QuickBooks Payments Set Up 4020 QuickBooks Online 2023

In this guide, we will walk you through the process of setting up QuickBooks Online Payments in the year 2023. QuickBooks Online Payments allows you to accept credit card payments, bank transfers, and payments through QuickBooks invoices and mobile. By integrating your banking with QuickBooks Online, you can streamline your payment processes and ensure your books are updated automatically.

Before we begin, please note that setting up QuickBooks Online Payments may involve an approval process, and it is recommended to consult a QuickBooks Online Advisor for favorable rates. Additionally, practicing with these tools may not be available in the free QuickBooks Online test drive sample company file.

Let’s get started with the setup process:

  1. Accessing Account and Settings:
    • Open your QuickBooks Online account and click on the cog icon located at the top right corner.
    • From the drop-down menu, select “Account and Settings.”
  2. Navigating to Payments:
    • In the Account and Settings page, click on the “Payments” tab on the left sidebar.
  3. QuickBooks Payments Overview:
    • Under the Payments section, you will see a brief description of QuickBooks Payments.
    • It highlights the ability to accept payments online or in person, various payment methods available (credit card, Apple Pay, bank transfer), and automatic updates to your books upon receiving payments.
    • To get more details, click on “Learn more about QuickBooks Payments.”
  4. Understanding Payment Rates:
    • It is advisable to review the rates associated with QuickBooks Payments, as they may vary over time.
    • The rates are divided into different fee types, including transfer fees, discount rates for different card networks, chargeback fees, ACH transaction fees, and returned check fees.
    • Familiarize yourself with the fee types, descriptions, and costs.
  5. Getting Started:
    • To initiate the setup process, click on “Get started” within the QuickBooks Payments section.
  6. Providing Business Information:
    • Enter your business information, including the federal tax ID (EIN), website, address, and phone number.
  7. Personal Information:
    • Fill in your personal information, such as your name, address, phone number, and the last four digits of your social security number.
  8. Deposit Account Information:
    • Connect your bank account to receive payments.
    • Follow the prompts to link your bank account.
  9. Activating Payments:
    • Once you have entered all the required information, the “Activate Payments” button should no longer be grayed out.
    • Click on “Activate Payments” to proceed.
  10. Confirmation and QuickBooks Go Payment App:
    • You will receive a confirmation message stating that you are all set to take payments online and in person.
    • To download the QuickBooks Go Payment app for accepting card payments, confirm your phone number, and click on “Text me the link.”
  11. Selecting the Account for Bookkeeping:
    • Choose the bank account in QuickBooks that corresponds to your actual bank account.
    • This selection ensures that your bank deposits are matched automatically with receipts or invoices.
    • Typically, this will be your checking account.
  12. Finalizing the Setup:
    • Once you have selected the appropriate account, click on “Save.”
    • You will then see a message confirming that your information has been saved successfully.
    • Click “OK” to complete the setup process.

Congratulations! You have successfully set up QuickBooks Online Payments for the year 2023. You can now start accepting payments online and in person, ensuring that your bank deposits are automatically matched with receipts or invoices in QuickBooks.


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