Jaclyn Anku, ProAdvisor Training & Certification Leader: On today's episode of In the Know, we'll be exploring updates to QuickBooks Payments, which now offers a revenue share program for ProAdvisors, in addition to your ProAdvisor discount. Here's what to expect. You'll see the update in action then hear from ProAdvisors Dan Luthi and Astrid Daniela-Galvez.
Hey, ProAdvisors, I'm Jaclyn, and you're watching In the Know. It's the show designed to keep you in the know on the most exciting updates to QuickBooks Online.
So here's the scoop. You can now earn 20% net revenue for three years on your client's processing fees when you sign them up for QuickBooks Payments. This is in addition to your ProAdvisor discount of up to 25% off your processing fees. Pretty sweet!
So now for the Fast Facts:
- This revenue share program will be available to all ProAdvisors by late fall 2024
- You can access it in QuickBooks Online Accountant by visiting settings, then payments, then revenue share.
If you find this update interesting or helpful, go ahead and like, comment, and subscribe.
All right. Let me introduce you to Ashley so you can see this update in action.
Ashley Davis: Thank you, Jaclyn, for having me on the show. I am going to walk you through revenue share for payments.
All right, so our approach? What we heard from accountants is most who do not recommend QuickBooks Payments today are open to recommending them, but need an incentive. You guys have a million things on your plate dealing with all of your clients. You probably have 100 tasks you do a day, so payments are probably not top of mind.
We created a revenue share program that will help incentivize you to help sign up clients for QuickBooks Payments. On the settings page under settings, go all the way down to payments revenue share. This is what you click on to sign up for revenue share. You will get this end product landing page, and you can learn more if you want to go click on the links. It also has FAQs, imagery, and benefits of the revenue share program. Once you want to sign up, click the green "Get Started" button, and there are all of your eligible clients. You could see two, five, or 20 depending on how many clients you have that have not signed up for QuickBooks Payments. If they are in the United States, they are eligible. You'll add them to revenue share on the right, on the Actions, and then you will click. You can invite one client at a time.
So let's get Eric set up. Go to the payments info and you'll see this landing page. You can copy this link. You can email them, send a text message, and can even send it through Facebook messaging if you want. The link is yours to send. The most important thing for you is to start revenue share right here. Once you have signed up for revenue share yourself, been approved, and sent it to your clients through this page, your clients will need to send a paid enabled invoice, and so this will look like this. Once they send that paid enabled invoice your client has to pay, it will look like this. And then once you have your clients, you'll go to the active page and will see all of your clients who are active and how much they are processing. For you to be able to see how much you're getting through QuickBooks Payments revenue share, you click on that button and you'll see all of the amount statuses per month. And you can see right here, everything that you've made, and you will be getting paid monthly.
And this was a brief run through of QuickBooks Payments revenue share.
Jaclyn Anku: Ashley, thank you so much for that demo. We'll now turn to ProAdvisors Dan and Astrid for them to weigh in. Dan, Astrid, welcome.
Astrid Daniela-Galvez: Thanks for having me.
Dan Luthi: Thank you so much. Excited to be here.
Jaclyn Anku: Okay, we're talking about payments and this great new revenue share program, but I think it would be helpful for ProAdvisors to hear from you. When do you recommend payments to clients? Is there a particular type of client that payments is a best fit for? Dan, do you mind kicking us off?
Dan Luthi: Yeah, absolutely. We have quite a few professional service organizations we work with who use QuickBooks Invoicing to send out contract agreements, the invoices for those agreements, or for recurring monthly payments. QuickBooks Payments works really well with that workflow, because it allows us to be able to reconcile everything in a single flow. When payments are received, QuickBooks automatically marks those bills or invoices as paid, and then reports in for pending and for deposits. And so it works very, very seamlessly inside QuickBooks, and helps us to be able to cut down on time.
Jaclyn Anku: I like the sound of “cutting down on time” or getting time back is always nice. Astrid. Is that true for you as well? Do you tend to recommend payments to professional services clients or maybe a different type of client?
Astrid Daniela-Galvez: Yes, as Dan mentioned, it fits perfectly for professional services or consultants, but also for service-based industries that use QuickBooks as their only platform. QuickBooks Payments is certainly one of them. Not only are they able to receive their payments on time and faster; they're able to track how the invoices are being viewed and if the client has seen it, so they can see when the payment is going to arrive. The client already saw it. So I kind of like that feature and also the link they're able to attach. So if, let's say, the client didn't open the invoice for whatever reason, they can view it in any other format, and just copy that link and attach it. It gives the ability for them to see it faster, and also to receive that payment. Like Dan was saying, it makes the ProAdvisor’s job easier when we're able to see all the steps as we're reconciling the transactions. It's a wonderful tool.
Jaclyn Anku: Okay, so Astrid, you read my mind, because I was going to ask how does having clients use payments help you as the ProAdvisor? So do you mind unpacking that a little bit more?
Astrid Daniela-Galvez: Certainly. So for us, we want things to be done faster, and we want to minimize the manual input as we're working with these clients and reconcile their transactions. When the payment is received, it's paid directly to that invoice and then deposited into the account, so it's easily reconciled at the end of any certain period. It is a timesaving tool, and now we also get a revenue share from it. So win, win!
Jaclyn Anku: Win, win, win. I like the sound of that. Is that true for you as well Dan?
Dan Luthi: Very much so. One of the things Astrid mentioned before that I think is really important for our workflow is the fact that in using invoices and using payments, QuickBooks shows you how the client is interacting with it or how their customers are interacting with it as well. It cuts down on a lot of the chasing in conversation with clients because you can find out if they've actually been able to view it. Sometimes the emails they get from Intuit go to spam or junk, so when that happens, you can use those quick links to be able to send it in a separate email. And so again, it cuts down on time. It really allows you to be able to be much more flexible with your customers' communication style as well—and it all comes in the same place. Your payments and your invoices are in the same spot, and customers have better visualization, which I think is one of the most important timesavers.
Jaclyn Anku: Everything is all in the same place now, including revenue share. Fantastic. I'm so glad it gives you time back and that you all have more visibility. So Astrid, Dan, thank you so much for being on this episode of In the Know and for sharing these great insights.
Dan Luthi: Definitely. Thank you so much for letting us be here.
Astrid Daniela-Galvez: Thank you. It’s always a pleasure.
Jaclyn Anku: And thank you for watching. I'm Jaclyn, the host of In the Know and leader of ProAdvisor Training and Certification. Be sure to like, comment, and subscribe so that you don't miss a single episode. We'll catch you next time.
Meet the ProAdvisors
ProAdvisor Dan Luthi: partner, Ignite Spot Accounting Services
ProAdvisor Astrid Daniela Galvez: founder, Accounting Specialists and Business Solutions, LLC
