Question for folks using QuickBooks for credit card processing

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Don Draper

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We currently use FirstData for our cc processing, our rates average in the 2.5% range (we take Visa, MC and Discover, no Amex). What I like best about them is the time of processing...if I settle a batch today the money will be available in my checking account within two business days.
Can anyone tell me roughly how long it takes with QuickBooks processing for funds to be available? Any info on fee percentages is appreciated too, if you know it.
Thank you!
 
I was with Nova and then Regions. Changed to First Data last year. I also like the speed of geting into my bank account. It used to take several days. Now about 2 unless a weekend gets in the way.
 
i think it is around 2 days....too tired now to dig the info out...but I'll check it out and report on it.
 
Thank you both! Every bit of info helps. We are just so struggling with jumping to Rezo or any of the guest management softwares...if I am going to dish out that kind of cash I want to make sure I am utilizing every benefit, and the automatic cc processing would be one of them.
 
Thank you both! Every bit of info helps. We are just so struggling with jumping to Rezo or any of the guest management softwares...if I am going to dish out that kind of cash I want to make sure I am utilizing every benefit, and the automatic cc processing would be one of them..
The auto credit card processing is a huge benefit. Saves me a lot of time.
I looked it up. The delay between when the charge is made and when it hits our bank is between 2 and 3 days. If the charge is in the morning it almost always hits our bank within 2 business days. If the charge comes in more toward the evening it seems more likely to take 3 business days.
 
Thank you both! Every bit of info helps. We are just so struggling with jumping to Rezo or any of the guest management softwares...if I am going to dish out that kind of cash I want to make sure I am utilizing every benefit, and the automatic cc processing would be one of them..
The auto credit card processing is a huge benefit. Saves me a lot of time.
I looked it up. The delay between when the charge is made and when it hits our bank is between 2 and 3 days. If the charge is in the morning it almost always hits our bank within 2 business days. If the charge comes in more toward the evening it seems more likely to take 3 business days.
.
Thank you so much Swirt.
I thought of another question today. With FirstData, the credit card fees are taken out of my checking account in a lump sum, usually on the 5th day of the month for the previous month (so May 5th the fees for all my April credit card transactions were taken out).
Does QuickBooks work the same way or do they take a per transaction fee? Right now I know if I settle a batch for $100, then $100 goes into my checking account. I take my monthly totals and calculate roughly 3% (it's usually less but I err on the side of caution) and I factor that in as a debit to my checking account on the 5th of the following month. Do you know if this is the same with QuickBooks?
 
Thank you both! Every bit of info helps. We are just so struggling with jumping to Rezo or any of the guest management softwares...if I am going to dish out that kind of cash I want to make sure I am utilizing every benefit, and the automatic cc processing would be one of them..
The auto credit card processing is a huge benefit. Saves me a lot of time.
I looked it up. The delay between when the charge is made and when it hits our bank is between 2 and 3 days. If the charge is in the morning it almost always hits our bank within 2 business days. If the charge comes in more toward the evening it seems more likely to take 3 business days.
.
Thank you so much Swirt.
I thought of another question today. With FirstData, the credit card fees are taken out of my checking account in a lump sum, usually on the 5th day of the month for the previous month (so May 5th the fees for all my April credit card transactions were taken out).
Does QuickBooks work the same way or do they take a per transaction fee? Right now I know if I settle a batch for $100, then $100 goes into my checking account. I take my monthly totals and calculate roughly 3% (it's usually less but I err on the side of caution) and I factor that in as a debit to my checking account on the 5th of the following month. Do you know if this is the same with QuickBooks?
.
With QuickBooks each transaction has its own fees taken out immediately...sort of. This part is a little wierd. The charge goes through so there's lets say $100 that goes into your account and at the same time $2.20 comes out. That's the "standard CC percentage" but there are other interchange fees, network fees ... depending on who the card was with and those fees don't come out until the monthly statement from QuickBooks. So some gets pulled out immediately, and some parts come out once a month. It all makes sense if you trace it all out, but when you first look at it is seems like you are getting dinged twice.
 
Thank you both! Every bit of info helps. We are just so struggling with jumping to Rezo or any of the guest management softwares...if I am going to dish out that kind of cash I want to make sure I am utilizing every benefit, and the automatic cc processing would be one of them..
The auto credit card processing is a huge benefit. Saves me a lot of time.
I looked it up. The delay between when the charge is made and when it hits our bank is between 2 and 3 days. If the charge is in the morning it almost always hits our bank within 2 business days. If the charge comes in more toward the evening it seems more likely to take 3 business days.
.
Thank you so much Swirt.
I thought of another question today. With FirstData, the credit card fees are taken out of my checking account in a lump sum, usually on the 5th day of the month for the previous month (so May 5th the fees for all my April credit card transactions were taken out).
Does QuickBooks work the same way or do they take a per transaction fee? Right now I know if I settle a batch for $100, then $100 goes into my checking account. I take my monthly totals and calculate roughly 3% (it's usually less but I err on the side of caution) and I factor that in as a debit to my checking account on the 5th of the following month. Do you know if this is the same with QuickBooks?
.
With QuickBooks each transaction has its own fees taken out immediately...sort of. This part is a little wierd. The charge goes through so there's lets say $100 that goes into your account and at the same time $2.20 comes out. That's the "standard CC percentage" but there are other interchange fees, network fees ... depending on who the card was with and those fees don't come out until the monthly statement from QuickBooks. So some gets pulled out immediately, and some parts come out once a month. It all makes sense if you trace it all out, but when you first look at it is seems like you are getting dinged twice.
.
Gotcha...makes sense. Still seems like their overall rates are competitive. This is all a lot to process, so we're trying to be as analytical about it as possible. DH is an engineer, so you can only imagine all the spreadsheets
regular_smile.gif

It sounds like your brain works in exactly the same way. Thanks again for your help.
 
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