HMS and Intuit Payments are credit card payment processing solutions that specifically cater to medium-sized businesses. These platforms come with a range of features that help retailers, restaurants and other transaction-based businesses streamline their payment processing operations on a daily basis.
In this in-depth comparison of credit card processing Intuit and Host Merchant Services, we will thoroughly analyze every aspect to determine the best solution for you in 2023.
About HMS
Host Merchant Services (HMS) is a company that offers a wide range of products and services to meet the needs of any business. They use interchange plus pricing, which is very beneficial for high-volume companies looking to save costs through the well-known Clover system. Some notable offerings by HMS include third-party POS terminals, Featured Payment Gateways with top services (Including Authorize.Net and Transaction Express), and free credit card processing, among others.
Image source: Host Merchant Services
Like credit card processors, HMS provides businesses with the advantage of avoiding long-term contracts and hefty early termination fees when closing their accounts. This flexibility allows companies to switch to providers without facing any penalties.
It’s important to mention that while HMS does cater to high-risk merchants, there might be variations, such as higher costs and different contract terms for businesses falling into this category. However, it remains a choice for high-risk category small businesses wanting to process credit card payments efficiently with a provider known for transparent pricing and exceptional customer service.
Pros And Cons Of HMS
Pros:
- Transparent pricing structure
- Next-day payment feature
- Payment processing on the go
- Works with high-risk industries
Cons:
- High charges for businesses with lower sales volume
About Intuit Payments
Intuit is not just known for QuickBooks. It also has a division dedicated to merchant services. This division enables users to process credit card payments, known as either “QuickBooks Payments” or “Intuit Payments”.
Image source: Intuit
Intuit Payments offers support for accepting credit and debit cards through various channels. They provide solutions for in-person transactions at stores, online transactions, and even phone payments. Regardless of the QuickBooks service you choose, you’ll have access to the Merchant Service Center, which is designed to cater to the needs of business owners.
One notable feature is that every credit card processing Intuit integrates and syncs with your accounting software. This seamless synchronization does not streamline your bookkeeping. It also provides an appealing solution for business owners seeking simplicity in managing their financial records.
Pros And Cons Of Intuit Payments
Pros:
- Users benefit from a user-friendly interface and with the ease of familiar software.
- The system offers a convenient and straightforward approach to various tasks and processes.
- It provides a comprehensive solution, addressing multiple needs within a single platform.
Cons:
- Frequent updates and downtime
- The platform may encounter sluggish server performance and processing speeds.
- High processing charges
Features Of HMS
Broad Card Acceptance
HMS is fully compatible with credit card companies like MasterCard, Visa, and Discovery, among others. It offers transaction rates through your Host Merchant account, allowing your business to seamlessly accept all credit cards chosen by your customers for payments.
This is especially beneficial for e-commerce businesses that heavily rely on credit or debit card transactions as their payment method.
Convenience of Swift Funding
Having access to your funds is crucial. That’s why HMS ensures next-day payment for credit card processing accounts. No more waiting for your credit card processing revenue to reach your bank account. With HMS’ next-day payment service, you can receive payment in as fast as 10 hours after the transaction. You can quickly process your transactions before the end-of-the-day cut-off time. The processing funds will appear in your account the following morning.
This exclusive feature applies regardless of which bank you choose for receiving payments. On Saturdays, too, you can take advantage of this next-day payment option. If you complete your batch before the deadline, the funds will be credited to your account and will be available for use on Monday.
Custom Affordable Pricing for Your Business Needs
HMS believes in providing solutions that are practical for businesses. HMS provides custom pricing. Custom pricing enables a structure of rates based on the requirements of your business, ensuring that you pay according to your business requirements and needs. Consequently, the cost per transaction may vary across different sectors. HMS works closely with a range of industries such as retail, restaurants, medical services, eCommerce, veterinary care, construction, automotive sectors, and more to offer custom affordable pricing options.
For example, in the e-commerce industry, the cost per transaction for credit card transactions that HMS offers is typically 0.35% with a $0.10 and 0.2% with a $0.09. Although exact prices may not be openly displayed for every industry, on the website, business owners can easily request quotes to evaluate the benefits we offer to their operations.
Accept Payments on the Go
You can conveniently accept payments from anywhere with HMS using your Android or Apple device without needing a terminal. Just connect the mobile card reader with the payments app, and you’re all set to start processing payments. If you prefer using a tablet, both iOS and Android options are compatible, giving you a big and handy device for easily running mobile processing apps and mobile POS functions. HMS enables management of sales, receipts, customers and generating reports, all that while on the go.
For better functionality, HMS also offers wireless terminals that handle credit card processing, EMV credit card processing, EBT, and debit card acceptance as well, as receipt printing—all supported by the latest 4G/5G wireless networks.
Comprehensive Online Solution
Get the ideal e-commerce setup effortlessly with HMS, offering a range of features for your online store:
- Payment Gateways: Select from various Payment Gateway options, including AuthorizeNET and Transaction Express. With over 100 gateways supported, HMS stands out as an integrator leader.
- Virtual Terminal: Utilize their TXP web-based centralized payment processing system, transforming your Mac or PC into a comprehensive point of sale equipped with recurring billing, PCI compliance, and tokenization.
- Online Shopping Carts: HMS collaborates with numerous online shopping carts, ensuring compatibility with platforms such as Shopify, WooCommerce, and more. Whatever your choice, they’ve got you covered.
Best Pricing Models
HMS offers two distinct pricing programs: Interchange Plus and Cash Discount.
The Interchange Plus program stands out as the most cost-effective credit card processing account available. HMS transparently passes through the interchange rates from major card associations, such as MasterCard, Visa, and Discover, accompanied by a small fee. This approach proves significantly more economical than alternatives like tiered accounts, flat rates, or enhanced cashback. With this merchant account, you gain a clear view of the fees paid to both the card associations and HMS.
Cash Discount credit card processing, also known as no-cost accounts, may not suit all business types, but for those that it does, the savings are substantial. This accounting model involves passing a “service fee” to the cardholder for all transactions, covering the credit card processing costs. Customers paying with cash receive a discount equivalent to this service fee. In this setup, each customer bears the expenses of their credit card processing transaction, resulting in no costs for the business owner.
Features Of Intuit Payment
Various Payment Options
You have multiple avenues with credit card processing Intuit, catering to diverse business needs. One method involves using mobile devices compatible with both Android and iPhone, as well as tablets.
Another option is to process payments directly within your QuickBooks software, which is ideal for businesses that don’t engage in in-person transactions. Additionally, card swipers are available, enabling in-person transactions with the lowest rates.
Various Integration Choices
Intuit Payments provides a diverse range of integration options for users. Utilizing the online App Store offered by Intuit QuickBooks, users can seamlessly explore and incorporate product integrations with just a few clicks. Among the array of options available, notable choices include Shopify, Bill.com, Tax Planner Pro, and eBay. These integrations enhance the functionality and versatility of QuickBooks, allowing users to tailor their experience to specific needs effortlessly.
Data Security with Intuit
At Intuit, robust measures are in place to safeguard your data through advanced protection protocols. These include Secure Sockets Layer (SSL), digital certificates, and RSA encryption, all contributing to a secure environment. Access to your account or the transmission of payment instructions to a financial institution is fortified by the necessity of a personal identification number (PIN) and customer ID.
Moreover, Intuit collaborates with a PCI service provider, reinforcing its commitment to adhering to Data Security Standard (DSS) compliance requirements. This multi-layered approach underscores Intuit’s dedication to the utmost security, providing users with confidence in the protection of their sensitive information.
Versatile Device Compatibility
The mobile device credit card processing Intuit feature seamlessly integrates with a broad spectrum of devices, encompassing popular tablets and phones.
Intuit provides a comprehensive list of compatible devices conveniently grouped by wireless carrier, ensuring you can easily verify the suitability of your chosen device. Access the list on Intuit’s mobile device site by clicking “See all” under Compatible Devices.
Two Flexible Pricing Models
Credit card processing Intuit offers two distinct pricing formats. One involves a flat monthly fee with no transaction fees, while the other, designed for merchants with minimal transactions, follows a noncontract approach with no fixed fees.
It’s worth noting that the swipe rates for the latter option are approximately 1% higher than the monthly subscription, so a careful evaluation is essential to determine the most financially sound plan for your business.
Inclusive Virtual Terminal
Intuit offers what they term an “online terminal,” which operates seamlessly through any web browser. To utilize it, simply log into your account and input the card details. The system allows you to email receipts to customers, set up recurring payments on customers’ cards as needed, and accommodate multiple users concurrently.
Additionally, a comprehensive reporting suite, including an option to export data to Excel, is at your disposal. This online terminal is particularly beneficial for those not using QuickBooks for accounting since it enables direct payment processing.
Robust Reporting Capabilities
For businesses with limited bookkeeping resources or individuals juggling various roles, the time and labor savings achieved through the integration of QuickBooks and Intuit payment processing can be a significant factor when comparing features and pricing with other merchant services.
With reporting functionalities comparable to those of other providers, you gain robust analytical tools while eliminating the need to import data into your accounting system.
Pricing Structure Of HMS
Host Merchant Services (HMS) employs a pricing structure in line with conventional merchant services providers, featuring modest monthly subscription fees and interchange plus rates. It caters to various merchant types by offering discounted transaction rates. While its average monthly fee is relatively lower, it does entail a higher percentage markup, impacting its overall evaluation score.
HMS Payment Processing:
- 0.25% plus an additional $0.10 for retail transactions
- 0.20% plus an additional $ 0.9 for restaurant transactions
- 0.35% plus an additional $0.10 for E-commerce
Additional charges include:
- 1099 Reporting: $24.00 per year
- Application or Setup charges: $0.00
- Gateway Fee: $5 per month (optional)
- Account charges: $14.99 per month
- Voice Authorization: $0.75 per authorization
Comparatively, HMS’s pricing stands out against Intuit’s pricing in many aspects. While Intuit charges a standard fee of 0.25, HMS offers a lower fee of only $0.10. Moreover, Intuit’s monthly charges commence at $39, while HMS starts at only $14.99 per month.
Pricing Structure Of Intuit Payment
Intuit provides dependable and secure credit card processing solutions tailored for businesses of all sizes. The fees associated with QuickBooks credit card processing vary based on the method of payment:
- 2.5% plus an additional $0.25 per transaction for all swiped card transactions
- 2.99% plus an additional $0.25 per transaction for invoiced or online card transactions
- 3.5% plus an additional $0.25 per transaction for keyed card transactions
It’s worth noting that AHC payments incur a reduced fee of only 1%, capped at a maximum of $10 per transaction. The most cost-effective option is for swiped credit cards, given that these transactions are deemed the most secure. When a merchant swipes the card, they can personally verify the cardholder’s information, enhancing the overall security of the transaction.
Understanding The Difference Between Intuit And Host Merchant Services
When comparing HMS and credit card processing Intuit, key differentiators emerge across various aspects. In terms of pricing models, HMS stands out with its transparent Interchange Plus and Cash Discount options, providing flexibility for different business types. Intuit Payments, on the other hand, offers a flat monthly fee, a pay-as-you-go option with a noncontract approach, catering to various merchant needs.
Transaction processing options reveal distinct strengths. HMS has broad card acceptance, next-day payment, and custom affordable pricing, making it suitable for diverse industries. Intuit Payments provides various payment options, seamless integration with QuickBooks, and versatile device compatibility, emphasizing flexibility.
Online solutions highlight HMS’s comprehensive offerings, including over 100 supported payment gateways, virtual terminals, and compatibility with various online shopping carts. Intuit Payments, with its inclusive virtual terminal and robust reporting capabilities, focuses on streamlined integration with QuickBooks for time and cost efficiency and it could be not the “best fit” with systems other than QuickBooks.
Both platforms offer advanced reporting capabilities, with HMS providing comprehensive analytics and Intuit leveraging its integration for seamless synchronization with accounting systems.
Examining the cost structure, HMS shines here as it features payment processing fees based on transaction type and industry, accompanied by additional fees like 1099 Reporting and Gateway Fees all at affordable prices. Credit card processing Intuit fees are considered “High” and they vary for swiped, invoiced, or keyed transactions, with additional fees for AHC payments at a reduced rate.
Conclusion
Although both offer good features with streamlined payment options, HMS emerges as a superior choice for credit card processing, offering transparent pricing, next-day payment, and a customizable fee structure tailored to various industries.
With a focus on high-quality service, flexibility, and competitive rates, HMS stands out against Intuit Payments. While both platforms provide valuable features, HMS’s affordability, efficient processing, and commitment to customer satisfaction make it the preferred solution for businesses seeking a reliable and cost-effective credit card processing partner in 2023.
Frequently Asked Questions
Q1: What makes Host Merchant Services (HMS) suitable for high-risk businesses?
HMS accommodates high-risk merchants by providing transparent pricing and exemplary customer service. While there might be variations in costs and contract terms for high-risk businesses, HMS remains a robust choice, offering flexibility without long-term contracts and early termination fees.
Q2: How does HMS ensure swift access to funds for credit card processing?
HMS prioritizes efficient fund access by providing next-day payment for credit card processing accounts. This exclusive service ensures that businesses can receive their payment in as little as eight hours by settling their batches before the end-of-day cut-off period.
Q3: What pricing models do Host Merchant Services offer?
HMS offers two distinct pricing programs. The Interchange Plus program transparently passes through interchange rates from major card associations. In contrast, the Cash Discount program, also known as no-cost accounts, allows businesses to pass a service fee to cardholders, resulting in no costs for the business owner.
Q4: How does Intuit Payments streamline financial record-keeping for businesses?
Intuit Payments automatically integrates and synchronizes each transaction processed with your accounting software. This seamless synchronization not only streamlines bookkeeping but also provides a significant attraction for business owners looking to simplify their financial record-keeping, enhancing overall efficiency in managing finances.
