Internet Development posted on November 14, 2010 00:39
Intuit is the publisher of Quicken, Quickbooks and Turbo Tax.
Intuit has an online payment processing service that can save you a substantial amount of money over Paypal.
Paypal charges about 2.9% plus $0.30 to receive a payment. Could be more or less depending on your circumstances.
This fee is understandable for credit cards, because that is the standard rate for credit card processing.
However, Paypal charges this fee even when the transaction is bank to bank. Bank to bank is like writing a check. There are no fees normally.
With Paypal, to receive a $1,000 payment, your cost is $29. That is a lot of money to cash a check.
Intuit Payment Network (IPN) charges $0.50 per payment received.
That is a big savings.
The drawbacks are:
1. Your customer must register with Intuit Payment Network, if they are not registered already. (This is true of Paypal too.)
2. Intuit Payment Network is for bank to bank transactions only. If your customer wants to pay by credit card, you do not save anything.
Go to http://paymentnetwork.intuit.com to register.
By Andrew Weitzen (c) 2010
Weitzen is the publisher of several online Internet journals including: InternetHandholding.com, DomainNames.gs, DotNetNuke.bz, Programmer.bz, Software.vg, WebHosting.vg