Exchange currencies using QuickBooks Payments
QuickBooks Payments what is it
QuickBooks Payments is a payment processing service offered by Intuit, the company behind the QuickBooks accounting software. It allows businesses to accept credit and debit card payments, ACH payments, and e-check payments directly within the QuickBooks software.
This allows businesses to easily process transactions, track payments, and reconcile their accounts without having to use multiple systems. Additionally, QuickBooks Payments can be integrated with other QuickBooks features, such as invoicing and inventory management, to streamline the accounting process.
The history of QuickBooks Payments
QuickBooks Payments is a relatively recent addition to the QuickBooks product line, having been first introduced in the mid-2000s.
At that time, the service was known as Intuit Payment Solutions and was primarily focused on providing businesses with a way to accept credit card payments. Over time, the service has been expanded to include additional payment options such as ACH payments and e-checks.
In 2016, Intuit rebranded the service to QuickBooks Payments, to better align it with the QuickBooks brand. The rebranding also saw the introduction of new features such as the ability to send recurring invoices and to set up recurring payments.
In 2018, Intuit added several new features to QuickBooks Payments, including the ability to process payments in multiple currencies and to issue refunds directly from the QuickBooks software.
As of 2021, QuickBooks Payments continues to be an integral part of the QuickBooks ecosystem, providing businesses with a convenient, easy-to-use payment processing solution that is seamlessly integrated with the QuickBooks software.
How QuickBooks Payments works
QuickBooks Payments works by allowing businesses to accept credit and debit card payments, ACH payments, and e-check payments directly within the QuickBooks software. To use this service, merchants must first sign up for a QuickBooks Payments account, which will ask for basic information such as business name, contact information, and bank information.
After opening an account, businesses can begin accepting payments by creating an invoice or sales receipt in QuickBooks and including a “Pay Now” button on the invoice or receipt. The customer can then click a button to make a payment, which opens a secure payment gateway where they can enter their payment information.
The payment gateway is integrated with QuickBooks software, so once a payment is processed, the transaction is automatically posted to the QuickBooks business account. This makes it easier for businesses to track payments, balance accounts and manage their cash flow.
QuickBooks Pay also allows businesses to schedule recurring payments, process returns, and accept payments in multiple currencies.
Additionally, businesses can use QuickBooks Pay to process payments online, pay over the phone, or pay in person through QuickBooks Point of Sale.
Can QuickBooks Payments be trusted
QuickBooks Payments is a payment processing service offered by Intuit, a reputable and well-established financial software company. Intuit is a publicly-traded company that has been in business for over four decades and is known for its reliable and secure financial products.
Additionally, QuickBooks Payments is PCI-compliant and uses industry-standard security measures to protect sensitive customer information, such as encrypting data and regularly monitoring for suspicious activity.
QuickBooks Payments is also a registered ISO/MSP of Wells Fargo Bank, N.A., Concord, CA. and is compliant with the Payment Card Industry Data Security Standards (PCI DSS).
That being said, as with any financial service, it’s always recommended to do your own research and due diligence before signing up. Make sure to read the terms of service, privacy policy, and other relevant information provided by the company, and consider any additional security measures that may be necessary for your specific business.
It is also worth noting that customer reviews on the service have been mostly positive, with many praising its ease of use and integration with the QuickBooks software.
Does QuickBooks Payments charge a fee
QuickBooks Payments charges a fee for its payment processing services. Specific fees will vary depending on the type of account you have and the type of payment you accept. In general, there are two types of fees associated with QuickBooks Billing: transaction fees and monthly fees.
A transaction fee is charged for each individual payment processed through the service. These fees may include a percentage of the total payment amount and a flat fee per transaction. The exact fee will depend on the type of card or payment method used and whether the payment is made online or in person.
In addition to transaction fees, businesses may also be charged a monthly fee for using QuickBooks Billing. This fee may vary depending on the plan and service selected.
It’s important to note that fees are subject to change and you should always contact Intuit for the latest prices. You can also compare with other payment processors to see which offers the best deal for your business.
It’s also important to note that QuickBooks Premium offers a free trial period, allowing you to try the service without paying any fees. This is a good way to get a feel for the fees and determine if the service is right for your business.
Can I exchange currencies using QuickBooks Payments
Yes, QuickBooks Payments allows businesses to accept payments in multiple currencies. This means that businesses can receive payments from customers in different countries and have the funds automatically converted to the currency of their choosing. The currency conversion is done at the time of the transaction, at the market exchange rate.
It’s important to note that currency conversion may come with an additional fee, which is known as a foreign transaction fee. This fee can vary depending on the country and the payment method used, and it’s added to the total transaction cost.
When you set up your QuickBooks Payments account, you can choose the currencies that you want to accept. Once you’ve selected the currencies, QuickBooks will automatically convert payments received in those currencies to your home currency, at the current exchange rate.
Also, it’s worth noting that the currency conversion feature is only available for online payments, not for in-person payments and the feature is only available for certain countries and regions. Be sure to check with Intuit for the latest information on which countries are supported.
QuickBooks Payments supports a wide range of currencies for online payments, but the list of currencies that can be accepted may vary depending on the country and region.
Some of the currencies that are generally supported by QuickBooks Payments include:
- US dollar (USD)
- Canadian dollar (CAD)
- Euro (EUR)
- British pound (GBP)
- Australian dollar (AUD)
- New Zealand dollar (NZD)
However, the list of supported currencies is subject to change and may vary depending on the country and region. It’s always recommended to check with Intuit for the latest information on which currencies are supported in your area.
It’s also worth noting that the currency conversion feature is only available for online payments, not for in-person payments and the feature is only available for certain countries and regions.
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