Intuit Ups QuickBooks Payments Rates for QBO Users

Intuit notified (has, or is still in the process of) QuickBooks Online Customers that on Oct. 2, 2023, there will be an increase in the rates associated with QuickBooks Payments for US QuickBooks customers. The rate change will impact current and new payments customers on any of the QBO platform versions. 

As part of the pricing changes, Intuit will eliminate monthly fees, and all users will migrate to the new pay-as-you go pricing. But this plan still will have preferred pricing over Intuit's standard QuickBooks Payments pricing.

Rates _[below] charged by Transaction Type – New Rate; (Old Rate):

Card and Digital Wallet Customers₁ processed with a Card Reader – 2.3%  (1.5% + $0.25)

Card Customers₁ processed by manual Key-in – 3.3% (2.9% + $0.25)

Card and Digital Wallet Customers₁ processed via Invoice – 2.8% (2.75% + $0.25)

ACH Bank Payments processed via Invoice – 1%/$10 max. (1%/$10 max.)

Instant Deposit₂ option – 1.75% (1%)

Footnotes:

₁ - Rates regarding Card and Digital Wallet Customer – Intuit is removing the $0.25 fixed transaction fee across all card rates. As of October 2, 2023, there will only be a percentage fee per transaction as shown in the new rates above.

₂ - Instant Deposit Fees – Instant deposit will continue to be an option for faster access to your funds; however, Intuit will increase the "additional rate" for this instant deposit option from 1% to 1.75%.

Intuit's "QuickBooks Payments" standard pricing is not the subject of this article. Consult the QuickBooks Payments webpage for that information.

Disclosures:

As used herein, QuickBooks^®, QuickBooks Online and QuickBooks Payments refer to one or more registered trademarks of Intuit Inc., a publicly traded corporation headquartered in Mountain View, California.

Some feature content may have been adapted from Intuit source content. Adapted source content and materials are furnished for educational purposes only by Insightful Accountant.

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