Payments from QBO to my company

I appreciate your time reaching out to us here, John-ATC.

I'll provide details on when payments are deposited. For credit card payments, the deposit takes 1-2 business days. While bank transfer (ACH) payment takes 2-7 business days. To see which payments are included in a deposit, you can log in to your Merchant Service Center by following these steps:

1. Click this link to sign in to the Merchant Center.
2. Go to Activity Reports, then Transactions.

You can also read this article for more information: Common questions about payments deposits in QuickBooks Online.

If you have any additional questions or other concerns about QuickBooks Payments, please let me know by clicking the Reply button below. Take care and stay safe.

RenjolynC,

When you say '1-2 business days', is this the time required for QBO to receive payment from VISA to QBO? or is this the time that QBO requires to release funds to me (ie. $1,000 invoice LESS $29.25 for the factoring fee ($970.75 deposit to my bank account)?

I do have another question...

What does pulling my credit bureau report have to do with my clients' ability to pay via a credit card? Totally, inappropriate, in my opinion as I am NOT the credit card holder NOR am I applying for credit from either my client or INTUIT.

Let me ease your confusion, John-ATC.

It's the processing period. Within those days (1-2), we receive the payment from your customer, then deposit it to your account.

With regards to the credit report, it's stated in the agreement when you signed up for QuickBooks Payments that we conduct credit or financial status checks at any time. It will help us determine the business' creditworthiness or ability to perform obligations. You can check this reference for more information: INTUIT PAYMENTS MERCHANT AGREEMENT.

Feel free to keep in touch with us if you have further questions. We'll reply as soon as we can.

Thank you Kristine Mae,

I am not keen on this method as the 'terms' you linked me to are not very good at all.

1) My client's debt is considered 'paid in full' when they choose to pay Intuit via this method and the debt responsibility then transfers to Intuit. Somewhat understandable as this, in fact, is a method of invoice factoring.

  a) The merchant is not made aware of the payment from the client unless the merchant makes contact with the client seeking payment. LOOKS SUSPICIOUS TO THE CLIENT.

2) Intuit is then 'OWNER' of the funds collected via this method and under no obligation to remit to its rightful designate. AS PER THE TERMS OF THIS MERCHANT AGREEMENT.

  a) Should Intuit decide to remit the funds to its rightful owner, this will be done at Intuit's discretion.

    AS PER THE TERMS OF THIS MERCHANT AGREEMENT.

  b) The merchant is under obligation to the client for product &/or service accordingly, regardless of

     Intuit's involvement.

3) The merchant's creditworthiness to meet its obligations has absolutely nothing to do with agreeing to utilize Intuit 'Mafia Style' factoring system. If anything, Intuit should be on the hook for its credit worthiness to meet its obligations to remit to the various merchants what funds are rightfully theirs from their sales.

Sorry, I also just noticed I somehow ended up on the USA Community Forum. I am in Canada.

Hi there John-ATC,

QuickBooks Payments makes it easy to accept credit card payments from your customers. I want to address some of the questions and concerns you've expressed in this thread so far to ensure you have all the information you need. There are also some differences between Merchant Services in Canada and the USA, so I want to give you the correct resources for your region.

When you send an invoice to your customer with Cards checked off, it will take 1-2 business days from the moment your customer pays the invoice from the link in their email for you to receive the deposit into your account. You can follow the payment in real time from the Deposits section of the Sales tab in QuickBooks Online. If there's been a  delay in the deposit hitting your account, you'll see what's going on from this page.

Setting the Terms on the Invoice, such as Net 30, gives your customer a timeframe for when they should pay you. If you want your customer to pay the same day or within a few days of receiving the invoice, you can manually set a due date or add new terms by selecting the Terms dropdown and clicking + Add new. The terms don't directly correlate with the time it takes for you to receive the money from your customer.

I would also like to clarify that for every credit card payment you receive deposited into your account, you will see a separate transaction withdrawn from your account in the amount of the 2.9% + 0.25 fees. 

For your reference, here are some Canadian resources when it comes to using QuickBooks Payments:

• Intuit Payments Merchant Agreement
• Intuit Payments Acceptable Use Policy

These documents are more relevant to you as a Canadian user and would be worthwhile to review if you have the chance and are still interested in using QuickBooks Payments to accept credit card payments from your customers. I also have some great introductory resources that explain how QuickBooks Payments works and how you can sign up if you haven't already.

• QuickBooks Online Payments overview
• Sign up for QuickBooks Payments

To access the Canadian Community for future questions and inquiries, simply click the flag in the upper right corner and change it to the Canadian flag. If you're ever looking for support outside of the Community, there are lots of ways for you to get in touch with our awesome team from within QuickBooks or on social media.

Schedule a Callback or Chat: click (?)Help in the upper right > type and enter "Contact support" into the QB Assistant > click Contact Us > explain your situation > click Let's Talk > choose Get a callback or Start a Chat. Support is available from Monday to Friday between 9 a.m. and 8 p.m. ET.

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Let me know if there's anything else you'd like to know. I'm here to help!