In some businesses, credit sales account for over 80% of their daily sales. If this is your business, you are depositing very little cash every day. And while most of us count for and reconcile the cash, are you reconciling your daily credit card deposit to the credit card batches that actually go into the bank? It seems easy and automatic, but here are a few tips and tricks we have learned over the last couple of decades installing integrated credit card systems.
- This seems obvious, but we have seen it happen before. Make sure your credit card batch is going into your bank account! Transposing numbers for your bank account number can happen. To be safe, give a voided check to your processor when setting up your merchant account.
- As part of your daily paper work, print the batch total from your processor or gateway - and match it to your credit card total from your point of sale system. Remember - if your batch settles after midnight, especially if you are open past midnight - your batch date may be one day later than your business date.
- If your totals don't match, then what?
- Double check the batch date - did it settle the next day? If there was a problem with communciations, maybe it is still sitting there unsettled waiting to be processed. Tip: don't let your batch go unsettled for days at a time - you may face chargebacks and higher Interchange rates - not to mention that you won't have your money in the bank.
- Check for duplicate transactions - if there are communications errors during and authorization, duplicate transactions can occasionally happen. Contact your processor if this happens - they can help you get it reversed in a timely manner.
- In a restaurant, make sure all checks were closed, tips added, etc. before the batch settlement time – if managers work past settlement time closing checks, you may want to alter your batch close time – contact your point of sale provider and they can help you.
- Make sure your batch didn’t get split into two transactions – some gateways have a limit on the number of transactions in one batch – and create additional batches to handle the volume.
- If you are still having trouble – contact your point of sale provider – and they can help you figure out what is going on.
Our best advice is to reconcile this daily – see step Number 2 above – catch issues before they become a problem. If you wait weeks or more to reconcile, it is harder to find what happened with the discrepancies.
For more advice and tips on this an other payment processing or point of sale issues, please contact us at 907-243-2683. Or fill out the form below for a free consultation: