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.

Processing Credit Cards with Square

As business owners we are always looking for ways to cut costs. The cost of having a merchant account with the monthly fees and other expenses that go along with it, whether you use the account or not leaves little to be desired.  That’s what makes PayPal appealing as you only pay fees on money you receive, no monthly service cost, no contract.

Square is a free pocket-size credit card reader that plugs into the audio jack on your phone. There are no monthly fees, and no contract. Each time you swipe your card you pay one fee of 2.75% and 3.5% + $.15 if you need to manually key in the credit card number. You can accept credit cards quickly and easily with no extra cost for equipment as your phone becomes your credit card terminal.

You can download the Square app to your Android, iPhone, iPad, iPod touch.

Square meets all industry-standard security practices to ensure safety for you and your payers. Square’s software is developed using industry-standard security best practices.

If you are pouring money down the drain by paying fees for a merchant account and equipment you rarely use, now you have access to an alternative which can be a cost effective alternative. To find out more about Square and get your free card reader sent to you in the mail visit https://squareup.com/ and order yours today.

Payment Options: The Benefits of PayPal

As business owners our goal is to build long lasting relationships with our clients.  We make adjustments and changes along the way, but the bottom line is getting paid on time, every time.  From time to time you may find that you have a “slow pay client”.  You know the client that takes more than 30 days to pay or takes longer than whatever your payment terms are.  How do you handle this?  Have you considered possibly offering the client more payment options?

Alternate Office Solutions offers several forms of payments for clients.  Of course the old standard pay by check is the first option.  However we also receive payment via Direct Deposit and PayPal.  I like Direct Deposit because funds are available sooner, and it eliminates a trip to the bank to make the deposit.

PayPal offers another quick and easy form of payment in the form of credit card payments.  You have the convenience of sending clients an invoice via PayPal and when they receive it, they can decide to either write a check and mail it to me, or use the link provided in the emailed invoice to pay via credit card online.   We have actually received payments as fast as 15 minutes after we have emailed the invoice via PayPal.  It was a nice unexpected surprise.

PayPal is a great resource for those business owners who do not have a merchant account.  This service allows you to accept Visa, MasterCard, American Express, and Discover card payments for those clients who prefer to pay by credit card.  Not only can you receive payments with PayPal, you can also send money with PayPal.  An added benefit to having a PayPal account is you can request a PayPal Debit Card which acts just like your personal debit card.  The PayPal debit card comes with the MasterCard logo on it and allows you to make debit and credit purchases.  When clients pay you via PayPal your funds are deposited directly into your PayPal debit card account.  You can choose to get cash from the ATM, use the card to make purchases or transfer funds of equal to or lesser value than the amount that’s available on the card at the time.  Transfer of funds from PayPal to your bank account takes 2 to 3 business days.

As a virtual business support service provider PayPal comes in handy at those times when extra expenses are incurred for a client.  Whether sourcing for photos or running to the local office supply store to pick up needed supplies for a client’s project, I can ask the client to send money to the company PayPal account and use the card immediately to make the purchase.  There are times when I may just make the purchase with my own funds and bill the client later, but for those times when you to incur the extra expense, PayPal really does come in handy.

Benefits of use PayPal:

• No monthly fee for the service
• The fees charged by PayPal are tax deductible
• A great way for clients to quickly send you money when additional expenses arise
• Less expensive than having a merchant account
• Doing your part in helping the environment by saving on paper
• Provides client a way of paying your invoices with a credit card

The bottom line is your bottom line.  If offering your clients different options to pay allows for your invoices to get paid on time or even faster, then why not?  The 2.9% fee plus .30¢that comes out when you receive payment is well worth it.  For example, if you are sent $100.00 USD by credit card, the fee would be $3.20 USD ($2.90 + $0.30).

Remember with today’s economy being able to accept credit card transactions as a form of payment helps your bottom line.  You in turn can also use PayPal as a way of paying your vendors and sub-contractors.  It’s a win/win for all.  For more information on PayPal’s business services follow this link to their website: https://merchant.paypal.com/cgi-bin/marketingweb?cmd=_render-content&content_ID=merchant/home&nav=2.