Matching the payments that magically land in your bank account to your actual sales is one of the most difficult aspects of managing payments processed online. Typically, you would receive incomparable data from your PSP and acquirer, which makes it near impossible to determine which payments you’ve received and how they relate to the sales figures and the transactions you have processed.
Our solution? A two-in-one report that combines never seen before acquirer and gateway data, matching these streams is key to our perfect reconciliation tool.
The Acquired.com reconciliation report is a powerful tool used to pinpoint each transaction, the amount you were charged by the card schemes (Visa and MasterCard et al.) and the fees paid to your acquiring partner. View the Gross amount you processed, the commissions and fees that are deducted and the Net Amount you collect for each transaction.
Update your customers with how much they have paid so far as an example using the Gross amount value. Customers may prefer to see how much they have actually paid, whether it’s an on-going repayment or to simply see how much they have spent with you.
Distinguish each individual payment, match the payment to your bank account and remove any friction when it comes to reconciling the payments you have processed and the funds that land in your bank account.
Some Important Stuff:
- Get a breakdown of all transactions so you can reconcile payments, to the penny.
- Do you process through multiple acquirers? No problem. You’ll receive a standardised reconciliation report regardless.
- Eliminate the confusion when reconciling processed payments to the funds that land in your merchant bank account. Identify each individual transaction, match it to your bank account, and reconcile.
- Pinpoint each payment, fees and commissions charged by the card schemes (e.g. Visa, MasterCard etc.) and your acquiring partners. The gross and net amounts processed for each transaction are clearly visible, toggled in the Acquired.com Hub.
- Download your reconciliation report via the Acquired.com Hub or pull the information directly into your system using the Hub API.
The following fields are presented in the reconciliation report so you can match the transactions you have processed to payments you have received, the report is provided daily.
Listed below are the paramters with an associated description.
|Transaction ID||The unique Acquired.com reference passed back in each response message.|
|Date||The date the report has been created.|
|Company Name||Simple - the company name.|
|Company ID||API Company ID we issue to merchants.|
|MID||The Merchant Identification Number assigned by Acquired.com.|
|ARN||The unique reference number that is used within the banking network to identify transactions (stands for Acquirer Reference Number).|
|Order ID||Another unique reference that you can pass through to Acquired.com. We pass this information back to you.|
|Merchant Customer ID||Unique ID you’ll use to identify each customer.|
|Merchant Custom 1||ou can send additional data relating to the customer or another internal reference - with more data, your internal teams will be able to identify the customer’s transactions.|
|Merchant Custom 2||ou can send additional data relating to the customer or another internal reference - with more data, your internal teams will be able to identify the customer’s transactions.|
|Merchant Custom 3||ou can send additional data relating to the customer or another internal reference - with more data, your internal teams will be able to identify the customer’s transactions.|
|Card Type||The card scheme the card belongs to (Visa/MasterCard/AmEx)..|
|Bank||The acquiring bank.|
|Bank ID||This would be the acquiring bank ID that you have received. This figure can be presented on your merchant account bank statement further simplifying reconciliation and the ability to match payments.|
|Currency||The currency the transaction was processed in.|
|Amount||The transaction amount that was collected.|
|Commission||The amount that is deducted by the acquiring bank and any potential fees that may be applied.|
|Settled Amount||the actual amount of each transaction that will be credited to your account.|
Arguably, the most important aspect displayed in the report is the Order ID value. This value should be the unique identifier within your system. We recommend using this value to confirm when a specific customer has completed a payment, the date the payment was taken and the amount you collected. As a consequence, the solution can dramatically improve your customer relationships as you now have a better understanding of their payment behaviour.