QuickBooks has long been the favorite of small business owners as it, among other things, helps to organize expenses, control cash flow, improve payments via its invoicing and provide up to the minute reporting. The one area in which QuickBooks has fallen short is regarding Payments.
The ability to process payments within the QuickBooks environment and have that payment auto-update invoices and reconcile fees and deposits, helping to keep books balanced, allows business owners to run their business in an efficient manner. However, it comes at a cost.
As we know, QuickBooks offers a modified flat rate pricing model based on swiping a card, manually entering a transaction or being paid via an invoice. The issue with flat rate pricing programs is that they are an expensive illusion. While flat rate pricing is meant to be easy to understand, and thus attractive to business owners, it is not meant to be competitive.
The fundamentals of credit card pricing make flat rate pricing uncompetitive. Interchange, the cost to process a credit card, is set by the Card Brands and Card Issuing Banks and is fixed. With somewhere close to 300 different categories, the interchange rate assigned to an individual transaction can vary from .05% to 3.26%, depending on the card type, card brand, how the card was processed and other variables. Therefore, under a flat rate program, the rate must be high enough to cover the cost of most cards. Thus, businesses are severely overpaying on most transactions.
At Clarity EPS we offer business owners using QuickBooks a better solution. Using our seamless integration, we provide business owners with the ability to process and post credit card payments as they normally do within the QuickBooks environment, just at a much lower cost. So how do we do that?
We accomplish our low rate pricing based on two factors. First, we utilize a cost-plus pricing program under which we pass along the cost of any card processed and add a small fixed mark-up, offering complete transparency. Second we automatically pass through Level II and Level III data for all business card products, providing businesses with up to a 1.10% savings in interchange on these card products. We simply use the rules set by Visa and MasterCard to reclassify transactions into a lower interchange category.
Business owners no longer need to feel locked into working with QuickBooks when processing payments and can enjoy both the benefits of QuickBooks and lower processing costs.
At Clarity EPS our focus is to ensure business owners use best practices when processing a transaction either in person, over the phone or online. The key is for business owners to understand their role in the process, which in turn allows them to make the right decision as it pertains to their business. User error or lack of knowledge should never be a reason to pay higher fees.
To learn more about our solution and to schedule a demo please contact us.
Clarity EPS works with businesses of all sizes helping them process payments in a more efficient, secure and affordable manner. We assist businesses in eliminating the guesswork regarding payment processing and provide clear, concise and understandable solutions. Our core values are rooted in honesty, fairness and transparency.
Please visit www.clarityeps.com for more information on our offerings.
Contact: (561) 338-4446 | firstname.lastname@example.org | Twitter: @clarityeps