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abbymishko
Level 1

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?

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"
Solved
Best answer May 18, 2021

Best Answers
JasroV
QuickBooks Team

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?

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: 

 

 

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!

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25 Comments 25
JasroV
QuickBooks Team

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?

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: 

 

 

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!

View solution in original post

APS3
Level 1

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?

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. 

Fiat Lux - ASIA
Level 15

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?

@APS3 

Consider another payment processor to accept ACH for free.

dryan14
Level 2

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?

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?

JessT
QuickBooks Team

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?

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 regarding common questions about Payments that 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
Level 2

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?

I’m an old customer and this just doesn’t fly. You guys are setting yourself up for loosing good customers. You’re no longer the only game in town. We small business people are struggling to come back from Covid and this is killing us. I recommend you go back to the original deal.

Fiat Lux - ASIA
Level 15

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?

@melany1 

Utilize another payment processor to accept ACH for free.

HyperionNetworks
Level 1

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?

What other options might be available? We are a small business to and they are taking $500 a month in profit after getting customers to switch to ACH in the first place. This fee is wrong. 

Just_me
Level 8

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?

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

Fiat Lux - ASIA
Level 15

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?

@HyperionNetworks 

Are you run a B2B or B2C company?

dennis v
Level 1

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?

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.

Rea_M
QuickBooks Team

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?

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 you get 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 the Gear icon.
  2. Choose Account and settings.
  3. Select the Payments tab.
  4. Choose Deposit Speed. Then, click Change.
  5. Remove the check for all the marked days and leave All the days Off.
  6. Click Save schedule.

 

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

 

 

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.

Fiat Lux - ASIA
Level 15

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?


@dennis v wrote:

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.

dennis v
Level 1

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?

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_M wrote:

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 you get 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 the Gear icon.
  2. Choose Account and settings.
  3. Select the Payments tab.
  4. Choose Deposit Speed. Then, click Change.
  5. Remove the check for all the marked days and leave All the days Off.
  6. Click Save schedule.

 

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

 

 

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

 

Charies_M
Moderator

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?

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 option will 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're using QuickBooks Payments, unlike instant deposits, it can take a few days to get the money into your bank account.

 

Learn more about QuickBooks Payments and how long it takes to get customer payments into your bank account.

 

Moreover, it's not necessary to deposit multiple customer payments in batch to your bank in one day. You can just wait until it's processed using QuickBooks Payments.

 

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

Also, I recommend visiting our guide to get a list of articles that can help you manage your merchant 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.

HyperionNetworks
Level 1

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?

There is not an option to change deposit speed. It is a locked field. 

AbegailS_
QuickBooks Team

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?

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:

 

 

Once completed, connect your new payments account to QuickBooks Online.

 

To learn more about deposit speeds and when QuickBooks 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!

kikiyi
Level 1

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?

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

Jovychris_A
QuickBooks Team

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?

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:

 

 

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!

dappelgirl
Level 1

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?

Cancelling my payment account and resubscribing did not work for me.  There is no option to change the A.I. once you get back in.  

Did this actually work for anyone else?

MaryLandT
Moderator

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?

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
Level 1

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?

Your suggestions to go to the gear, account and settings, Payments, Deposit speed does not allow you to change this. There is no way around the fee. This is a sure way to lose a small business. 

Fiat Lux - ASIA
Level 15

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?

@LescoB 

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

 

phrojas
Level 1

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?

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

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