Whether you own a hair salon, Irish pub or optometry office, it’s uncommon that your closing time is actually when you get to lock the doors and call it a day. There’s many administrative duties that need to be taken care of, be it end of day reports or tidying up; payment reconciliation is also one of these many tasks. Instead of trying to find missing receipts and determine where and why balance totals don't align, Moneris might have the solution you need.
What is Payment Reconciliation?
Payment reconciliation is a common end-of-day process for many businesses that have payments being processed on a daily basis. Simply put, reconciliation is the process of ensuring that two sets of records match. When it comes to payments, it’s little more specific, as it’s typically about ensuring that the end-of-day balance report from a payment terminal matches the balance that a POS system has recorded went through the system. For example, if part of your closing duties involves making sure that the terminal balance report matches your POS balance report, and if it doesn’t determining the cause of that discrepancy, you have a payment reconciliation system.
Payment Reconciliation Difficulties
Payment reconciliation is a task that can pose some challenges to you or your end of day staff if something doesn’t align the way it should. There’s a number of reasons why end-of-day balance numbers don’t match, and some are easier to solve for than others. For example, a staff member may have typed in a payment was made with cash, but the customer decided last minute to pay by credit instead. One of the most common examples however, is when a business’ end-of-day batch is set to close before their business does. This means that while the business is still open and processing payments, their end-of-day numbers have already been determined as the processor believes their business is done taking payments for the day. This can make payment reconciliation a difficult task when it doesn’t have to be.
Batch Close Options
Instead of having your batch close at a time that doesn’t make sense for your business, with Moneris you can manually set the batch to close when you want it. For example, instead of your batch auto-closing at 11pm even though you own a bar that closes at 2am, you can have the batch set to close at 3am. This would allow customers to settle their bills until shortly after you close your doors, and help to avoid any problems that you typically face by trying to reconcile payments that typically happen after the batch has closed. With this, payment reconciliation duties are easier, and you can finish end-of-day administrative tasks quicker. If you’re interested in learning how you can set up a manual batch close on your Moneris account, get in touch with our 24/7 Customer Support team.
Interested in learning more ways Moneris can help your business? Make sure to check out Ecommerce Solutions You Can Implement On Your Own and Best Practices for Accepting MOTO Payments.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.