How To Get Paid In QuickBooks

| 2 min read

Learn How To Get Paid In QuickBooks Online

There are many options on how to get paid within QuickBooks.  The question is which method or methods will work best for your business.  I will outline some of the more common methods of getting paid within QuickBooks and introduce a new online method.  All payments can be applied by using the Receive Payments button located on the QuickBooks home screen

Cash or Check:

Checks seem to be becoming a less common type of payment method, with most businesses preferring credit cards or direct bank transfers.  The reason is checks are a pain to deal with and are labor intensive.  You need to receive the check into QuickBooks and then take it to the bank for deposit. 

Also, you always run the risk that the check will bounce and then you will have a whole new headache.  For certain types of businesses, I would recommend not accepting checks.  One place where I have seen the practice of not accepting checks become more and more common is restaurants. 

Some types of businesses though will not be able to avoid accepting checks.  Most people and businesses are not opposed to payments in the form of cash

Credit Card Processing Options:

Many businesses like accepting credit cards as it is a quick and reliable way to get paid.  Though credit card processing fees can be costly for some businesses, for others it is the way to go or more time would be spent chasing down unpaid invoices thus increasing labor. 

Processing your credit cards directly in QuickBooks is extremely easy, though processing fees may be higher than other credit card processors.   However, you won't have to spend time entering manual payments and credit card batches, which can be very time consuming. 

I have not seen a credit card processor be able to import credit card payments into QuickBooks and apply the payment to a customer's open invoice(s) in QuickBooks.  However, I'm sure a sure that a service like that exists I'm just not sure how well it works. 

QuickBooks Online Direct pay via PaymentNetwork:

QuickBooks introduced this new option in April of 2011 where you can send an invoice by email, your customers can click on the payment link and you get paid directly from their bank account into yours. 

The fee for this service is $0.50 per payment received and it costs your customer nothing!  There are no set-up fees, no monthly fee, no monthly minimum, and no contracts allowing you to cancel at any time.  

Staying on top of and dealing with accounts receivable can be time consuming, costly to a business and a pain.  Some payment options are less labor intensive and time consuming but come with a fee.  Finding what works best for your business with handling payments in QuickBooks may not be the easiest thing to figure out so feel free to reach out to us for some advice.


An Affordable Bookkeeping Alternative to a CFO

Outsourcing your bookkeeping is more affordable than you would think. We save you money the moment you hire us by cutting out the expensive cost of hiring an in-house CFO.

Working with a remote bookkeeping service will still provide you with all the value you could get from an in-office bookkeeper but at a fraction of the cost.

Learn more

Learn How We Can Impact Your Business Growth

You’ve got your company’s best interest in mind. Guess what? So do we! You can rest assured that we will work closely with you to create actionable business plans and accurate financial reporting. We offer our toolkit of financial intelligence that will be your greatest asset for business growth.

Contact an Advisor