Credit Card Surcharging Compliance for QuickBooks
Accepting credit cards from your customers comes with many benefits. You get your money quickly, it gets directly deposited into your bank account, and you don’t have to worry about cash handling. However, these benefits come at a cost. Most companies pay in several percent on each credit card transaction they accept. These fees go towards covering rewards that the customer gets when they pay with credit cards.
Is there a compliant surcharging option for credit cards?
Many companies that use QuickBooks for accounting want to avoid the expensive costs of processing and pass it along to their customers. This is called surcharging. By surcharging, the transactions, the fees are paid for by the customer instead of the merchant. However, the major card brands like Visa, Mastercard, Discover, and American Express have many complex compliance standards in place to protect their cardholders. For example, you are not allowed to surcharge debit and prepaid cards, but you are allowed to surcharge credit cards. The problem with this, is that you do not know the card type when accepting a payment.
A compliant solution that integrates with QuickBooks
RewardPay is a technology by Payroc that builds in the compliance of credit card surcharging. Using RewardPay, the end cardholder is charged for the cost of the transaction and the merchant only pays fees related to debit and prepaid cards. This eliminates all fees related to credit cards transactions, which can save you up to 90% on your total fees. RewardPay is fully integrated to the Chargezoom platform, so these payments will also synchronize back to QuickBooks and allow you to also do things like email invoices with payment links and recurring billing. Also, Chargezoom is the only Intuit certified solution.