iation table should at least allow accounting for payment date by card type and bank deposit date by card type.
Ensure data accuracy One must be absolutely sure that the data used are, in
fact, the data that are needed. One common mistake is the use of reports that are created based on the wrong queries and parameters. For example, a report by settlement date (transactions
confirmed for payment to the processor)when one is thinking it is by date of payment accepted on-site. Inmany cases, espe- cially for automated systems these two dates can be one day
apart.Another example is the use of a report by “authoriza- tion date” vs. a report by “business date” when the business day is 4 a.m. to 4 a.m. The authorization date is always mid- night to midnight in the local time zone, so after midnight, it is tomorrow,when in fact the business day ends only at 4 a.m. Also, ensure that the revenue reports being compared are
based on the same time frame. For example, if one report includes revenue for the 24-hour period from8 p.m. to 8 p.m., while another includes revenue from midnight to midnight, the datawill notmatch. In this situation, the business needs to decide which business day should be used and to ensure that all systems and reports open/close at the same time.
Not all transactions are part of revenue Make sure that the transactions included in the report-
ed card payment revenue do not include any declined transactions that are obviously not completed and accept- ed payments.
Account for all transactions, adjustments All refunds/charges fromall payment solutions using the
same merchant account – plus all refunds, all charges creat- ed/issued by various groups within the organization (e.g., finance or customer service groups), and all charge-backs and disputed amounts – must be included in the total for the amount to be expected in the bank deposit for each day. Card payment reconciliation process is an essential busi-
ness task and requirement, but it can be frustrating. However, it must be completed daily.With the proper implementation and use of tools provided by vendors, the process can be streamlined and become a simple normal daily routine.
Fabien Pesenti, Country Manager for Six Card Solutions USA, can be reached at
fabien.pesenti@
3cnorthamerica.com.
PT
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