Merchant services frequently asked questions
How do I apply for Merchant Service?
A: The application is easy to complete and submit. The application process takes about 5 to 10 minutes. Important: If there is no activity on your online application for more than 15 minutes, it will be automatically cancelled for your protection and you'll have to begin the application process again. Apply for the Merchant Service.
Q: Who is Innovative Merchant Solutions?
A: Intuit Inc. has acquired Innovative Merchant Solutions (IMS), a Calabasas, California-based provider of credit card and debit card processing services for small businesses. This acquisition allows Intuit to offer more payment capabilities and tighter integration into QuickBooks software providing a better experience for merchants and their customers. Founded in 1999, IMS offers a full range of merchant account services to small businesses nationwide.
QuickBooks Merchant Service customers who previously signed up with Chase are not affected by the acquisition –they can continue to process credit cards as usual.
Q: What will I need to apply?
A: You will need the following information about your business:
Business information (tax ID, physical business mailing address)
Owner/principal information (contact and identifying information)
Account information (bank account information, funding information)
Estimated credit card sales and existing credit card processing information (if applicable)
How long does the application-approval process take?
A: Once your application is submitted, it will be reviewed by our credit underwriting department. In most cases, you will receive a decision on your application within two business days (often quicker). We will contact you via e-mail with a decision. Occasionally, a business will be asked to supply additional information in order for us to arrive at a decision. After receipt of any additionally requested information, you will be notified of a decision within one to five additional business days.
Upon application approval, your new merchant account must be activated at the bank and throughout the credit card processing network. This takes up to two more business days. You will receive another e-mail notifying you when your account has been activated. Once your account has been activated, you can start processing credit cards in QuickBooks.
Q: How do I find out the status of my application?
A: If you've already applied and have questions on the status of your application, send an e-mail message to app-status@intuit.com Include your application number, business name, address, and the e-mail address used in your application.
Q: I have Merchant Account Service through Chase. Can I get the lower IMS rates?
A: Since the rates offered through Innovative Merchant Solutions (IMS) are specific to QuickBooks Merchant Service provided by IMS, Chase Merchant Account Service customers can not automatically be transferred over to the IMS pricing. If you would like to apply for the QuickBooks Merchant Service provided by IMS, please perform the steps listed below:
DO NOT cancel your existing QuickBooks Merchant Account service with Chase.
Apply for Merchant Service through IMS using the link at the top of the page or calling the number listed.
When you have been approved for QuickBooks Merchant Service through IMS and have received your activation e-mail message, please contact QuickBooks Merchant Service for assistance in setting up your new service at (800) 558-9558. Note that all current QuickBooks Merchant Service pricing will apply (including setup fee).
When your new QuickBooks Merchant Service account through IMS is up and running, you can cancel your account with Chase if desired.
How do I set up QuickBooks Merchant Service?
A: Once your application is approved, your new merchant account must be activated throughout the credit card processing network. This takes approximately two business days. Once your new account is activated throughout the network, you will receive an e-mail indicating this. At this time you can begin processing credit card payments. There is no additional set-up required.
Q: What is the QuickBooks Merchant Service Terminal Offering?
A: QuickBooks Merchant Service also offers a terminal for merchants who prefer not to process credit card transactions through their PC. This offering also allows merchants to accept PIN Debit cards with the purchase of a PIN pad. With a QuickBooks Merchant Service terminal, you can download your credit card payments into QuickBooks. To learn more about this offering call (818) 818-3370.
Q: What is Virtual Terminal Plus and how does it work?
A: Virtual Terminal Plus is a feature of the QuickBooks Merchant Service which allows you to process credit card transactions anywhere you have an Internet connection – such as at a trade show, on the road, or at home. Learn more.
Q: What is Automatic Credit Card Billing?
A: Easily set up recurring charges to your customer's credit card for weekly, monthly, quarterly, or other recurring charges. You must receive authorization from your customer first.
Q: How much does the service cost?
A: For pricing details, click here.
Q: What credit cards are accepted?
A: Visa, MasterCard, American Express, Discover, and Diners Club.
Q: Can I keep my existing bank account?
A: Yes, you can have your credit card payments deposited into any business bank account that accepts electronic funds transfers.
Q: How does your Merchant Service help me keep my bank records more accurate in QuickBooks 2004?
A: If you have QuickBooks 2004 or QuickBooks Enterprise Solutions 4.0, or later, you can enjoy great new tools that make it easier than ever to match your credit card deposits in QuickBooks to the batched deposits on your bank statement. This allows you to easily keep track of which credit cards payments have been funded to your bank account. In addition, QuickBooks makes it easy to reflect fees that are subtracted from your deposits.
QuickBooks Merchant Service deposits all of your MasterCard and Visa payments without taking out fees so that you can more easily match them to your QuickBooks records (fees are subtracted on a separate line item on your bank statement).
Before depositing funds into your bank register in QuickBooks, QuickBooks sorts payments by card type and date so that they are likely to match the batched deposits on your bank statement. By matching batches in QuickBooks to your bank statement, your QuickBooks records will always reflect actual credit cards funds available in your bank account.
QuickBooks also has a Fee Calculator which makes it easy to account for fees that are taken out of your non Visa/MasterCard transactions.
Q: How does your Merchant Service help me keep my bank records more accurate in QuickBooks 2005?
A: If you have QuickBooks 2005 or QuickBooks Enterprise Solutions 5.0 or later, you can enjoy great new tools that help you keep your bank records more accurate and up-to-date. In addition to the features included in QuickBooks 2004, features for QuickBooks 2005 include:
Funding Status. QuckBooks can tell you which credit card deposits have been funded to your bank account so that you never have to consult your bank statement to find out what’s available.
Fees Download. You can download your MasterCard and Visa processing fees and all of your merchant service fees directly into QuickBooks.
Q: How do I find out which payments have been funded to my bank account?
A: If you have QuickBooks 2005 or QuickBooks Enterprise Solutions 5.0, it is easy to find out which payments have been funded to your bank account. When processing credit card payments, QuickBooks will group payments with undeposited funds instead of recording payments directly in your bank account. On the Payments to Deposit screen, payments are automatically grouped into batches. Simply select Get Funding Status on the bottom of this screen and QuickBooks will tell you which batches have been funded. You can accurately reflect deposited funds in your QuickBooks bank register without ever having to look at your bank statement.
How do I download my Merchant Service Fees into QuickBooks?
A: If you have QuickBooks 2005 or Enterprise Solutions 5.0, you can access Fees and Adjustments Download from the Make Deposits Screen or from the Customers Menu. All MasterCard and Visa processing fees and any service related fees such as your monthly fee and chargeback fees can be downloaded. Simply select the fees you want to download and assign to the appropriate expense account. Fees are automatically debited from your bank account keeping your records up-to-date.
Q: Can I use my existing merchant account?
A: No, you must apply for the QuickBooks Merchant Service. If you have any other type of merchant account, you'll need to apply for the QuickBooks Merchant Service to enter and process credit card payments that you accept from your customers in QuickBooks.
Q: Will I need to purchase any additional equipment or a terminal?
A: No. Your QuickBooks software contains everything you need to process credit cards upon approval. If you would like to take advantage of lower, card-swiped rates, you can purchase our optional card reader, sold separately, for a one-time fee.
Q: What is Billing Solutions?
A: When you enable Billing Solutions with your QuickBooks Merchant Service, you can e-mail invoices, statements and estimates to your customers. Your customers can then pay invoices online by credit card. Payments are automatically updated in QuickBooks so you never have to enter data twice.
Q: My business is located outside the United States. Can I still use QuickBooks Merchant Service?
A: No, only U.S.-based companies with a U.S. bank account can use QuickBooks Merchant Service.
Q: What is a card reader?
A: A card reader is a small device that plugs into a computer and can be used to read credit card information when you have a physical credit card at the time of the transaction. The QuickBooks card reader can be used to transmit payment data either directly into QuickBooks or into QuickBooks Virtual Terminal. If you have a credit card at the time of the transaction and you swipe the credit card into a card reader or a terminal, you will qualify for lower rates. A card reader is different from a terminal in that a terminal plugs into a phone line and does not require a PC. There are many different terminal models available but most are significantly larger in size and more expensive than the QuickBooks card reader. For merchants, who want to process credit cards in locations that are not near a PC, QuickBooks also offers a terminal solution.
Q: Do I need to buy the card reader?
A: No, the card reader is optional. You may key-enter credit card numbers if you choose. Your transaction can, however, qualify for lower discount rates if you swipe cards instead of key-entering them.
Q: I have Online Edition; can I sign up for QuickBooks Merchant Service?
A: Yes. Online Edition customers can accept credit cards through QuickBooks Merchant Service provided by Innovative Merchant Solutions, LLC, an Intuit company. You can sign up directly through your Online Edition or click here to get pricing and to apply. Not all features described above are available with QuickBooks Online Edition.
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