Changes to QuickBooks payments are rolling out in the near future. To date, we have seen a variety of bank transfer fees ranging from zero, to 50-cents and $1 for various clients. Over the years, QuickBooks Payments has offered a variety of special promotions, adding to the variance in fees. Some of the differences depended on when the subscriber started using QuickBooks Payments and which plan the subscriber selected at the time.
What has changed is the 'terms of service of the processing fee' which has now switched to 1% with a maximum of $10 per transaction. That means if a tenant's rent is $1000/mo., then instead of paying fifty cents, the processing fee will be $10 per tenant. Some QuickBooks Payments subscribers may consider this an opportunity to explore other plans. My words of caution are to remember that part of what you get with QuickBooks Payments is the convenience, what I call, the "auto-magic bookkeeping." You really don't find that with other payment processing plans.
Intuit intends to enhance its services and help customers receive payments more quickly. They will be upgrading the online payments function to a faster deposit speed for bank (ACH) transfers beginning April 12. This will make it easier for users to keep tabs on their money and manage cash flow more effectively. Bank transfer (ACH) payments will be deposited into your account the next business day.
Here’s what to expect:
- Beginning April 12, 2021, bank transfer (ACH) payments will be deposited the next business day, and you will be charged a 1% transaction fee (max $10) on each transaction. 2-day and 5-day ACH transfers will no longer be supported.
- There will be no changes to credit card or debit card payments. These payments will continue to deposit the next business day at current rates.
- Payments processed before 3:00 PM PT arrive at your bank the next business day. Later payments arrive at your bank the business day after.
There’s nothing you need to do – this change will happen automatically (as you can see in the official announcement below):
