HoneyBook Invoicing, Payment Options, and Processing Fees | A Quick Guide!
Do you want to know all the things about HoneyBook invoicing, payment options, processing fees, and the average turnaround time of those payments hitting your biz bank account? I’m a HoneyBook pro who has set up automation, integrations, and so much more for countless business owners. So I’m going to give you the full scoop on all things invoicing and payments through HoneyBook, in this quick guide!
HoneyBook Provides Easy Invoicing
Look, I could seriously go on and on about all of the many things (and trust me, there are plenty)I love about HoneyBook. But their easy invoicing process has to be one of my top favorites.
Here are just some of my favorite HoneyBook invoicing features!
Easy integrations
Autopay for future payments
Late payment fees automatically applied (through a percentage or dollar amount)
HoneyBook offers a tipping option
Get bookings while you sleep
And while we’re playing favorites, if I had to choose the hands-down best element, I’m going with HoneyBook’s invoicing integration. You can integrate a client package selection into the contracting and invoicing process. No more sending cobbled-together PDFs, one after another through a manual process that eats away at your time. No more waiting and waiting for payments to come through. A seamless, one-step process through HoneyBook is a road map to booking more clients while freeing up those precious hours in your schedule!
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HoneyBook & Quickbooks Integrations
Not every aspect of small business admin includes invoicing and receiving a payment from a client. After all, money comes in and money goes out; am I right? Furthermore, there’s accounting and preparing for tax season. I know, it’s a big eye-roll moment of things that aren’t exactly pleasant to think about.
But the reality is that we not only have to think about accounting and taxes, but we have to be prepared to handle them. For many creative business owners, HoneyBook goes hand in hand with QuickBooks. An accounting software that packs just the right amount of punch for small businesses to keep their ducks in a row, without overpowering you with tools and options that you just don’t need. The best part? HoneyBooks fully integrates with QuickBooks; and here’s how!
When you receive a payment in HoneyBooks, the integration automatically creates an invoice and applies a payment in QuickBooks.
HoneyBook also pulls the transaction fees into QuickBooks as an expense
Additional invoice information that will easily integrate into QuickBooks:
Line items & prices
Subtotals & totals
Discounts
Tips
Do you need to work with a pro who can set up your HoneyBook and QuickBooks automation for you? You can learn more about my VIP tech setup service, here!
HoneyBook Payments
Curious to know what payment options you’ll be able to accept from your clients through HoneyBook? Well, that will depend on whether your business is located in the US or Canada!
For HoneyBook accounts located in the US, HoneyBook allows ACH payments (payments direct from a bank account) as well as credit card payments.
For HoneyBook accounts located in Canada, users are able to accept credit card payments.
HoneyBook Payment Processing Times
As a small business owner, I know how exciting It can be to get started with a new client. But I also know how equally important it is to get that notification that says “payment received”! So, you’re probably curious to know how long HoneyBook’s payment processing times are. There are some “typical” processing times for payment, however, it’s important to note that these times are just an estimation and can vary from bank to bank.
For any payment made through HoneyBook on a credit card, the payment processing time is around 2-3 business days.
While ACH or bank transfer payments can take 7-8 business days to process.
HoneyBook Credit Card Processing Fees
This topic can be a bit sticky for small business owners, the dreaded credit card processing fees! Every CRM has them and they are impossible to avoid. You might be wondering if you can pass these fees on to your client. The short answer to that is maybe. Whether you can pass these fees on to your client will depend on the laws of your local, state, or federal government, so always check first before adding an “administrative fee” line item to any invoice.
What percentage of a transaction does HoneyBook charge through their credit card processing fees?
In total, there are four tiers of processing fees.
If you accept cash or a check from your client, there is no fee to process this payment through HoneyBook.
For all ACH or bank transfer payments, a 1.5% processing fee will apply
On cardholder entered payments, a 2.9% processing fee plus an additional $0.25 fee will apply
For card-on-file payments, a 3.4% processing fee plus an additional $0.09 fee will apply
And yes, there is a difference between a cardholder-entered payment and a card-on-file payment. And it’s pretty much exactly what it sounds like!
A cardholder entered payment is when your client enters their card information, usually for the first time, or anytime they subsequently enter this information manually. These types of payments typically happen for one-time payments, deposits, or when a client needs to enter new card information.
A card-on-file payment happens after your client's card information has been stored (securely of course!) from a previous transaction. With your client's information securely stored, you can now accept payments via autopay. What I love about this option is the ability to receive payments on time, and the ease of this process for you and your client!