The Receive Payments check boxes, for example, let you indicate that you want to automatically apply and automatically calculate payments, as well as use the Undeposited Funds account as a temporary holding account for customer payments.
The Payments preferences also let you indicate that you’ll allow customers to pay you using credit cards and bank transfers via the ACH (automated clearinghouse) system. If you indicate this, QuickBooks adds a link on invoices that customers can use to make credit card payments or bank transfers.
Not surprisingly, Intuit charges a modest fee for this service, so if you’re interested, pay close attention to current pricing — information that’s available when you check the boxes that turn on this feature. (Currently, the fee runs 2 to 3 percent for credit card payments and 50 cents for an ACH payment, and may require a modest monthly fee.