Accepting Electronic Payments with Viewpost

Last year, Intuit discontinued its Intuit Payment Network (IPN), which was a convenient way to collect payments from clients inexpensively (only 50 cents per transaction).

Plus, even though it was a great option for receiving payment electronically from clients, there were some minimum financial benchmarks to meet in order to qualify for the service so it didn’t work for everyone.

Paypal is a handy, extremely easy-to-use backup and while any fees you pay are a business write-off (so I don’t sweat them), it still would be nice to have another IPN alternative.

So I was definitely interested when I received an email from my bank about a third party service called Viewpost.

I haven’t used it yet, but I have signed up, which was very easy to do. Here’s what I can tell you so far:

  1. It works with any bank in the U.S.
  2. There are no minimum financial qualifications or balances to meet to sign up and use the service.
  3. You can invoice anyone for free using the ViewPost invoice service. (Aside: I prefer my own custom, fully branded business invoices inside Quickbooks so I won’t be using this feature. I consider invoicing both an accounting and marketing function, and I’m VERY particular about how all of that is done and looks. While you can upload your own logo in Viewpost, their invoicing isn’t very sophisticated or customizable beyond that so it’s a no-go for me. However, I was informed that the service is compatible with Quickbooks if you like to automate the bookkeeping portion of it.)
  4. Clients can pay with bank account or credit card (all my clients prefer credit card because their payments to me earn them a significant amount of travel miles, hotel and cashback rewards). During the sign-up process in Viewpost, you’ll also have the option to sign up with Stripe which is the service that will give you the additional functionality of accepting credit card payments. If you sign up for Viewpost only, payment will only be bank account to bank account.
  5. You are not charged for any payments you receive through the service.
  6. For clients to pay you through the service, they will also need to set up an account. However, this is a one-time process and they can then use that account with other vendors as well as for themselves and their own clients if they so choose.

CAVEAT: While you pay no fees for any payments submitted to you, the client is charged 50 cents per transaction. Of course, 50 cents in the scheme of things is nothing; however, on principle, I don’t feel my clients should be charged any kind of fee to pay me. This is a pretty important standard to me so I don’t like this part whatsoever. I would prefer to be the one paying the 50 cents as I feel any fees charged are my business cost to bear. I consider my practice to be an upscale service and would never dream of charging or passing on chintzy fees like that to clients. I’m sure there’s some work-around I can figure out (e.g., reducing my invoice by 50 cents perhaps), though, knowing my clients, they aren’t going to care about paying an extra 50 cents. (But I care!)

All said and done, it’s still worth trying out as it would be nice to keep more of my own well-earned payments myself.

Check them out here: Viewpost

And their pricing page: Viewpost Pricing Info

Better yet, ask your bank if they already partner with Viewpost and ask for their special link/sign-up page as there might be some special advantage to doing that. I received my invite via my bank and there is a special $25 Amazon gift card sign-up bonus right now.

Have you used Viewpost before? What was your experience with it? Any other Viewpost info or tips you can share with us?

Do you know of a similar service that only charges 50 cents per payment transaction?

Let us know!

UPDATE 2/22/17:

Well, this has turned out to be a bit of a no-go for me. It occurred to me to ask about accepting credit card payments. I have most of my clients on auto-pay (where they sign an agreement and I process their payments to me automatically each month), and most of them prefer paying by credit card because they want the airline/travel/hotel/cashback points and rewards. I was informed that you can only accept credit card payments by using Stripe (which the Viewpost sign-up process has you sign up for as well) and their regular merchant account processing fees  (I think they said it was roughly 2.9%). I was also told that it would take anywhere from 2 – 7 days for those payments to actual process and be available to me. And while the bank-to-bank account payments through Viewpost, even though they would only cost 50 cents to the client who is paying, those would also not resolve for 2 days and could take as long as 10 days to finalize.

So that was all a deal breaker for me. Why would I switch to a new system that creates more work and rigamarole (for me and my clients) and no cost savings when I can already have a system in place with the ease and convenience of instant payment with Paypal? Sure, I might pay the same fees to PayPal, but you’re going to pay the same (or more) to any merchant account service and the ease and convenience and instant availability of my funds is worth it to me. Plus, any fees you pay are a business write-off so I’m not worried about them. They help reduce my taxes.

Still, as with anything, there’s always a positive side. Now I know more about this particular service and even though it’s not right for me and my clients currently, there still might be some odd occasion where it can be handy, either for me or for one of my clients.

2 Responses

  1. I am definitely going to check them out and check with my bank. And I am like you… I would have to deduct the transaction amount they would be charged from my invoice. 😉

  2. Carol says:

    I have used Wave accounting system for a couple of years and absolutely love it. It’s free, handles all basic business accounting tasks, provides branded invoicing, credit card payments (with fees similar to PayPal), financial reports, etc. Clients can simply click on a link in the invoice to enter their credit card which makes it super easy. Check it out, I think you’ll love it.

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