As experts in the financial and accounting industry, it is our responsibility to educate our clients on the best solutions for payment processing. Many customers who use QuickBooks often do not realize that Intuit GoPayment is offered free with a QuickBooks Payment account. One of the hidden benefits is that when you use GoPayment with your preferred QuickBooks Payment rate you are given the lower swipe and keyed rates. The rates for GoPayment as a stand-alone option are slightly higher than when it is bundled with QuickBooks payments. Click here for current rates.
There are other mobile readers out there, but when used with QuickBooks, GoPayment has many advantages that you need to be aware ofd. When considering a merchant payment account that includes a mobile feature, you should fully understand everything that comes along with it before making your selection.
Discuss the following five areas with your client before choosing a mobile reader to meet their needs. This can help ensure that they understand the full picture of how the benefits of GoPayment compare with those of other mobile card readers.
Some mobile processors reduce their deposits by the amount of the fees, which can make it difficult and time-consuming when trying to reconcile to your sales. You may be collecting your deposits in your bank account, but you have no real idea of how much it costs because the fees come right out of the deposit. When you swipe a credit card transaction using GoPayment, the fees are a separate transaction, making it easy to reconcile.
#2 Save Time
Since GoPayment reconciles the fees automatically, this also saves time. It can become very time consuming to record a deposit that is net of the fees. You need to ensure that your client understands the proper workflow to record this deposit properly. Manually reconciling can take twice as long as integrated QuickBooks payments. Often the client does not realize how many additional steps it takes to match up the payment to the deposit until it’s too late and they have a mess on their hands that will require additional time to clean up to ensure accurate financial statements.
One of the biggest reasons QuickBooks Payments is so popular is that it integrates with QuickBooks financial products. When considering QuickBooks Payments and GoPayment, you will need to find out from your client how important the integration will be for them.
If they want to save money and time, as we discussed above, and they use QuickBooks software, then this is a great option for them since the integration will take a huge burden off when it comes time to reconcile because it is done automatically. When GoPayment is set up properly, the client should be able to handle their own deposit entries. Other merchant processors that do not have a QuickBooks integration may require additional time reconciling deposits. This leads to potential errors.
Find out if phone support will be important to your client. There is nothing more frustrating than waiting 24 hours for an email response regarding a transaction that was processed and is not clearing the checking account. It makes it difficult for a business to operate. QuickBooks Payments comes with free phone support anytime. Not all mobile payment processors offer phone support.
#5 Financial Reports
Does your client understand how their financial reports are affected by poor workflow? When payments are not processed properly in QuickBooks, it can cause reports to be inaccurate. The areas to be aware of that are over or understated are listed below:
Does your client understand that the most common problems we see are overstated income? We have found that clients will often record the deposit straight to INCOME. What they may not understand is that income has already been recorded on an invoice. Therefore income is double stated!
Overstated Accounts Receivable
Accounts receivable may also be overstated. If the payments were never recorded to reduce the open invoice, you might be trying to collect invoices that have already been paid. The books just become a huge mess.
Overstated Undeposited Funds
If payments are received but never grouped into a deposit or entered net of the fees, they just sit waiting to be deposited. In this case Accounts Receivable is correct, but your bank account is a mess.
Understated Credit Card Fees
If care isn’t taken in the deposit entry by recording the payment and subtracting the credit card fees, you never have visibility into how much your credit card processing is really costing you.
As a QuickBooks ProAdvisor, it’s important to explain to a client that by choosing other non-integrated processing options, they may wind up spending more time reconciling their books — or have to pay you to do it. It’s important to show a client the proper workflow so that moving forward they are recording deposits properly. You will also need to explain what is required to correct the mess they have already created. The longer they wait to correct the setup, the bigger the project becomes, which drives up your fees and leaves you with a very frustrated customer.
If you are working with a client who uses QuickBooks and they need a merchant account to process payments, they can greatly benefit by using QuickBooks payments. It includes the mobile payment option, GoPayment, for free. It uses the same low swipe rates as their plan offers. Show them how easy it is to use — run a test transaction to show them how it shows up in QuickBooks. They will save money on fees and will be more likely to be able to record deposits correctly, making the reporting more accurate. In the end, you will have a client who is much happier since they are saving money and time!