Last month we explored strategies to tackle Square, and it seems I’ve hit a nerve! Many of you pointed out that QuickBooks, with its integrated Intuit processing, presents a similar challenge for merchants—and for merchant services sales professionals. You’re hearing that the fees are a pain point, the integration is a double-edged sword, and the perceived simplicity masks some costly realities.
So, this one’s for you: armed with the insights you shared, this single blog post equips you with the knowledge and strategies to confidently address these concerns and position your solutions as the clear advantage.
Understanding the Intuit Landscape:
Before diving into your sales approach, it’s crucial to understand why Intuit is often the incumbent and the common pain points associated with their processing:
- Familiarity and Integration: Many small businesses already use Intuit’s QuickBooks for accounting, making their integrated payment processing seem like the easiest option. This convenience can overshadow the cost implications.
- Perceived Simplicity: Intuit often markets their processing as straightforward, which can appeal to business owners who are less familiar with payment processing complexities.
- Lack of Transparency: While seemingly simple, Intuit’s fee structures can sometimes be less transparent than dedicated merchant service providers, leading to unexpected costs.
- Potential for Higher Overall Costs: Due to their integrated nature and potentially less competitive rates, merchants can end up paying more in the long run compared to tailored solutions.
- Limited Flexibility and Customization: Intuit’s processing options might lack the flexibility and customization that specific business types or growth stages require.
To give you a clearer picture, here’s a summary of Intuit’s pricing:
- Online Transactions: 2.99% for cards and digital wallets.
- ACH Payments: 1%
- In-Person Payments: 2.5%
- Keyed-in Transactions: 3.5%
It’s important to note that these rates can vary based on the specific QuickBooks product or service the merchant is using.
Intuit Hardware
Intuit offers hardware to facilitate in-person transactions:
- QuickBooks Card Reader: This mobile card reader connects via Bluetooth to a phone or tablet and allows merchants to accept tap, insert, and swipe payments. The reader is compatible with Apple Pay and Google Pay.
- Price: $49
- QuickBooks Charging Stand: This accessory provides a convenient base for the QuickBooks card reader.
- Price: $39
- QuickBooks Card Reader with Charging Stand: A bundle that includes both the card reader and the charging stand.
- Price: $79
It’s important to note that while Intuit provides this hardware, its functionality is primarily tied to QuickBooks Payments.
Your Arsenal: Strategies to Overcome the Intuit Fee Objection:
Now, let’s arm you with effective strategies to navigate these conversations and demonstrate the value of your merchant services:
1. Acknowledge and Empathize, Then Educate:
- Don’t bash Intuit: Start by acknowledging the merchant’s familiarity with Intuit and the perceived convenience of integration. Phrases like, “I understand many businesses start with Intuit due to their accounting software,” can build rapport.
- Gently probe for pain points: Ask open-ended questions to uncover their experience with Intuit’s processing fees. Examples:
- “How has your experience been with their processing fees? For example, are the online transaction fees of 2.99% impacting your profitability?”
- “Have you ever reviewed your processing statements to understand the different charges beyond the basic percentages?”
- “Are you confident you’re getting the most competitive rates for your business type and volume, or are you paying a flat rate regardless of the card type?”
- Educate on the nuances of processing fees: Explain that not all processing is created equal. Highlight the different components of interchange, assessments, and processor markups, and how these can vary significantly between providers. For instance, explain how Intuit’s simplified pricing, while easy to understand, might not be the most cost-effective compared to a more granular approach that optimizes for different card types.
2. Highlight Transparency and Cost Savings:
- Show, don’t just tell: Offer a free, no-obligation cost analysis comparing their current Intuit processing fees (e.g., 2.5% for in-person) with your proposed solution. This tangible comparison is powerful.
- Break down your pricing: Clearly explain your fee structure, emphasizing transparency and how your rates are tailored to their business. Highlight any potential savings on interchange optimization, specific transaction types, or volume discounts.
- Focus on the long-term cost: Emphasize that while Intuit might seem simple initially, the cumulative effect of potentially higher fees (especially as their business grows) can significantly impact their bottom line over time. For example, show them how your solution could save them money on high-volume transactions or specific card types compared to Intuit’s flat-rate approach.
3. Emphasize Value Beyond Price:
- Integration is still possible: Reassure them that seamless integration with QuickBooks and other accounting software is still achievable through various integrations and APIs. Highlight your experience in facilitating these connections.
- Superior Customer Support: Contrast your dedicated, expert support with potentially more generalized support from a large software company. Emphasize personalized service and quick resolution of issues.
- Advanced Features and Flexibility: Showcase the additional features and flexibility your solutions offer that Intuit might lack (e.g., specific industry solutions, advanced reporting, multi-channel processing, international payments).
- Scalability for Growth: Position your services as a long-term partner that can scale with their business needs, offering solutions that adapt as they grow.
- Security and Compliance: Highlight your robust security measures and PCI compliance support, assuring them of the safety of their transactions and customer data.
4. Address the “Switching Hassle” Objection:
- Simplify the transition: Clearly outline the onboarding process, emphasizing how you will handle the majority of the setup and make the switch as seamless as possible.
- Offer support during the transition: Assure them of ongoing support during and after the switch to address any questions or concerns.
- Highlight the long-term benefits outweighing the short-term effort: Frame the switch as an investment in their business’s financial health and future growth.
5. Tailor Your Approach:
- Understand their business: Research their industry, transaction volume, and specific needs to tailor your pitch and highlight the most relevant benefits.
- Listen actively: Pay close attention to their concerns and address them directly and thoughtfully.
- Be persistent and follow up: Don’t be discouraged by initial hesitation. Follow up professionally and provide additional information or address any lingering questions.
Overcoming the Intuit hurdle isn’t about badmouthing their services. It’s about confidently showcasing the tangible value your merchant services offer in terms of transparency, cost savings, superior support, advanced features, and long-term partnership. By understanding the common perceptions and pain points associated with Intuit, and by effectively articulating your unique advantages, you can successfully guide merchants towards a solution that truly benefits their bottom line and empowers their growth.
Start the conversation today. Your expertise can unlock significant savings and better solutions for businesses currently relying on Intuit.
The link to the Square Series is below.
Part 1 – Square Peg, Round Hole: Why Your Prospects Needs More Than Square
Part 2 Decoding Square’s Fees: Your Secret Weapon to Win More Deals
Part 3 – Beyond the Square Ecosystem: Offering Real Solutions, Not Just Bundled Tools
Friday’s Top 10 Ways to Conquer Square
Happy Selling,
David
Payment Lynx Daily 