By Amanda Karen | CrunchSum
As a small business owner that provides services, there are multiple ways you can receive invoice payments from your clients. Some of the most common include: manually via check or electronically via PayPal. In this article we will discuss an electronic payment alternative to both of these options: Intuit Payment Network (IPN).
What is Intuit Payment Network?
Similar to PayPal, IPN enables your clients to pay you online via their debit card, bank account, or credit card. Created by Intuit (the creators and producers of the QuickBooks product line), you know that the product can be trusted and is secure. It is quickly becoming one of the easiest ways to accept online payments from your clients!
- Saves everyone time and money
- Seamless QuickBooks Online integration
- No monthly, setup, or cancellation fees
- Most funds deposited into your bank account by next business day, generally sooner; IPN alerts you via email notification once a client payment has been made
- Your clients don’t have to have an IPN account in order to make a payment
Below we discuss 3 reasons why you should be using Intuit Payment Network.
1. Saves everyone time and money.
It is pretty intuitive, but giving your clients the ability to pay online via IPN saves both you and your client time and money. When your client pays your invoice via IPN, they eliminate both the time and cost on their end associated with processing a check. Additionally, your client’s funds get deposited into your bank account automatically, eliminating the need for you to wait for a check to arrive in the mail and then have to subsequently take the time to deposit it at the bank.
2. Seamless QuickBooks Online integration.
Requesting payment is as easy as including an IPN link when sending your client’s invoice. When you send an invoice to your client, a payment button is included. You can request money from anyone that has an email address.
Once your client submits payment via IPN, QuickBooks Online automatically applies and records the payment to the correct invoice. The only thing left for you to do is match the transaction accordingly when the payment comes through via your downloaded bank transactions.
*As an aside, if you are a bookkeeper and your clients use IPN themselves to receive payments from their customers, it makes reconciling bank deposits much easier. IPN eliminates the need to follow up with your clients in order to determine what each deposit is for and which invoices to apply them to, etc.
3. No setup costs or monthly fees.
It is free to sign up with IPN. The only cost to you is $0.50 per debit/bank account transaction received. Only $0.50! If you decide to enable credit card payments for your customers (you do not have to enable this feature, you can elect to only allow your clients to pay via debit card and/or bank account) the per transaction cost starts at 2.2% + $0.23.
IPN is designed to make processing and receiving payments easier for all parties involved. In addition to receiving payments sooner from clients (generally), time and money can be saved by using IPN for everyone. Who doesn’t want that?
Do you use Intuit Payment Network? Tell us about your experiences below!
CrunchSum provides web-based bookkeeping and QuickBooks support services to web and technology companies.