Intuit has recently launched PaymentNetwork, a new, cheaper alternative to PayPal for collecting fees from customers. The huge draw is their low fees, only $0.50 per transaction!
Use PaymentNetwork to send or receive payments. Sending money is free, while receiving payments costs only $0.50 per payment. There are no monthly fees or transaction discounts, a major improvement over credit card merchant fees and PayPal fees.
Both you and your customer need to register for the service. For this reason, Intuit PaymentNetwork is particularly well-suited to transactions with frequent customers and recurring, monthly transactions. Even with a single, one-time transaction of a larger dollar amount, though, you could be saving quite a bit of money over a PayPal transaction. For a single, $1,000 transaction, PayPal would charge roughly $29.30 while Intuit PaymentNetwork would charge only $0.50!
The system is extremely easy to use and helps you track the payments requested and the payments received. Like PayPal, you don’t need to provide any bank number information to your client.
Be forewarned that you will have to wait three or more days to receive your payment. While a similar transaction would be processed immediately with PayPal, you would still have a time lag while waiting for the transfer of funds to your bank account to be processed.
It’s certainly a great, new alternative to credit card merchant accounts and PayPal!
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.
