If I had a nickel for every time this questions was asked, I wouldn't need to be writing this article. This question is so simple, but complicated at the same time. It's the kind of question that begs more questions than answers. So let's dive in to some of the questions that need to be addressed before we can get to an answer. (BTW - our QB Payments course addresses a lot of the how do I tutorials of setting up and using QB Payments. Access it from your Library)
What are you using it for?
This is the first question that opens up the Pandora's Box. What are you collecting payments for? If you are looking as a way for a customer to send a payment as a button online, no it doesn't do that. But Why not?? the answer to that is based on on the deep integration that QuickBooks Payments has with QuickBooks. The beauty of using QuickBooks Payments is integration into QuickBooks. Instead of simply recording a payment, when a payment is made through QuickBooks Payments, the customer who made it, then invoice it was paying for, the transaction fees that were associated with the charge, and the bank deposit that combined that payment with other will often be recorded for you. If you are posting a button to process an electronic payment, there isn't any way to reference that through a button on your website.
If you are looking to add QuickBooks Payments as the processor for your online shopping cart, then that is an other story. Some shopping carts can directly add the payment gateway on the back end of the shopping cart. Here is a tutorial on connecting QB Payments to a Shopify shopping cart.
Here are the shopping carts that Quickbooks Payments will work with. If it's not directly integrated, they you'll be looking add adding an app or plug in into your website to be able to connect it as payment gateway. If you are not using a shopping cart that can be configured, it's quite an ordeal to try to get it set up to do that. Since you are using a shopping cart and selling products or services online, there are other considerations at play here as well like, shipping, tracking the items sold, sales tax in addition to the payment.
So now that you have an idea of how in what capacity the QB Payments account might be used on the website, often it's better to use another online payment processor and then see about integrating those payments into your QuickBooks. Here is a list of things that QuickBooks Payments does really well and is designed to do:
- e-Invoicing - Sending you customer an invoice that allows them to pay the invoice with a credit card or bank transfer
- Payment Links - Easily create a link that can be emailed or sent via text that will allow your customer to may a payment
- Mobile Payments - Accept credit cards in person with mobile app
- Recurring Payments - Setting up automatic payments to be charged on the same day of the month.
All of the above situations will do your bookkeeping and billing at the same time. Once the payment has been processed, you are done. The Payment, fees, and deposit transactions can be downloaded and recorded for you applying it to the proper customer. Bank reconciliations are much easier when this process is done for you. Our QB payments course covers this and is accessible it from your Library.
If you would like to learn more tips and tricks, click here to access our entire course library!!
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