Taking Payment by Credit Card

[Anonymous]

Is anyone taking payment for their DMM services by credit card? If so, what service are you using for this?

Thank you,
Leah

Leah Nichaman
Founder and President
Everyday Money Management, LLC
Direct: 301-325-2680
leah@everydaymm.com

[Meryl Schaffer]

I use Quickbooks Payments with Quickbooks Online. I usually get payment through ACH, which is free, but can turn on the credit card function for a particular client and it is cheaper than Square or PayPal.

If you are a QBO user, this is a great option.

Cari

[Anonymous]

I’ve setup my Church to accept donation through Paypal using credit cards. I can do this for my business. They sent me a free magnetic card reader. You can also send invoices with a link for people to pay.

https://squareup.com is used by many small business. They allow sending invoices and have interfaces for websites and will send you a read. The magnetic card reader is free, the NFC version is $49.

A third option is https://stripe.com/. They are meant to accept credit cards through your website. No credit card information is saved on your site, it is all sent through stripe. It will require integration with you website but the API interface is very straightforward and should not be a problem for your web designers.

All of them charge about the same. 2.9% and $.30 per transaction.

Steve Lyskawa

[Anonymous]

I have used the ACH function on Quickbooks and it took a week to get paid. I have used Square and you get paid immediately. I am now trying an app based program called Vemno, which is free and you get paid immediately. I find that more business people do not want to deal in checks and are requesting an electronic option. I have used Venmo personally and it is easy and fast.
I am going to use it with a client this week.

[Anonymous]

I use the function in QBO, but try not to allow the credit card option because I don’t want to lose the fee amount. I only turn that on for a few clients. I agree with Nancy that it can take 5 business days for the money to come in, which is a very long time, but it integrates with my billing and saves me the time of going in and applying the payment, which I like.

[Meryl Schaffer]

Just be aware that Venmo is not intended for business use. It is a PayPal product, and you can use PayPal for a fee. You would have to be set up as a Venmo Merchant, and currently they do not support businesses that are selling goods or services in person.

As a small business bookkeeper I find that many businesses are unknowingly starting to use Venmo, but it is strictly against their policy.

Just thought I should put that out there.

[Anonymous]

I use the QuickBooks as well. There is a monthly fee and then your percentage. It works fine. Like others have said, you can also do the ACH, that is $1.00 per transaction (not free, and if someone is getting it for free, please tell me how).

[Meryl Schaffer]

If you are on the old QBO Payments subscription, you can call to upgrade to the new one. On the new one the deposits take longer to get to you, but the ACH payments are free.

There is also an option with no monthly fee, where the CC rate is a bit higher, but makes more sense unless you have a large volume of charges every month.

[Anonymous]

I don’t accept credit card payments but I take payments via Zelle. This is a banking service with all the major banks. A client pays me from their online banking set up using the cell phone number or email address that is attached to my business banking account. The payment is received instantaneously. (This is not the same as a credit card payment obviously but it is efficient. It is an alternative to Venmo for a business transaction.)

[Anonymous]

Thank you to everyone who responded! We are going to investigate migrating to Quickbooks Online based on the response from all of you.

Thanks,
Leah

[Author]

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