About Innovative Merchant Solutions
Overview
Innovative Merchant Solutions, LLC is a payment processing company founded in 1999 and headquartered in Woodland Hills, California. The company provides credit card, debit card, and electronic payment processing services to small and mid-sized businesses across the United States. In October 2003, Intuit Inc. completed its acquisition of Innovative Merchant Solutions for approximately 116 million dollars in cash, and the company has operated as a wholly owned subsidiary of Intuit since that time. The acquisition allowed Intuit to integrate merchant services directly into its QuickBooks accounting software, and the consumer-facing brand for these services today is QuickBooks Payments. Innovative Merchant Solutions remains the underlying legal entity and registered Independent Sales Organization for the processing relationship, while sales, marketing, and customer support are conducted under the QuickBooks Payments brand. Services include card-present and card-not-present credit and debit card transactions, ACH bank transfers, online invoicing, recurring billing, digital wallet acceptance, and integration with QuickBooks Online, QuickBooks Desktop, and Intuit Enterprise Suite.
Pricing
Card Processing Rates
QuickBooks Payments, which is the consumer-facing brand for processing handled through Innovative Merchant Solutions, publishes flat-rate pricing. Card and digital wallet transactions processed through a card reader run 2.5 percent per transaction. Card and digital wallet transactions invoiced through QuickBooks run 2.99 percent per transaction. Card and digital wallet transactions where the card number is keyed in manually run 3.5 percent per transaction. These card rates are uniform across Visa, Mastercard, Discover, and American Express, and they apply whether the customer pays with a consumer or a corporate card.
ACH Bank Transfers
ACH bank payments are priced at 1 percent per transaction with a 10 dollar cap per transaction. Higher-volume merchants who process more than 2,500 dollars per month in card payments may be eligible for custom pricing on request.
Contact
Ownership/Leadership: Intuit Inc. (parent company); Sasan Goodarzi (CEO of Intuit)
Address: 21215 Burbank Boulevard, Suite 100, Woodland Hills, CA 91367
Phone: 1-800-397-0707
Website:innovativemerchant.com
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