Ugh, you want 3.1% of My Money?
If you are like me you hate giving up a percentage of your payments to Paypal. It’s almost like working for free when you see the cumulative effect of it. But I keep it and use it because it’s a convenience for my clients and I’d almost – mind you, I said “almost” – would prefer to give them a cut of my income than to drive to the bank to deposit paper checks.
Recently I discovered Intuit Payment Network (IPN), which is very much like Paypal with a few notable differences.
Major Bonuses of Intuit’s Payment Network
- No high, crazy fees like Paypal – get your money for a mere $.50. $1,000 payment? No $29.30 in fees as you pay with Paypal…just the $.50!
- Same “send payment to email convenience” that Paypal users have come to love
- Payments are deposited directly into your bank account instead of being “held” by Paypal (which you then have to submit a transfer request and that takes 3-4 days to show up in your checking account)
How do they manage to keep their fees so low? My only guess is that because they do not allow payments to be made with a credit card – only a bank account. Personally, I don’t use the pay via credit card method on Paypal anyhow so for me to make a payment to a vendor using IPN is not an inconvenience at all.
I’ve already been spreading this great find with many other Virtual Assistants that I work with or am friends with and everyone has had great feedback about it.
If you are a QuickBooks user and have Billing Solutions IPN will also sync all of your payments received in your QuickBooks file. (ooohhhh, can we say reduced bookkeeping time?)
Honestly, what’s not to love about this?
Click here to see more details and to sign up.
If you are using Intuit’s Payment Network add your comment below as to what you like about it.