Can I Make a Quick Pay Payment Different than the Statement Balance

bwentzel13

I use Check Pay for credit card payments but I'm considering switching to Quick Pay to eliminate the lag between submitting the payment and the payment actually making it to the company. My first question is, is that a reasonable expectation? Generally, how long is the time between submission and the payment being received? Also, I generally pay whatever the current balance is and often times that is different that the statement balance. Will Quick Pay allow me to pay an amount different than the statement balance?

UKR

For the most reliable method and to be able to pay variable amounts, other than minimum balance or statement balance, I would recommend you logon to the credit card's website and submit a one-time payment from there.
You'll have to remember to do that monthly, on time, before the due date.
Usually, you can submit this payment to be scheduled either immediately or on a specified due date. The transaction will execute as specified in the credit card account and arrive at your checking account within a business day or two.

If you always were to make payment of the full statement balance every month and you want to automate the process, logon to the credit card's website once and set up payments to occur on due date, every month, for full statement balance. The credit card company's computers will do all the work for you, on time, every time.
In Quicken unlink the scheduled reminder and execute it locally (not as an online payment or Quick Pay or Check Pay) on or before the due date, perhaps on the day you receive notification of the next statement being available. Be sure to execute the reminder BEFORE you download transactions for either credit card or checking account containing the payment confirmations. This way a good transfer transaction already exists in both your registers and Quicken can correctly match the downloaded confirmations to what already exist in the register, without causing any issues.

bwentzel13

Thanks for your suggestion and I did something very similar immediately following BoA's dropping Direct Connect (or whatever the proper name is). However, I missed doing it all within Quicken so I eventually started using Check Pay which works in most cases. I have at least one credit card with a small window for payment and Check Pay barely gets the payment there in time.

UKR

I have at least one credit card with a small window for payment and Check Pay barely gets the payment there in time.

That's why I'm suggesting to replace Check Pay with an alternate, more reliable and faster method. Set up and use the credit card's website to schedule your payment on or before the Due Date. The electronic debit will process exactly as scheduled and you won't have to worry about late payments, especially if you allow the credit card to make automatic debits every month on Due Date for full credit card balance or min. balance or a fixed amount.

Chris_QPW

Hopefully someone will answer the original question since it has been asked.

I personally wouldn't touch Quicken Bill Manager, so I can't answer the question.

However, I missed doing it all within Quicken

What I do is what @UKR suggests and have been doing that for over 25 years without any problems. My finances are very "boring" in comparison to what it seems others do. Since almost every bill is paid automatically by using my credit card with just the credit card and a couple others being paid automatically from the checking account. So, say a bill for my Internet is really no different than a purchase of food at the grocery store. About all I have to do for "cash flow" is ensure I have enough in the checking account when these bills come due. And I know what that is going to be 20 to 30 days in advance (from the time statement comes in to when the payment is made).

So, basically, I don't do this in Quicken, I don't do this anywhere. It is all automatic, very boring.

Quicken Kristina

Hello @bwentzel13,

When available, QuickPay is faster than CheckPay. QuickPay processing times may take up to 24 hours; if you opt for the ACH fallback (if available: currently it's available with 70 billers), then the payment could potentially take longer if the QuickPay attempt fails and the ACH fallback kicks in (you would receive an email if that happens). You can view this article for more information on ACH fallback.

By default, QuickPay will display the amount of the bill, but you are able to change that amount. When paying a credit card bill, you are able to select the minimum amount due, the total amount, or any amount between those two values. You can review this article for more information on setting up payments via QuickPay.

I hope this helps!

bwentzel13

Thanks everyone for your input and answering the question. Based on the responses, I think I'll go back to using the sites of the credit card companies to make our monthly payments. I'm not thrilled with stepping out of Quicken to perform this function, but I'll be in complete control of the process which is generally reassuring.