Don’t be fooled: Intuit’s QuickBooks Credit Card Processing is not worth the price

Intuit’s QuickBooks Credit Card Processing services offers a package that is convenient and easy to use. The only problem is that you end up spending far more than you should.

To be clear, Intuit is the same company that makes QuickBooks accounting software. As it turns out, if you are already using their accounting software, you can start using their credit card processing services very easily. Furthermore, the card processing services are easy to merge with the accounting software. The only problem is that for customers of QuickBooks Credit Card Processing are paying far too much for convenience.

Here’s what the package looks like:

Below is the standard package, or the “Pro” package as they call it:

For a business processing over $3,000 per month:

  • $19.95 monthly fee ($239.40/yr)
  • 1.75% of each qualified swiped transaction or 3.15% of each qualified keyed transaction

It should be noted that you will be charged higher rates for commonly used cards that fall under the non-qualified category (e.g., rewards credit card, which make up about 70% of the credit cards today)

  • Transaction fee: $0.25
  • Batch fees (This occurs daily): $0.20 ($6/month)
  • Non-qualified transactions: additional $0.15/ transaction
  • PCI fee for 100+ transactions annually: $100 ($8.30/mo)
  • $12.95 per month ($155.40/yr) for QuickBooks accounting software
  • Termination fee: $295

So that’s what the package looks like for typical businesses. Now, let’s go through a hypothetical scenario and see how much a small business would actually be paying.

For our hypothetical business, let’s say that we process $12,000 per month in card transactions, with $100/transaction, 120 transactions, half being qualified and half being unqualified. If anything, this is conservative. It is more likely that more than 50% of transactions will be unqualified given that around 70% of current credit cards are rewards cards.

Monthly fee: $19.95

1.75% qualified swiped transaction: $6000 x 0.0175 = $105

3.15% unqualified swiped transactions: $6000 x 0.0315 = $189

Transaction fee: $0.25 x 120 = $30

Non-qualified transaction fee: $0.15 x 60 = $9

Batch fee: $0.20 x 30 days = $6

PCI fee: $8.30

Software: $12.95

TOTAL $380.20

This total represents the total for one month using QuickBooks Credit Card Processing. For the entire year, it would be $3802. Members that have switched from QuickBooks to 99 Merchant Account have saved thousands of dollars a year. Don’t be fooled by the convenience and seamless merging of the credit card processing with QuickBooks account software, it’s not worth the price.


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