Intuit Payment Network Just Got Better

Over the last several weeks I have been looking for another credit card payment alternative to PayPal for clients who prefer to pay by credit card.  Up until about 2 months ago I was crazy about PayPal until they put a limit on my account because they questioned a transaction, and although I provided them with all the proof they requested I am no longer able to use PayPal.  All this and I have to wait 180 days before any money left in my PayPal account will be returned to me.  Of course through this ordeal I did some research and found that I was not alone as there are many many other unsatisfied, angry past PayPal customers who have found themselves wrongfully blacklisted from using PayPal services and having their funds held hostage for 180 days.  I won’t bash PayPal, because although I don’t agree with their decision to limit my account, PayPal did provide me with the ability to allow clients to pay me by credit card using their services.  That coupled with the fact that you can’t beat the cost when you compare it to having a merchant account.   This ordeal did however give me the nudge I needed to start looking into some other alternatives.

I have been using the Intuit Payment Network to invoice clients electronically and they in turn pay me electronically directly from their bank account to mine.  That’s right, automatic deposit into my account in as little as 1 day.  Now of course there is a fee, but at the rate of .50 cents per deposit in amounts of up to $5,000, it’s well worth it.

For instance compare the cost of a client paying you $1,000 via PayPal to the Intuit Payment Network (IPN).  PayPal charges a .30 cents for each transaction and a 2.9% transaction fee based on the amount being paid.  So what you’ll actually get paid when you bill a client $1,000 is $970.70.  PayPal’s fees will add up to $29.30.  With the Intuit Payment Network you’ll get $999.50 and your funds are deposited directly into your bank account.  The transaction fee of .50 cents is taken prior to the funds being deposited into your account.

So why did the Intuit Payment Network just get better?  Now when you invoice a client through IPN they have the option to pay you by credit card.  You do not have to sign up for a merchant account.  There are no monthly fees, no monthly
So in case you missed it, the benefits of the Intuit Payment Network are: quotas, and no contract.  You can cancel at any time.  The transaction fee is higher than PayPal’s, however at 3.25%, it’s worth it, especially if you compare that to the cost of having a merchant account.

• Most payments are deposited the next business day
• Automatic payment from payer’s bank to receiver’s bank
• No set up, monthly, or cancellation fees
• Set recurring weekly and monthly payments
• You can add a payment link anywhere you want
  • Facebook page
  • Website
  • Email
  • Quickbooks statements
  • Donate buttons for non-profits
  • Create ecommerce buttons
• Best of all it integrates with Quickbooks

So far this has been a great cost effective alternative for me in my business.   I love not having to run to the mailbox and then to the bank to deposit checks. And the fact that I don’t have to wait 3 business days to transfer funds to my bank account is a bonus.  Although not all my clients are paying their invoices via the IPN system, my goal is that one day they all will.

The one thing I will really miss about PayPal is the PayPal debit/credit card.  Oh yeah….there’s an alternative to that too.  When it saves me time, it saves me money.