Processing Fees

We know that most customers understand the need for businesses to cover their operational costs, Victoriah. However, were unable to provide alternative payment processing options that are more cost-effective.

Since you're looking for a way to process customer payments with a lower processing fee than what Venmo charges, it may be worth exploring third-party applications that integrate with QB. These applications can offer more competitive rates while providing seamless integration with your QB account.

Here's how to research and compare rates and features to find the best payment processing solution for your business: 

1. In the left panel, navigate to Apps. 
2. Select Find apps. 
3. In the Search field, enter the keyword. Or, look for a specific app under the Category section.

Once you open the app, head over to the Reviews section. There, you'll find feedback and overviews from other customers.

I’ve compiled some resources for you to explore that will help you improve your skills in pricing rate management and in moving your data in and out of QuickBooks:

• Set up custom rates or prices for employees, vendors, or customers
• Import or export MS Excel files

It's my pleasure to assist you today. Write down your comment again if there are things you need to know about processing fees in QuickBooks Online (QBO).

RE: Of course, Venmo charges processing fees if you use a Venmo Business account, they charge 1.9% plus 10 Cents per transaction. This is a LOT!

It's actually not that expensive. Merchant services typically charge 3 - 4% to process credit cards. We use BluePay, and it works out to about 3.5%. However, some merchant services charge a whole lot less to process debit cards, which usually cost only cents to process - no matter the payment amount.

If you want to avoid all or almost all fees, you pretty much have to stop accepting anything that involves a credit card and don't use services like Venmo. Cash, Checks, and Debit Cards are really the only cheap things out there.

However, by not accepting credit cards, you run the risk of losing sales. Whether you lose sales or not depends on your business model and your customers.

My hair cutter didn't used to take credit cards as she didn't want to pay the fees. I told her over and over she should, but she waited to start until her accountant/finance person said the same thing. As it turns out, her clientele - mostly women - who pay hundreds of dollars for fancy color treatments and such, are much more willing to spend money when it's charged on a card vrs. cash. I like it too. Now I just show up and get a haircut and walk out. She charges my card-on-file and it's painless.  She says that her sales have gone up far more than 3% after she started accepting credit cards.