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PT99
April 19, 2021
Question

Why has Intuit now charging a 1% ACH Fee? Isn't Intuit making enough money from it's subscribers?

  • April 19, 2021
  • 3 replies
  • 0 views

Why is Intuit now charging a 1% ACH Fee? Isn't Intuit making enough money from it's subscribers?

3 replies

M
mv32
April 20, 2021

Thank you for posting about this, @PT99.

 

I'll share some information about the price increase and the 5-day funding discontinuation.

 

This is our answer to the constant sentiments we've sorted from our Merchants which is to receive their customers' payment faster. You'd be charged a fee of 1% of the transaction (max $10) to accept ACH payments.

 

The fee covers the operational expenses of transmitting the data to the ACH Network and reconciling the payments to customers. Here are other factors that are included in the calculation of your processing fees:

  • the average size of the transaction
  • the volume of transactions submitted by the company
  • processed the same day
  • financial institution

 

I've added an article for detailed information about the charges you've received each time you process a transaction: What are the fees for QuickBooks Payments?

 

Please tag me with your comment if you need some clarification about the ACH increase. I'll wait for your response here to help. Take care!

G
gooddogmedia
May 30, 2021

Wow.  That is pure nonsense.  Operational expenses for transmitting data?  Can't we just be honest and say we're charging you more for our services?

 

I'm ready to quit Quickbooks altogether and find another way to manage my books.  This was presented as "good news", but I'm just seeing fees taken from every invoice paid by ACH and credit card now.

 

Is there any way to continue using Quickbooks for payments and NOT get charged?

M
Mark_R
May 30, 2021

Thank you for taking the time to share your sentiments here in the Community, @gooddogmedia.

 

I understand how the price increase on the ACH payments affects your business. And I'm here to provide additional details about the update.

 

QuickBooks Payments takes processing fees each time you process payments from QuickBooks Online (QBO). I know how frustrated you are about the price increase on processing payments. Please know that we made this update to continue investing and to make improvements to the QuickBooks product.

 

However, despite the update, you can request a rate review for your account to avail of payment discounts. Once you meet the requirements, I suggest reaching out to our QuickBooks Payments Team to process it for you.

 

I'm still open to your replies if you need anything else about processing payments.

Fiat Lux - ASIA
Fiat Lux - ASIA
April 20, 2021

@PT99 

You may have other options to accept ACH payments for free and integrate it with your QBO.

J
jamestgarcia
May 23, 2024

I'm afraid the ACH charge is now 1% of any amount. It has no $10 limit! QuickBooks claims Green Dot Bank gets the money which is outrageous! I received a $17,000 payment and was charged $170.00. Thats right for one transaction. The greed of the banking industry has no limits!

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