i had a thread on this a few months ago, but it's official now. the Intuit is shutting down and everyone has to move to their new system - merchant payment service.
http://support.quickbooks.intuit.com/support/artic...
i spent 30 mins with the rep on the phone and here are the details as I SEE THEM:
- tenants can't just log in and pay unless they receive an invoice that has a clickable link
- you can't send an invoice with a link if you do not have quickbooks (online or desktop)
- quickbooks costs $13 per month
- $.50 per transaction still applies.
i am upset because not only i have to learn quickbooks, but because the tenants have to get a clickable link from me. as of now, i NEVER send out invoices. . in addition, there;s a $13 per month charge.
Like you guys, I received the notice that IPN is shutting down and have been researching on different services to use. I'm a commercial landlord and rent to businesses. Some of the businesses who are regional or national will send me checks from their corporate office. However, I have other businesses who are mom&pops and I have been using IPN for them. To add my experience in speaking with Intuit CSR:
- Intuit Payment Network is completely going away
- The last date to submit a request for payment is 5/31. It is completely shutting down 6/30.
- To use their new service einvoice, you have to have either Quickbooks Online or Quickbooks Desktop 2015/2016. Any earlier version of Quickbooks will not have the einvoice feature (I happen to use 2014)
- Einvoicing will not allow you send people money, only receive. Unfortunately I used IPN to sent money to some vendors/contractors.
- While they don't admit it, the trend is moving to Online and likely fading out Desktop.
This is my research into potential replacements (research only, no actual experience):
DWOLLA - looked promising, very similar to IPN, however recently got fined for lacking proper security measures. To sign up with them requires both myself and tenant submit sensitive information like SSN/TIN and bank/routing. This was a deal breaker.
Erentpayment - $3 per transfer. Too expensive. Loads of other features I don't use. I rather just have tenants mail me a check in that regards.
Cozy.co - Too new. Still seem to be working out kinks. ACH transfer time too slow. I'll give them a few years to standardize and mature.
As I have commercial tenants, most of the sites set up for residential tenants don't really work for me. I don't need their credit/background checks, leases, etc. I just need a way for ACH payment. I looked into Chase in the past, and it seemed to have a limit (I remember $5000). Unfortunately, some of my tenant's rent are above this.
Alas, I decided to just shell out the money to update to Quickbooks Desktop 2016 to use their einvoicing. I am certainly aware that in 2-3 years, Intuit is somehow going to make me pay again. Hopefully by that time, there will be a better viable option to switch to.
Of note:
If anyone is wondering, Quickbooks Online will allow one Tax ID Number per account. That means if you want to maintain separate books and have 2 LLC's, you need 2 accounts. Yes, that's a ripoff. That's why I'm sticking with the Desktop, which is 1 user license, but with it, I can create as many accounts/files as I want. But again, wouldn't be surprised if in 2-3 years, they are discontinuing desktop support.
ok, i think i have the answer for this (at least for me).
i just spend 1 hr with Chase and here's what i found:
- no fee business account if you have over $1,500 in there.
- checking good for 200 transactions per month
- max cash deposits is 7.5k
- Chase Quickpay allows anyone to pay if you or they have chase account
- quickpay no limit for receiving money
- they also have Deposit cards that cost nothing and i can give out for them to deposit
- quickpay works by them paying to an Email, like Intuit used to
https://www.chase.com/business-banking/business-ch...
i will be opening an account with them next week. i used to have an account with them years ago but didn't like that they charged monthly fees.
sorry cozy, but i will go to great lengths to make it easier on me for the future. keeping it simple in 2016 is a good thing, that wins you customers. the last thing i have time for is entering tenants' info and waiting for them to "accept" the invitation from cozy. that's just crazy.
anyway, will update it again when i try a few transactions.
@George P
How has it worked out using Chase QuickPay? And do you have to have a business account to receive payments using the Chase QuickPay service or will a regular checking account work? I already have a Chase Credit Card and I see an option to open up a regular checking account online but not a business account.
ok, i think i have the answer for this (at least for me).
i just spend 1 hr with Chase and here's what i found:
- no fee business account if you have over $1,500 in there.
- checking good for 200 transactions per month
- max cash deposits is 7.5k
- Chase Quickpay allows anyone to pay if you or they have chase account
- quickpay no limit for receiving money
- they also have Deposit cards that cost nothing and i can give out for them to deposit
- quickpay works by them paying to an Email, like Intuit used to
https://www.chase.com/business-banking/business-ch...
i will be opening an account with them next week. i used to have an account with them years ago but didn't like that they charged monthly fees.
sorry cozy, but i will go to great lengths to make it easier on me for the future. keeping it simple in 2016 is a good thing, that wins you customers. the last thing i have time for is entering tenants' info and waiting for them to "accept" the invitation from cozy. that's just crazy.
anyway, will update it again when i try a few transactions.
@George P
How has it worked out using Chase QuickPay? And do you have to have a business account to receive payments using the Chase QuickPay service or will a regular checking account work? I already have a Chase Credit Card and I see an option to open up a regular checking account online but not a business account.
so far, i am very happy. i am such a picky person (not my words, btw), and the only issue i find is the Employee Deposit Cards (2) i issued will not state who deposited the amount. these ATM cards are good for just deposits.
- the 2k limit of daily mobile deposits will increase to around 5k or 10k soon.
- quick pay transaction numbers per day has no limits per day incoming (what they tell me)
- quickpay has 2k individual limit, but our rents are not 2k
- no monthly fee for business accounts
overall, i am happy.
however, may 1 is when the tenants will switch from paying with Intuit to paying with Chase. will update again soon.
a quick update on Chase Quickpay...
we sent out an email with a link to Chase's "sign up and pay us". however, tenants are having problems signing up DIRECTLY.
Chase support has told them to ask your landlord to "send you a request", which is simple, and that works great.
Quirks:
- when someone pays you, you HAVE to accept the money. it's not 100% hands off and you can't travel to Antarctica for 4 months and still get paid directly
- the memo field if you send or request money is 32 characters long. long memos can't be done
- when typing the email of the recipient, you can't PASTE the email in both blank fields. you have to type it the second time. no big deal but some people have difficult emails to spell.
overall, pretty happy. and it's free.
@George P. How do you suggest tracking who paid with the deposit cards? It's simple to figure out with a few tenants, but is it scale-able?
@George P. How do you suggest tracking who paid with the deposit cards? It's simple to figure out with a few tenants, but is it scale-able?
on a larger scale, it's not possible on at the moment...
however, when i was talking to my rep at chase, he called the IT team and told them about it. he said Chase is very good at listening to suggestions and they will put that feature at some point. the reason they dont have ATM identifier at the moment since this "Deposit cards only" is a new concept - just a month old.
hope that helps, somewhat.
For cozy not sure some of my tenants can do the two test transactions without someone walking them through. For others we may try. I just wondering if it is going to go the way of all the other free services , gone in another year. 7 days lag is not helpful.
For the invoices for Quick books 2016 Merchant network through intuit I just don't like sending invoices I would be fine with a pay now button. The interface the tenant sees is not so bad. ACH is $5.00 .?? while the e-check remains .50. I have already had trouble setting it up because I had two accounts and it does not want me to use the account I want to use. Go figure? It locks up my desktop quickbook version when the payment network doesn't like the password. I can't unlock it without resetting the password. In addition I think I would have to send emails every month and they would not go automatically. Now I am on the set it and forget it mode. I really don't like it already.
Looking for something just with a bank but that is costly with the banks I am with so far and cumbersome. Why is a paper check free ( even a photo deposit of a paper check) and the electronic costs? Chase isn't around here and BoA not sure if the Person to person holds for business accounts. I only personal bank with BofA and it is crazy to open another bank account.
For cozy not sure some of my tenants can do the two test transactions without someone walking them through. For others we may try. I just wondering if it is going to go the way of all the other free services , gone in another year. 7 days lag is not helpful.
For the invoices for Quick books 2016 Merchant network through intuit I just don't like sending invoices I would be fine with a pay now button. The interface the tenant sees is not so bad. ACH is $5.00 .?? while the e-check remains .50. I have already had trouble setting it up because I had two accounts and it does not want me to use the account I want to use. Go figure? It locks up my desktop quickbook version when the payment network doesn't like the password. I can't unlock it without resetting the password. In addition I think I would have to send emails every month and they would not go automatically. Now I am on the set it and forget it mode. I really don't like it already.
Looking for something just with a bank but that is costly with the banks I am with so far and cumbersome. Why is a paper check free ( even a photo deposit of a paper check) and the electronic costs? Chase isn't around here and BoA not sure if the Person to person holds for business accounts. I only personal bank with BofA and it is crazy to open another bank account.
chase is part of clear xchange - a union of 5 banks that offer super easy transfer of money between them. they include Chase, BoA, Capital One, First bank, US bank, Wells fargo.
i looked up... your area has Citizens, Washington trust, as the main ones. as well as BoA.
btw, you should have a business account for the rentals. it makes things easier for IRS too.
I use business checking for the rentals except one which has its own personal account. The local banks like Bank Newport, Washington Trust are better for financing and require automatic payments from their bank for a mortgage so I have several bank as a result of previous mortgages. None seem to have a good option for rent payment.
For cozy not sure some of my tenants can do the two test transactions without someone walking them through. For others we may try. I just wondering if it is going to go the way of all the other free services , gone in another year. 7 days lag is not helpful.
7 days seems to be only if it spans a weekend. I've gotten sent a transmission on a Monday and gotten it that same week.
For the invoices for Quick books 2016 Merchant network through intuit I just don't like sending invoices I would be fine with a pay now button. The interface the tenant sees is not so bad. ACH is $5.00 .?? while the e-check remains .50.
I just started using Quickbooks 2016 and sent my May rent invoices with it, so far so good. I decided to BCC my own e mail address on each invoice to make it easier to match up payments with the right tenants (so far I haven't seen how to make QB do this automatically). I have received two payments so far, one for a background check that got deposited into my account via ACH without charging the $.50 fee, and the first rent payment one of my tenants sent is pending so I am not sure yet if the $.50 fee will be deducted or not. IPN was charging me $.50 per which I thought was going to be the case with the new system. Hope that helps someone...
@Kelly N. are you using the Desktop Pro version or the Online version? I have seen conflicting information from the Intuit site on if IPN is supported in the Desktop version.
@Chris Martin- Quickbooks Desktop Pro 2016. I was using IPN separately from Quickbooks 2013, decided to make the switch over to Quickbooks Payments since IPN is going away, so this is my first month collecting rent using QB Payments.
You could download IPN payments into QB 2013, but for me it was just as easy to input the payments myself, and I haven't tried it yet with QB Payments. I figured I would try it once more tenants pay their rent and see what works best for me.
When I get the e mail about the payment, it indicates the address but not the apartment #, and the invoice number, so I can't tell immediately who paid since I have up to 4 apartments at each address, and sometimes multiple people paying rent in an apartment, so that will take some getting used to and possibly some tweaking to get it to tell me at a glance who the payment is from.
second month with Chase and i am super happy with it. Quickpay has proven to be a great tool.
signup was giving me problems last month and i HAD to send them a request, the links provided were giving them errors.... but this month - no issues at all.
chase to chase is an instant transfer. the other ones take about 2 days or so. their alerts are awesome as well.
overall, super happy. and it's free.
On the switch to QuickBooks desktop and sending invoices instead of the closed ipn.intuit,com. I did it this month and here is what happened. Aside from getting them to switch being a problem (they merged accounts for two different entities). This month I received payment to the wrong bank account because of the merged accounts although I spent a lot of phone time trying to fix it. I also received a bulk deposit (for two different payments together) whereas in the past the payee was listed this time it had a cryptic b3000? what is that. One payment from the 30th arrived on the 3rd. The payment from the first has not arrived. The receiving bank charged a fee for the transaction and I am sure intuit will charge .50 per transaction. (they bill at the end of the month as I understand it). So all in all a lousy experience. I am going to try something else. Maybe I will force the ACH to be done from the tenants bank. I don't mind picture depositing checks but mail is unreliable even my best tenant had a check lost.
@Colleen F.- Ugh, that's awful. So far, I haven't had any real issues with the switch, I just find the whole thing annoying and cumbersome. They do deduct the $.50/transaction fees at the end of the month, which is why it looked like it wasn't showing up earlier. They do bulk deposits that have been in my bank account 3 days after the payment, which is acceptable to me.
What I don't like is the interface on my side of things- I can download payment info directly into quickbooks, but payments don't show up in that download until they have been posted to my bank account. With IPN, I would receive an e mail stating "Payment from John Doe for $500", so it was pretty easy to just apply the payment to the correct invoice within quickbooks manually. With the new system, I get an e mail with the subject heading "Payment received: Invoice 345 (1234 White St)" and when I open the e mail, the only extra info I get is the payment amount and invoice number, which isn't enough to be sure which tenant paid. In Quickbooks, I can scroll through invoices but they don't state the invoice number in that screen, so in order to tell who paid I have to search by the invoice number. I'll be speaking with them this week about the issue and see if there is a setting I can change so that the info that I want (tenant name and payment amount) appears in the subject of the e mail....
here's what i have to do with chase QP....
i can add a recipient (for screening) - email, retype email, amount or let them choose the amount. send!
when they pay, i get an instant email to "accept the amount". that's a pain, cause i have to log in.
if i was in the mountains of Chile, i'd not have a chance to "accept" my deposits. the unaccepted deposits expire in 10 days, i believe.
@George P.that is the hesitation I have accepting the payment. I travel a lot on business and it creates issues. @Kelly N. the biggest ongoing issue is when it goes to my bank it is a bulk deposit. So this month I had 3 tenants pay this way and only 2 payments deposited in the bulk deposit. Three show as paid in quickbooks and by the amount I can tell what is pending but really.
We all took a step backwards with QB. Hopefully, a temporary misstep. This 'b3000' description is ridiculous compared to the single entry, named deposit that IPN implemented.
Intuit did send me an email, that I assume everyone else received, entitled "Coming soon - upgrade to your account" that promises the following:
New Benefits
1.One combined statement for all your check/ACH and credit card activity.
2.A single daily deposit to your bank with all of your check/ACH and credit card volume labeled Intuit Deposit.
3.A single monthly debit to your bank for account fees labeled Intuit Account Fee.
4.All transaction fees will now be assessed at the time of transaction and be collected in a single daily debit labeled Intuit Tran Fee.
5.Two day funding applies for most transactions processed prior to 3 p.m. PST.
6.Check/ACH transactions that are returned due to insufficient or uncollected funds will be resubmitted up to two additional times. If we are unable to collect, your account will be debited for the amount of the check including applicable return check fees.
7.Improved reporting will be available at merchantcenter.intuit.com
Chase changed their QuickPay policy over the last 3 weeks and now REQUIRES that either both users have a Chase account OR the user signs up with https://www.clearxchange.com/ to use their service.
that caused a havoc in our smooth system. not happy.