What are QuickBooks credit card fees, and how do you handle them?

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The charges that arise whenever your customer makes payments by credit card through QuickBooks Payments are termed QuickBooks Credit Card Fees. Generally, they are a certain percentage of the transaction amount plus a fixed fee, which depends on the type of card user instance, Visa, MasterCard, or AMEX.While recording payments, ensure the fees are always recorded separately and apart from the payment received. When you pay an invoice or receive a payment by credit card in QuickBooks using its Payments integration, QuickBooks automatically offsets credit card fees against payments for you. Review your statements often, and reconcile them against your bank records to make sure all fees are recorded accurately.

Proper credit card fee-tracking and categorization objectively let you know how much you pay for payment-processing costs while safeguarding your financial reports’ accuracy and offering a transparent picture of your business’s financial performance.