Does QuickBooks Payments cost more than Stripe or Square once the invoices get bigger?
Summary
Yes, above about $333 per card payment and by a wide margin on large ACH invoices, because QuickBooks charges 2.99% on online and invoice card payments with no per-transaction cents, and its standard 1% ACH fee has no cap. A $5,000 bank-transfer invoice costs $50 on QuickBooks, where Square's Plus plan would charge $10.
The rate card
| Payment type | QuickBooks standard | Accountant-referral rate |
|---|---|---|
| Cards and digital wallets | 2.99% | 2.8% |
| In person (card reader or Tap to Pay on iPhone) | 2.5% | 2.3% |
| Keyed-in cards | 3.5% | 3.3% |
| ACH bank payments | 1%, no max | 1%, $15 max |
The standard column comes from Intuit's payment-rates page, and Intuit's help article on processing fees lists the same four numbers. The accountant column applies only to QuickBooks Online customers who have never processed QuickBooks payments. Cards issued outside the U.S. and international PayPal accounts add 1%. There are no monthly fees or minimums, and businesses processing more than $2,500 a month can call about up to 25% off standard rates.
Where the crossover sits
Without a fixed fee, QuickBooks wins on small payments. Stripe's online card rate is 2.9% + 30¢, so the two meet where 0.09% of the invoice equals 30 cents: $333.33. A $20 invoice costs $0.60 on QuickBooks and $0.88 on Stripe. A $1,000 invoice costs $29.90 on QuickBooks and $29.30 on Stripe.
In person there is no crossover. At 2.5% flat, QuickBooks undercuts Square's free-plan 2.6% + 15¢ at every ticket size, and its 3.5% keyed rate is 15 cents under Square's 3.5% + 15¢.
ACH runs the other way. The uncapped 1% means $50 on a $5,000 invoice. Square's Plus plan charges 1% with a $10 cap on invoice ACH, and the QuickBooks accountant rate caps it at $15.
Getting the money out
Card payments processed before 3 PM PT are deposited the next business day, and those processed after 3 PM PT within two business days. Standard deposits run Monday through Saturday except Thanksgiving and Christmas, and federal holidays do not count as business days. A new account's first batch arrives within five business days.
Instant deposit costs 1.75% of the amount on top of processing fees, and Intuit waives it if you link a QuickBooks debit card. You can use it up to five times a day, for $1 to $125,000 a day.
Sources
- quickbooks.intuit.com/payments/payment-rates
- quickbooks.intuit.com/payments
- quickbooks.intuit.com/accountants/products-solutions/merchant-services
- quickbooks.intuit.com/learn-support/en-us/help-article/process-credit-…
- quickbooks.intuit.com/learn-support/en-us/help-article/receive-payment…
- quickbooks.intuit.com/learn-support/en-us/help-article/bank-deposits/g…
- stripe.com/pricing
- squareup.com/us/en/payments/our-fees
Related on this site
- What does it cost to get card sales into your bank faster than the next business day?
- Why does a keyed-in or online card payment cost a merchant more than a tapped one?
- Where on a merchant statement do you find what card processing actually cost you?
- The three numbers behind a card rate
- Every provider we hold, and which publish a rate
- Effective rate calculator
Written by Kaz (pen name). Figures are copied from providers' published pricing pages on the dates shown. We have not used these products. Corrections: contact form.