Tips on how to speed cash flow, avoid painful payment system contracts, and get paid - fast

MISSISSAUGA, ON, May 4 /CNW/ - Can a business really afford to wait 60 to 90 days to get paid? If it sends out invoices by post or email that's often how long owners wait for their money. 

Cash flow is the lifeblood of small business, so timely payments are essential. A credit and debit payment service, such as Intuit Inc.'s Merchant Service for QuickBooks, can trim the three-month wait to as little as two days. Businesses get their money working for them right away.

Merchant Service Strikes a Chord

"I ship steel guitars to musicians all over the world," said Al Brisco, owner of Steel Guitars of Canada, based in Colborne, Ont. "Mailing an invoice and waiting on a return cheque just takes too much time. By using Merchant Service the cash isn't in transit, it's in my account."

Four Tips for a Better Payment Service Contract

When it comes time to adopt or switch to a new credit and debit payment provider, small business owners need to have a clear understanding of the benefits and conditions that come with the service.

• Learn the Code: Review the Code of Conduct for the Credit and Debit Card Industry in Canada and ensure your service provider has indicated that they follow those practices.
• Get what you need: Will you benefit from accepting credit cards, debit cards or both? Will payments be made over the phone or will you accept cards from your customers face-to-face? The differences will determine the services and equipment you need and your monthly fees.
• Be clear on the costs: Understand the service fees, costs-per-transaction and fees applied by credit card companies.  For example, if your provider is following the Code above, once you're notified of a service provider's fee increase or the introduction of a new fee, you are allowed to cancel you contracts without penalty.
• Know the way out: Before signing on, understand the financial implications of cancelling your service before the agreed-upon end date of your contract

Intuit Canada, makers of personal and professional financial management solutions, offers Intuit Merchant Service for QuickBooks, a credit and debit payment solution for small business owners who typically invoice and receive payments by mail or phone.

With no long-term contracts or cancellation fees, Intuit Merchant Service for QuickBooks is ideal for contractors, consultants, service businesses, manufacturers, wholesalers, and other small and midsize businesses that invoice customers or receive payment by mail or phone. It is a tool that helps small business get paid immediately and enhance customer service by offering a wider variety of payment options.

"I save time because each transaction is automatically recorded in my QuickBooks," said Brisco.

Intuit Merchant Service is also the only integrated payment solution that automatically updates QuickBooks accounting records in real time as payment transactions are processed; saving time by ending the unnecessary double data entry of taking a payment and accounting for it later.

Considering Payments? Save on Set-Up Fees

Until June 30, 2011 Intuit, will waive the $75 set-up fee for new customers. Offering clear and easily understood terms of service, further details for Intuit Merchant Service can be found at Intuit.ca

About Intuit Canada

Intuit Canada ULC is a leading provider of business, financial and tax management solutions for small- and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including Quicken®, QuickBooks®, QuickBooks® Enterprise Solutions, SuccèsPME, TurboTax, and ImpôtRapideMC, simplify personal finance, accounting software and tax preparation and filing.

Additional offerings include ProFile®, a professional tax preparation software suite, the QuickBooks ProAdvisor Program and the Intuit Developer Network for professional users and developers. All are provided by Intuit Canada or through its partners.

Intuit Canada has employees across Canada and offices in Edmonton, Alta., and Mississauga, Ont. Intuit Canada is an affiliate of Intuit Inc., which is listed on the Nasdaq stock market under the symbol INTU. More information can be found at www.intuit.ca.