It simply makes sense! That is Intuit's Payment Solutions (aka Merchant Services) and Payroll make sense. Why? Allow me to elaborate...
Seeing how just about everything we do at QuickTrainer involves QuickBooks (QuickBooks Financials or QuickBooks Point of Sale), this blog article is primarily targeted to users of QuickBooks. However, if you are not (yet) a user of QuickBooks, Intuit Payment Solutions has a solution for you as well.
Let me begin with Intuit Payment Solutions (IPS) - What is it? It's the service which allows your business to accept credit cards for products and services you sell.
There is no doubt payment solutions or merchant services is a highly (and I do mean highly) competitive market. I can vividly recall, when we first opened our doors in September of 2006, the number of calls we received from vendors selling their credit card services was staggering. It was annoying to say the least.
So why choose Intuit Payment Solutions over everyone else? The answer is really quiet simple...
- IPS is integrated (tightly integrated) into the QuickBooks software. This means when you receive payments or process sales receipts against a credit card, all processing takes place within the software right then in real time. If you use another Merchant Service provider, you must still create a sales receipt or receive payment against an invoice and also process the credit card separately. It's a pain!
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No more end-of-day batching of credit card transactions. All batching takes place automatically in the background on a daily basis.
- IPS is very competitive with their rates; especially when you figure the above time-savings into the equation.
For the person who wants to generate their own paychecks, or have a third party generate the paychecks, as well as have a third party file the required tax forms and make the tax liability payments on your behalf, you cannot beat Intuit Assisted Payroll. This service offering is what truly competes with the various payroll service providers (i.e., PayChex, ADP, etc.). In my practice, I have witnessed time and time again two of the well known payroll providers lure customers to their service by offering low-ball fees only to change their fee structures within 6 months or less. In my experience with Intuit, they are very upfront with their fees so that you can easily understand what their service offering will truly cost you over time.
A word of caution...you do NOT want to ever get into a situation where you do not pay the proper payroll tax amounts and pay the payroll taxes on time. The penalties and interest can sink a business. If there is ANY doubt that you or an authorized person can and will see to it that these payroll taxes and forms are paid on time, then by all means, do yourself a favor and opt for Intuit Assisted Payroll.
So why choose Intuit Payroll? Once again, the answer is really quiet simple...
- IP is integrated (again, tightly integrated) into the QuickBooks software. It works and it works very well!
- IP tracks all wages, withholding, payroll tax liabilities and payroll tax liability payments within the software. Other companies require you either (a) manually enter your payroll or (b) use their interface, which in my experience is always lacking some feature or function you want. Even if there was a perfect payroll interface to QuickBooks from a third party payroll provider, it's another step required for the processing of payroll.
- IP is, once again, very competitive with their payroll processing. Intuit does payroll very well!
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