Why charge 5% on credit card transactions?

When processing payments with QuickBooks Online (QBO), a fee is charged for each transaction, Vilorioproperty2024. Let me fill you in with details regarding this topic.

Integrating QuickBooks Payments to your QBO applies different fees for every transaction depending on the payment method. If you're utilizing a credit card for your transactions, fees should be 2.99%. For detailed information on QuickBooks Payments processing rates, please check the Payments & Banking Guide.

Since a 5% fee has been applied to your credit card transactions, it would be best to communicate with our live support team. They have secured tools to review your account and investigate the charges. Please follow these steps to contact them:

1. Log into your QBO account.
2. Click Help (?) at the upper right corner of your screen.
3. Tap on Search, then click Contact Us.
4. Select a topic to connect with the right expert.
5. Choose how to contact our QB support team.

• Via a Callback, where they’ll save you a spot and call you back.
• Via Chat, start a chat with our support.

You can view our support hours availability through this QuickBooks Online Support webpage to ensure timely assistance.

Additionally, this guided article helps ensure that your payments and processing fees are assigned to the appropriate account: Edit the payment and processing fee accounts for QuickBooks Payments.

Return to this thread in the Community if you have any follow-up questions about credit card charges in your QBO account or need assistance with any other tasks. I'm just a notification away.

@Irene R "Why charge 5% on credit card transactions?"

"Integrating QuickBooks Payments to your QBO applies different fees for every transaction depending on the payment method used, which is why there's a 5% fee on your credit card."

Translation: Because we charge a 5% fee for credit card transactions.

That's not an answer, it's a description of what @vilorioproperty2024  already knows to be true.

5% is rather steep! Basically a rip off, actually.

I pay about 3.5% with my merchant service, and that's not even considered a great deal.  But they almost always get things right, deposit my charges the next business day - and they have never held my money for any reason.