Financial management: How does retroactive card reconciliation work?

[shuklarani621]

When checking your card sales, do you know what fees are charged by the operators? Are they always the same? What about canceled sales? Can you track all the refunds?

Many businesses prefer to reconcile cards manually, believing that this will give them more control over revenue. The truth is that without an automatic reconciliation system, financial management becomes more complicated than it needs to be.



How automatic reconciliation works


To understand how automatic overseas chinese in australia data works, we need to know the members of this process. They are:

Cardholder , in this case, your customer;
Your store (physical or virtual);
Flags : responsible for coordinating the approval system with the acquirer and issuer;
Issuers : in addition to issuing the card, they define limits, approve transactions, issue invoices and charge cardholders;
Acquirers : provide the operational base, communicating between the establishment and the brand. They are the ones who rent the machines and pass on the sales value minus the fees.


Very good! Now, what happens when a sale is made on the card?

During the transaction, your establishment exchanges financial information with acquirers, brands and issuers to authorize it or not.



As each machine has a different rate, in manual reconciliation you will have to:

Access the portal of the acquirer of each machine;
Generate reports;
Analyze data from each sale;
Identify possible discrepancies and address them.


In automatic reconciliation, on the other hand, the entire process is carried out using a single software, which will check each sale with the help of a robot.



Retroactive card reconciliation: recover amounts from up to 5 years ago!


“Great! This system will save me a lot of time! But, is it possible to analyze sales from years ago? ”

Yes! With retroactive card reconciliation, you can check transactions from up to 5 years ago . The system will access and analyze the information exchanged between your store, the brands, the issuers and the acquirers in the desired period. If any discrepancies are found, you can appeal to recover the lost amount.

Advantages of automatic card reconciliation


It is important to note that you could be losing 3% of your revenue every month . System failures are so common that 78% of companies discovered discrepancies after adopting automatic reconciliation. So, it is best to keep an eye on it!