre-filled payment object within the body; customer can pay with stored token in seconds
  • Weekly reminder for unpaid invoices beginning 7 days after date first delivered (feature may vary by integration type and or product development)
  • Includes customer portal to view and pay multiple invoices; invoices marked as paid.
  • Automated reminders for customers to self-update expiring credit cards

What are the top three differentiators from other integrated payment solutions available?

  1. Does not require customer login to pay an invoice making it easy to forward and easy to remotely pay; minimizes issues related to employees out sick, out of office, and on vacation.
  2. Enterprise management and reporting for multiple companies and sales channels
  3. Interchange optimization, including level III processing, and least cost routing across all sales channels

Pricing for Quickbooks Automated Collections

  • Free trial
  • No new merchant account required
  • Gateway billed monthly in arrears; contact for quote
  • Quickbooks plugin is free
  • Electronic Bill Presentment & Payment service is billed monthly in arrears

Where to order

Available exclusively through a few select authorized resellers. Contact Christine Speedy at 3D Merchant Services for more information or to order.

 

 

 

Level III processing in Quickbooks

Woohoo! Finally, a solution for B2B merchants wanting level III processing for corporate, purchasing, and business cards.  With our connectors, Quickbooks Pro, Premier and Enterprise users can process transactions with a regular merchant account and have invoices marked as paid, avoiding double entry of payment processing outside Quickbooks.

interchange management

Automated interchange management combined with level III processing maximize merchant profits.

Example of a wew low interchange rate a merchant transaction qualified for.

Example of a wew low interchange rate a merchant transaction qualified for.

All payment activity is on a separate level 1 PCI compliant server, removing the application from scope for PCI compliance. Optional electronic bill presentment and payment is also available, including with level III processing.

Intuit Merchant Services vs Regular Merchant Account With Quickbooks

Intuit merchant services has pros and cons, like all credit card processing solutions. This review will help you make the best choice for a merchant account.

Intuit Merchant Services vs Regular Merchant Account

There are two main differences:

  1. Price structure. Intuit has a flat percentage and per transaction for key entered and one for swiped. For example, the Intuit keyed rate is 3.40% + $.25 + $.10 address verification service or AVS. A regular merchant account includes interchange and a bunch of other fees. Even though those ‘other’ fees could add up to .10% or more, the overall effective rate (fees divided by costs) is normally always lower than the Intuit effective rate for merchants on ‘pass through’ pricing like offered here. As shown in the image below, interchange starts at .05%.

    interchange rates

    Actual interchange rates for a business to business merchant.

  2. Cash flow. Intuit nets fees from every sale. For example, using the keyed rate of 3.40% + $.25 + $.10 avs, for a $100 key entered transaction, the Intuit merchant receives a $96.25 deposit the next day. It’s possible the amount varies due to international fee etc. With a regular merchant account, the merchant receives $100 deposit within 1- 2 business days, and at the end of the month, pays the total months fees via ACH.

Extra Intuit fees are found in INTUIT QUICKBOOKS PAYMENTS PRICING SCHEDULE. The only fee that stands out is AVS, or address verification service, at $.10 each; it’s at least 100% more than regular merchant accounts, and since merchants should supply AVS for all card not present transactions, add it in as a hard cost per transaction when comparing options. The rest of the fees are in line with costs anywhere.

How do the differences impact merchants?

A company with $1,000,000 in credit card sales might have an effective rate between 1.3% and 2.75%, depending on business type etc. A 1% drop in effective rate equals $1000 in savings for this example. More importantly, merchants can preserve cash flow by paying fees after the month is over, and keep reconciliation clean with fees applied to COGS once per month, vs every transaction.

For very small businesses, it almost doesn’t make any difference who the merchant uses for processing. The effective rate is 3.75% in the example above. If you run the numbers with fees from Costco and others, it will end up being relatively the same, and most importantly, a small difference, isn’t really going to make a bid difference in the overall fees paid; a .1% difference on $100,000 is $100 per year. I think a small business should focus more on growing revenues than fretting over fees.

Managing credit card payments within Quickbooks vs regular merchant account

Options:

  1. Intuit merchant services applies payments to invoices and sales receipts. Quickbooks mobile GoPayment. The last user report received was that QB created a new customer for any unrecognized cardholder and this was problematic, because the merchant already has the customer registered under a company name. This problem is common with both Quickbooks and some 3rd party solutions.
  2. Merchants use a regular merchant account and process transactions, such as a virtual terminal, ecommerce store, or mobile device. With 3rd party transaction importer software, the merchant downloads transactions much like downloading bank transactions. This software can be a one time fee, annual fee, or SaaS with recurring billing. Merchants with higher volume, multichannel, or needing special payment solutions can use this. Typically the software provides more control for importing, including matching to existing QB data.
  3. Process transactions within Quickbooks, using a 3rd party application. To reduce PCI Compliance burden, the merchant experience is that they’re in QB, but the payment activity is occurring via a 3rd party secure payment gateway, connected to a regular merchant account. The benefits are more control and flexibility, with the efficiency of working within Quickbooks and automatically marking invoices as paid etc.  There’s nothing that Quickbooks does that cannot continue to be completed within Quickbooks with the integration, or that cannot be enhanced with the 3rd party integration, including electronic bill presentment and payment. Some differentiators for B2B include payment types supported (check, ACH, wire, credit card, Paypal and more); delivery methods- text, email, other, automated reminders- 30 days or on your schedule, cardholder authentication-3-D Secure shifts fraud liability to issuer.  For any sizable business, efficiencies and cost savings will outweigh the costs of the gateway, solution, and merchant account fees.

Need help making the right choice? The best solution is not the same for every business. There are many factors including business type, how and where you accept payments, whether you have aging accounts receivable and more. Check processing was not covered here, but it’s the same concept.

Quick buying guides:

  • If your business processes less than $100,000 annually, stick with whatever you have and focus on growing the business.
  • If you don’t use Intuit merchant services now, and are key entering every record from your 3rd party processor, it’s worth exploring options.
  • If you process $1,000,000 or more annually, the benefits are well worth the time to make a change. Call 954-942-0483 for a FREE consultation for a regular merchant account with Quickbooks integration.  “I’ve used them all, and I’ve been a Quickbooks user for over 15 years,” says Christine Speedy, owner of 3D Merchant Services. “In about 5 minutes, I can ascertain whether it’s worth exploring alternatives, or give merchants peace of mind they have the right solution for their business.”