Get 50% OFF QuickBooks for 3 months*

Buy now
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Work smarter and get more done with advanced tools that save you time. Discover QuickBooks Online Advanced.
JenniferRN
Level 1

What is Merchant Service Deposit?

I am not an accountant, just a small business owner trying to learn QB. What is Merchant Service Deposit?

Solved
Best answer October 13, 2022

Best Answers
LollyNino_C
QuickBooks Team

What is Merchant Service Deposit?

It's nice to have you in the Community, @JenniferRN. I'd be glad to help share some information about merchant service deposits. 

 

A merchant services company called QuickBooks Payments was created to work with Intuit's QuickBooks accounting program. It is not a direct processor, like many other merchant service providers, but QuickBooks Payments uses it as its back-end processor. You can visit this page: QuickBooks Desktop Payments makes it easy.

 

The term "merchant account" refers to the category of the bank that enables your company to accept all credit or debit card payments. When a customer uses their credit card to pay for all goods or services, the money is first placed into the merchant account. It eventually transferred into the bank account to finish the transaction.

 

Also, you can check out this article on how you can process payments online with the Merchant Service Center.

 

I'll also add the QuickBooks Payments FAQ as additional information.

 

If you have any other follow-up questions about payments, let me know by adding a comment below. I'm more than happy to help. Have a good one!

View solution in original post

2 Comments 2
LollyNino_C
QuickBooks Team

What is Merchant Service Deposit?

It's nice to have you in the Community, @JenniferRN. I'd be glad to help share some information about merchant service deposits. 

 

A merchant services company called QuickBooks Payments was created to work with Intuit's QuickBooks accounting program. It is not a direct processor, like many other merchant service providers, but QuickBooks Payments uses it as its back-end processor. You can visit this page: QuickBooks Desktop Payments makes it easy.

 

The term "merchant account" refers to the category of the bank that enables your company to accept all credit or debit card payments. When a customer uses their credit card to pay for all goods or services, the money is first placed into the merchant account. It eventually transferred into the bank account to finish the transaction.

 

Also, you can check out this article on how you can process payments online with the Merchant Service Center.

 

I'll also add the QuickBooks Payments FAQ as additional information.

 

If you have any other follow-up questions about payments, let me know by adding a comment below. I'm more than happy to help. Have a good one!

alysa_m_14
Level 1

What is Merchant Service Deposit?

A Merchant Service Deposit typically refers to the funds that get deposited into your business account after processing credit card payments. It's the money you receive from your payment processor after a customer pays. When using QuickBooks Desktop, this deposit is often linked to your payment gateway or merchant account, which handles those transactions.

If you're looking for an easier way to process payments directly in QuickBooks, something like EBizCharge can integrate payments seamlessly, syncing transactions with QuickBooks automatically.

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.

Need to get in touch?

Contact us