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Best practices for matching credit card transactions at 24 hour operations

Jeffrey Chalmers's Profile

I am reaching out to the community, especially those of you who have experience at large organizations with multiple outlets operating around the clock. I am interested in the best practices for matching credit card transactions to the point of sale system and through settlement to cash. I understand that most organizations batch credit cards and submit to their credit card processor who will then remit the funds, net of any fees. It seems like chargebacks are processed as a separate transaction. Any insight would be greatly appreciated.

Answers

Janet Langenderfer
Title: RETIRED
Company: Home
LinkedIn Profile
(RETIRED, Home) |

What you have written is correct. Many round-the-clock organizations establish a specific time each day to "process" and submit transactions to the processor -- generally an hour or two prior to the processor's end of day (or window). when there is a large volume of transactions, they would be grouped by sales channel in the set up with the processor.

Janet

Alan Bagnall
Title: Account Director
Company: BlackLine
(Account Director, BlackLine) |

Hi Jeffrey - I have to agree with Janet. Reconciling daily just prior to end of day seems optimal. We have a lot of retailers using our ACCOUNTS system for this exact purpose and the timing is largely similar. Hope that helps - sounds like you're on the right track.
Alan

EMERSON GALFO
Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

This pain point seems ripe for an answer via an electronic reconciliation system/app/module. Nothing available in the industry?

Although one can theoretically download the files and match (exact) through Excel, then manually reconcile non-exact items......seems to be too error prone and tedious.

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