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 [shown 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%)
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.
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