From the various useful tools of the advanced accounting software QuickBooks, the payment feature is one of the most essential ones. If you know how to use this payment feature of QuickBooks then you can get paid faster. Minimizing the delay in payment from clients and customers can be a great advantage for businesses.
Earlier, the price rate for service model was very normal with only two types of rates in QuickBooks Payment, the keyed rate or the swipe rate. But now QB involves three types of item building in your account which now includes the merchant service account go payment and invoice. When you make a deposit, this item is bundled together in QuickBooks software making deposits easier to process.
Now, let’s look at some features of QuickBooks Payment which will allow you to enhance your speed of payment.
1. Get Quick Payment
The time involved in payment for QuickBooks user is reduced to 2X in comparison to people who don’t use QB. It’s possible because you can use the various functions of the QB payment like making email invoice with a pay now link and accepting online payment through debit card, credit card, and ACH bank transfer. Moreover, you can also accept payment through your Android or iOS device.
2. Easy Tracking of Invoices
Making and sending invoices with QuickBooks is very easy. You can easily send an invoice to your customer using the QB and thus it allows regular tracking of your invoices, which results in enhanced payment methods. All the records of invoices are located at a single place and thus it assures that your invoices don’t go past due.
3. A Pay Now Link in Attached in Email Invoices
The feature of paying instantly through a link in invoice comes for free and is known as e-invoice. By using this feature, the customers whom you send the email invoices, can make instant online payment or through mobile. You will also receive a notification when they use the link to make payment for your invoices.
4. Automatic Reconciliation of Invoices and Payments
The automation feature of QB is very helpful and minimizes the labor put in a manual entry. Whenever you get paid, QuickBooks automatically gets updated. The automatic reconciliation makes sure that you don’t waste your time in a manual matching of invoices with your payment. With this feature, you can save thousands of dollars on an annual basis.
5. Safe and Risk-free
The payment feature of the QuickBooks has been designed in such a way that it offers a high level of security for all your payments and thus your payments become risk-free for both you and your clients. The problem with payment method is that most of the clients don’t trust any different type of payment system and that’s why they go with what they are familiar with but QuickBooks offers bank-level security for all your payment transactions and thus it becomes a single point of paying and getting paid for both clients and businesses.
Managing payments system of a business is very important because delay or mismanagement of payment can lead big loss for businesses.
Using QuickBooks for payment is a great decision as it boosts the speed of your payment while making it secure and risk-free.
Preeti is a technical content writer who is currently associated with Cloudwalk. She spends most of the time of her day in the world of cloud computing and accounting software. Her vast experience in the field of cloud software and her love for IT has allowed her to become a major contributor on most of the knowledge based cloud platforms.
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