Frequently Asked Questions
Frequently asked questions regarding changes to your QuickBooks Merchant Service account when you update to the new QuickBooks.
You asked and we listened! Many of our Intuit customers were confused and overwhelmed with managing several payment accounts with us. Our QuickBooks Merchant Service, GoPayment, and Intuit PaymentNetwork solutions all required individual applications and logins for payment management.
We combined all these accounts into a single, convenient QuickBooks Payments account to improve your experience, and help you get paid faster.
My updated account is now called QuickBooks Payments instead of QuickBooks Merchant Service. Do I have a new account?
No, you keep your same merchant account number. We simply renamed it to QuickBooks Payments and added new features to help you get paid faster. There’s an updated Merchant Agreement, which you can find by going to http://intuitpayments.com/legal.
No, you get all the great new functionality at no additional cost. All we've done is enabled you to now have the option to also accept bank transfer payments (also known as ACH Payments) for only $0.50 per transaction.
No. For credit cards, it’s still around 2-3 days. For bank transfers (ACH), it’s around 3 days. Transaction status for both can be found directly in QuickBooks.
You can do all the cool things you did before, like take credit card payments from within your QuickBooks or on the go with a mobile device. But now, you can also email invoices with a Pay Now button so your customers can click and immediately pay online. Not only can they pay by credit card, but they can also pay by bank transfer payments (also known as ACH payments). By offering your customers more ways to pay, you can get paid faster. Everything automatically ties back to QuickBooks, keeping your books updated and balanced with no additional effort.
This payment option is currently only available in emailed invoices. When you send an emailed invoice, make sure Online Payments is turned ON. Your customer clicks Pay Now and has the option to pay by bank transfer. If you are taking a payment within QuickBooks (Sales Receipt or Receive Payment screens) or on a mobile device, you can only accept credit cards at this time.
That’s easy – we’ve given you the flexibility to choose what you want and don’t want to accept. When you send an emailed invoice, make sure you set Online Payment to ON. Once you click Send, a screen will appear that gives you the option to select the available payment types. You can turn only credit card on, only bank transfer on, or leave both selected so your customer has more options to pay, getting you paid faster. Your customer only sees and can pay by what you’ve made available.
Yes, there’s nothing more you need to do to start using your payment account in the new QuickBooks. You should be able to take credit cards immediately, though the new bank transfer payment option (ACH) may take 1-2 days to activate.
Yes, you’ll actually see some improvements, including:
- New, easier to read simple credit card statement.
- Accurate fees at the time of transaction – no month end adjustments.
- You will also notice slight changes in your bank statements.
Please note that you will have a separate statement for bank transfer (ACH) payments.
For a complete list of changes to your statement, click here.
Yes, but you’ll have a new phone number if you need to do voice authorizations: 888-301-3246.
There is no major change impact to your customers. Your customers can continue to pay you in the ways they are familiar with, in addition to being able to pay on an emailed invoice. There will be a slight change in the way they will see your charge appear on their credit card or bank account statements – the business name will begin with INT*. If the DBA business name was "Main Street" it will now appear as "INT*Main Street."
Yes! We think you’ll be pleasantly surprised to find that when you move to the new QuickBooks, your QuickBooks Payments deposits and fees automatically reconcile.
This means you no longer need to manually enter the fees and deposits back into QuickBooks. We do it for you, so you don’t have to. All you need to do is tell us where to record your Payments deposits in QuickBooks. We’ll ask you to choose an account once you’ve moved to the new QuickBooks.
After you process the payments or your customer pays through an online invoice, they're recorded in a new account called Undeposited Funds. Once we fund you the money, QuickBooks records the deposit for you in the account you chose. Fees automatically record as an expense.
You’ll see all your processing fees under a new expense account called "QuickBooks Payment Fees".
If you want to change this or the income account where we record your deposits:
- Click the gear icon at the top right of your QuickBooks.
- Click Company Settings.
- Click Payments.
- Under Payments accounts, click the edit pencil.
- Tell us which accounts you want to use for deposits and fees.
- Click Save.
Also, your QuickBooks Payments fees are under a new Vendor called "QuickBooks Payments".
If you want to change the vendor name we associate your processing fees with:
- From the home page, click Vendors.
- Select QuickBooks Payments.
- Click Edit.
- Enter a new name.
- Click Save.
- Why the change?
- Do I have a new account?
- Does this cost me more?
- Any changes to funding time?
- What's new?
- Where do I access bank transfer?
- What if I don't want pay by bank transfer?
- Can I starting taking payments immediately?
- Are there any changes to my statements?
- What's the customer support phone number?
- Will this change impact my customers?
- Are there changes to how I reconcile?