Intuit has announced that they are expanding QuickBooks Payments access for some QuickBooks users by not later than the end of January, 2025. Soon, some QuickBooks clients may find that they have qualified for QuickBooks Payments. This means they will be able to accept online payments through QuickBooks with any of the payment methods Intuit QuickBooks supports (including but not necessarily limited to: ACH bank payments, credit cards, and digital wallets like ApplePay, PayPal and Venmo). Those QuickBooks users choosing to accept qualification and begin using online payments will need to complete a brief setup process to let Intuit know where their payments should be deposited.
These QuickBooks users will then be able to accept payments from their clients from within invoices they issue to those clients using one of the payment methods available. Their customers will also be able to make payments directly from estimates and payment links (within emails for example) that the QuickBooks user designates payment options.
These new payment capabilities come without any recurring monthly fee, or required minimum payments. Rather, processing fees will be charged on a per transaction basis. The amount of those fees vary by payment type. Furthermore, QuickBooks users who process a large volume of payments via QuickBooks Payments may become eligible for special pricing. QuickBooks users qualifying under these new provisions will be provided with rates and details at the time of qualification.
It will be necessary for most of the impacted QuickBooks users who become eligible to review and and augment user roles and permissions so that users who handle invoicing, estimates and customer communications are granted authorization to include payment methods in such transactions and communications, and that users who handle payments are authorized to accept payments using such methods. Standardized payment methods must be configured for payment according to the new methods that become available as part of these changes. Once again, Intuit will also require identity verification and designation of the proper account for payment at the time a QuickBooks user becomes qualified, if the user wishes to process payments.
If they don't wish to participate, QuickBooks users can simply NOT accept and complete the setup process.
ProAdvisors should be aware that their clients may begin receiving notification of these changes prior to the end of January, 2025. You may need to assist your clients with set-up and/or other related QuickBooks configuration requirements.
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