Bill and Pay is a complete payment solution that connects with any merchant account. We will be highlighting the savings that small businesses can obtain by connecting a merchant service account to Bill and Pay’s Quickbooks integration.
Having worked in credit card processing around the Fort Worth and Arlington areas over the last several years, I have had the opportunity to analyze several Quickbooks Merchant Service statements. Intuit fees are typically 3.2% and a $.25 swipe fee for cards that are keyed in. This is no matter what card you are using. If you charge a card for $1,000 you will be paying $34.50 for that transaction and that is on all credit cards.
If you choose to key in a CPS retail rewards card you are going to be looking at an interchange cost of 1.8% and $.10 for running this card. Dues and assessments for visa credit are .13%.This means that your interchange cost along with dues assessments for that card would be $19.30.
Now you have to factor in your processing service charges along with Bill and Pay fees. Let’s say for example you have a rate from your processor of .25%. Bill and Pay have a transaction fee of $.55 as well. Factoring this into the equation that adds an additional $3.05 to the transaction making it a total of $22.35. You just saved $12.15 on that particular transaction. This is a very simplified look at how it works. There are other factors involved as to whether you will save money or not.
The type of card plays a factor. Some credit cards will cost closer to 3% whereas other cards especially debit cards will be less than 1%. The size of the transaction also plays a factor as to whether you will save money or not. Due to Bill and Pay’s transaction fee $.55, there is definitely a threshold of whether you will actually be saving money. On this particular rewards card, you are looking at anything below $45 which doesn’t really save you money.
Depending on your business type as well as credit card volume Bill and Pay has the potential to save you a lot of money on credit card processing. If you have a question please don’t hesitate to contact me personally about our services on 817-228-7245 or email us at firstname.lastname@example.org.
We didn’t cover the robust features that Bill and Pay have to offer. Many small businesses choose to use it for those reasons alone. You can see more information on that here. The nice thing about Bill and Pay is they offer a free 30-day trial. This gives you an opportunity to try them out risk-free. Click here for your free 30-day trial!