When did QB start charging for ACH Bank Transfer payments on invoices? April is the first time I have seen these charges on my account? (2024)

‎May 18, 202102:38 PM

Several tenants pay their rent via the pay now link on the QB Invoice. April is the first month I have seen: "System-recorded fee for QuickBooks Payments. Fee-name:DiscountRateFee, fee-type:Daily"

• QuickBooks Online

JasroV

I'd be glad to share some information with you about ACH payments in QuickBooks Online (QBO), Abby.

Recently, QuickBooks release an update that beginning April 12, 2021, bank transfer (ACH) payments will be charged a 1% fee (max $10) per transaction. There will be no charges for credit card or debit card payments. They will be still deposited at current rates.

With this update, payments made before 3:00 PM PT (Pacific Time) will arrive at your bank the next business day. This lets our user and their customer process their payments instantly to their bank.

Also, our funding speed and cost are updated to in line with the market standards. For more details about this, check out these link for guidance:

• Standard Payment Fees & Rates
• Keep cash flow strong with faster deposits
• Common questions about payments deposits in QuickBooks Online

Let me also add this link that you can use for reference in matching your bank and QuickBooks balance efficiently:Reconcile an account in QuickBooks Online.

Keep me in the loop if you have any clarifications about the ACH fee. I'm always around to help you. Wishing you more success in your business!

I was told I would be grandfathered in and not be charged for ACH payments. I have worked really hard to get my customers to use ACH instead of CC.

Now instantly I'm being charged. This is a huge expense for me as I have 600 customers.

@APS3

Consider another payment processor to accept ACH for free.

You mentioned that there are no fees for credit or debit card use yet the link to rates clearly shows there are fees charged. I believe what you meant to say that, "the Customer will not be charged a fee" however, the business will be charged the standard credit card use?

Will our customers be prompted with the information about being charged a fee if they use the ACH payment option?

Hi dryan14!

I think what JasroV meant was there isn't a change in the fee for the Credit Card payment method. Thanks for pointing this out. I'm also happy to answer your question about a prompt.

Your customers will not be prompted about a fee for using ACH because it will be charged on your side. It will be taken from their payments, just like how we take the fee for the Credit Card payment method. You can find more details in the article regardingcommon questions about Paymentsthat JaroV shared in his answer.

Let me know if you have any other concerns about fees or anything about QuickBooks Payments. Enjoy the rest of the day! Bye for now!

@melany1

Utilize another payment processor to accept ACH for free.

@HyperionNetworks Send a private message to@Fiat Lux - ASIA,to see what might work better for your company.

@HyperionNetworks

Are you run a B2B or B2C company?

Thanks for joining the thread, @dennis v. I'm here to guide you on the option to circumvent instant deposit in QuickBooks Online (QBO).

Each time youget an instant deposit, there's an additional 1% fee of the total payment amount. This is in addition to the fees for processing customer payments.

You're unable to turn off instant deposits in QBO. However, you can disable the scheduling to get around the fees per transaction. Here's how:

1. Go to theGearicon.
2. ChooseAccount and settings.
3. Select thePaymentstab.
4. ChooseDeposit Speed. Then, clickChange.
5. Remove the check for all the marked days and leaveAll the days Off.
6. ClickSave schedule.

In keeping with this, I'm adding these articles to answer the most commonly asked questions about how payment deposit works andwhen they'll getinto your bank account:

• Questions about payments deposits in QuickBooks Online

• Find out when QuickBooks Payments deposits customer payments

Please don't hesitate to post again here in the Community if you have other QuickBooks Payments concerns and questions about managing income transactions in QBO. I'm always around to help. Take care, and I wish you continued success,@dennis v.

@dennis vwrote:

Are there other options inside of quickbooks to circumvent the $10 ACH fee per transaction? I do not need an instant deposit and I prefer not to take a check.

@dennis v

No. If you are running a B2B company, you should utilize a 3rd party payment processor to accept ACH for free.

Thanks Rea_M

To clarify, if I turn off all of the days, will deposits come through at all?

Are you suggesting batching multiple customer payments to be deposited to my bank on one day so that I'm only charged once when the bulk is deposited to my account?

@Rea_Mwrote:

Thanks for joining the thread, @dennis v. I'm here to guide you on the option to circumvent instant deposit in QuickBooks Online (QBO).

Each time youget an instant deposit, there's an additional 1% fee of the total payment amount. This is in addition to the fees for processing customer payments.

You're unable to turn off instant deposits in QBO. However, you can disable the scheduling to get around the fees per transaction. Here's how:

1. Go to theGearicon.
2. ChooseAccount and settings.
3. Select thePaymentstab.
4. ChooseDeposit Speed. Then, clickChange.
5. Remove the check for all the marked days and leaveAll the days Off.
6. ClickSave schedule.

In keeping with this, I'm adding these articles to answer the most commonly asked questions about how payment deposit works andwhen they'll getinto your bank account:

• Questions about payments deposits in QuickBooks Online

• Find out when QuickBooks Payments deposits customer payments

Please don't hesitate to post again here in the Community if you have other QuickBooks Payments concerns and questions about managing income transactions in QBO. I'm always around to help. Take care, and I wish you continued success,@dennis v.

I sometimes have numerous payments per month exceeding $1k

I'm here to bring clarifications to your concern,dennis v.

The Automatic Instant deposits feature allows you to get your money faster.Turning the Al the days Off optionwill prevent you from having the additional 1% fee for your transactions.

Regarding your question, if deposits will come through all, the answer is yes. When you'reusingQuickBooks Payments, unlike instant deposits, it can take a few days to get the money into your bank account.

Learn moreabout QuickBooks Paymentsandhow long it takesto get customer payments into your bank account.

Moreover, it's not necessaryto depositmultiple customer payments in batch to yourbank in one day. You can just wait until it's processed using QuickBooks Payments.

Allow me toshare a couple of articles to share in case you might need them in the future:

• Find out when QuickBooks Payments deposits customer payments.
• Handle duplicate credit card transactions in QuickBooks.

Also, I recommend visiting ourguideto get a list of articles that can help you manage yourmerchant account and other payment-related tasks.

You can always get back to me here in the Community if you have any follow-up questions about managing income transactions. I'll be here to answer them further.

Hi there, @HyperionNetworks.

I'm here to share some insights on how to change your deposit speed.

Deposit speeds depend on the product you're using and the type of payment.

Once the update has been made to faster funding, the system does not allow a customer to "downgrade" back to the slower funding times.

If you want to downgrade the deposit speed, you have to cancel your payment account and resubscribe to a new one. For your reference, check out these links:

• Cancel your QuickBooks Payments subscription
• Manage billing, payment, and subscription info in QuickBooks Online

Once completed,connect your new payments accountto QuickBooks Online.

To learn more about deposit speeds and whenQuickBooks deposits customer payments into your bank account, you can refer to this article:Get paid faster with next-day deposits.

Post again if you have any other questions. I'm a few clicks away to help. Have a good day!

Hello,

I just wanted to confirm that if we are a business with many clients, accepting ACH payments will only charge us 1% or $10 MAX per transaction. Could you please confirm that this is that case?

Best,

Kiki

Let me confirm a few things for you about the charges, @kikiyi.

Yes, you're correct that running a business with many clients while accepting ACH payments will only charge you 1% or $10 maximum per transaction. You can check this page for more details:https://quickbooks.intuit.com/payments/pricing/.

In addition, I added articles to answer some questions in your mind that's significant to payments and when will the funds be deposited into your bank:

• Questions about payments deposits in QuickBooks Online
• Find out when QuickBooks Payments deposits customer payments

If you have additional questions about QuickBooks Payments rates and charges, feel free to add them below. I'll get back here to help. Have a great day!

I appreciate you canceling and re-subscribing your QuickBooks Payment account,dappelgirl.

I recommend contacting our QuickBooks Payments Team. They can check what other option you can use since you don't have the option to change it.

You can use this link to get in touch with them:Chat with us. Or visit this page to get the phone number:Contact Payments.

As of now, the 5-day funding pricing plan is no longer being offered. However, you can request a rate review to see if they qualify for a more favorable pricing plan.

Please browse this link to find out if you're qualified for discounts:Request a rate review of QuickBooks Payments discount fees. It will tell you how to request a rate review and what requirements you need.

Let me know if there's anything else you need about processing payments. I'm always right here to help you.

@LescoB

If you are running a B2B company, you should utilize a 3rd party payment processor to accept ACH for free.

I dont agree neither understand this assault. If the deposit was done directly to my bank account why on eart QB charge me ?

I am cancelling my account if those charges are not dropped