Businesses using the Intuit PaymentNetwork Account are able to accept payments for services and goods online. This allows them to focus on other tasks. All payment options are available within a single account, so users are able to log in and manage their payments in a single step.
Options that are available through Intuit for payment processing include QuickBooks Merchant Service, GoPayment, and the Intuit PaymentNetwork. The Intuit PaymentNetwork allows users to accept credit cards and bank payments online or over the phone. The Merchant services option allows the user to manage their account and view details of their payments. This option also allows the merchant to adjust settings for invoices, as well as change payment accounts.
GoPayment is an option that allows users to accept payments in the field. Intuit GoPayment provides users with a card reader. This card reader allows them to accept mobile payments using their iPhone, Android phone, tablet, or iPad using an app. Merchants can enter a payment by hand if a card is not available, or they can swipe the card through the reader.
If a merchant sells an item online, customers can pay online via an e-mail invitation. They click on the link in their e-mail to view the invoice and are then taken to a page which shows a copy of the invoice. There is a button they can click to pay, and Intuit will automatically process the payment. Merchants also have the option to attach a copy of the invoice to the e-mail for the customer.
Average payment processing time varies based on the method of payment. Credit cards take an average of 48 business hours to process. Once they are processed, the payments are available to the merchant. Debit and ACH payments can take up to 72 business hours in order to process and show the funds as available to the merchant. Intuit stores the payments that are waiting to be deposited in an account that is designated for those funds. Merchants are able to see how much money they will be receiving in their accounts.
Intuit payment processing also features automatic reconciliation. Intuit will automatically record all payments made, as well as processing fees. These fees are recorded as an expense, which causes the balance on your account to remain accurate. This makes balancing your budget simple. The hands-free reconciliation of Intuit also allows merchants to spend less time working on accounting and more time running their business.