What is it and what is the process?
Credit card reconciliations are the process of verifying the integrity of data between credit card statements or other associated reports from merchant services providers and a company’s internal financial records.
Credit card reconciliation begins with the comparison of transactions between credit card statements and the associated transactions within various accounts in a company’s chart of accounts. This is a necessary step to ensure that credit card statements and balances are correct and accurate. Accountants then investigate any discrepancies found and take necessary corrective action. They go through each transaction on the credit card statement and match it to transactions in the company’s internal systems. When discrepancies are found, an investigation is performed to determine the appropriate corrective action.
Corrective action may involve disputing transactions with the credit card processor, making journal entries to correct timing items or errors, or other actions to address transaction issues. A company may have a limited time to dispute transactions such as chargebacks with a merchant services provider, so speed and accuracy are paramount in this process.
YCS Card is a unique and cutting-edge software that integrates the Aloha POS with bank terminals; so the reconciliation process is done automatically, eliminating manual data entry errors, reducing the reconciliation time by 86%, and increasing sales by 2% because of faster credit card transactions. When the software is installed in Aloha POS, if any problem with the POS exists, it reports automatically to all preconfigured staff; hence, it does not need manually re- installing updates.
Eliminate canceled transactions of EMV errors.
Decrease reconciliation time by 80%
Increase sales by 2%
How Does it Work?
Fill information required to install the software at each POS
Software is installed and staff is trained.
Software eliminates the manual process of data entry of processing information.
No more manual reconciliation is needed.
Integrated to POS
The software is installed to the POS in order to eliminate manual entry.
Automatic Failure Detection
If any problem with the POS exists, it reports automatically to all preconfigured staff.
No need of manually re-installing updates.