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Looking for merchant service provider with adequate credit card deposit reporting

Ken Schrader's Profile

Chase PaymenTech ReviewsMy company has just begun taking credit card as a form of payment through an online registration system (online only). I use Flagship as the credit card processor and had a huge surprise when I first started seeing the credit card deposits appear on my bank activity statement because when I ran the deposit report within Flagship's iPayment reporting system I found that there was no way to reconcile the deposit amount on my bank statement with the deposit report from Flagship (iPayment). I've since suspended credit card as a form of payment and I am now looking for a merchant service provider (credit card processor) that provides a detailed deposit report that will link deposit amounts to the specific transactions that fund the deposit so I know how to code the deposit amounts in our accounting system. Recommendations?

Answers

Topic Expert
Christie Jahn
Title: CFO
Company: Prime Investments & Development
(CFO, Prime Investments & Development) |

Paymentech has excellent reporting. We recently moved our merchant to our bank BB&T but it still runs through Paymentech. Each of our locations has a separate merchant # and each batch separately and the reports come out the same way.

Ken Schrader
Title: Executive Director
Company: ACET
(Executive Director, ACET) |

Thanks Christie. When I googled "credit card processor reviews", Chase-Paymentech was part of the list of companies reviewed and had some good information. I'm going to research them. Thanks again.

Stephen Glenn
Title: Controller
Company: Pierre Frey, Inc.
(Controller, Pierre Frey, Inc.) |

To make reconciliation easier, make sure your merchant account is set up as Gross payment with monthly fee deduction/payment. In this variation, what you charge is what will be deposited to your bank account. The discount and interchange fees from all transactions are deducted in one amount at the end of the month for all of that months deposits. Under Net pay, discounts and fees are deducted from each deposit. So a credit card charge of $1,000 with fees of 4% will result in a bank deposit of $960.

American Express has the best online reporting, search ability, and chargeback response method. American Express is also much cheaper for us than Visa/Mastercard. AmEx charges are processed through Chase Paymentech with our Visa/MC charges. We switched to Chase Paymentech two years ago for better rates and are happy with the service and daily batch reports, monthly report generation could use improvement.

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