All Merchant Accounts are the same, right?

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Many users of QuickBooks, QuickBooks Point of Sale, GoPayment, and other Intuit products use a Merchant Service through Intuit.

And as a new product is installed, it can be assumed that your existing Merchant Account Number can be used in the new product, right?

Well, that depends.

If you are currently using Point of Sale, and you install a newer version, then the Merchant Account number will come over with the data, and everything is fine.

But if you have a GoPayment account, install Point of Sale, put in your Merchant Number; you are going to have a problem.

You see, there are different types of merchant accounts for different products. A QuickBooks user will have a QuickBooks Merchant Account. A Point of Sale user will have a QuickBooks Point of Sale Merchant Account, and a GoPayment user will have a GoPayment account. All are separate types of accounts, designed to operate with their particular software.

As an example, let’s look at a GoPayment Account. GoPayment allows you to process credit cards through your cell phone. You open the application, follow the screen prompts to swipe the card and enter the amount, text or email a receipt. All is good. The transaction is on its way.

QuickBooks Point of Sale operates in a different fashion. When a sale is made, and the card is swiped, it receives an authorization number. Many people are unaware that processing a credit card is actually a multi-step process. The authorization tells the credit card processors the amount of money to put on hold for that persons account.

As a part of the End of Day procedure, you “Settle the Batch”. This is the second step in which the processors are told to Go Ahead with the payment. If you do not settle the batch (or group of credit card transactions), then after a period of time determined by the card issuing bank, the hold drops away. If you do not settle for several days, you can be charged additional fees also. If you do not settle the batch for an extended period of time, then the hold is gone, and the card issuing banks can no longer guarantee the money is available.

Simply said, there are different types of Merchant Accounts to work with different products. Making sure you have the right account to work with your product is important.

If you have any questions on the type of account you currently have, or want to sign up for a Merchant Account, we may be able to help you. Give us a call, and let’s see what we can do.