Reconciling Your Merchant Account

Reconciling Your Merchant Account
Reconciling Your CU Merchant
Account Activity
This training will help you…
Understand University requirements for conducting Daily
Transaction Reviews and Monthly Financial Reconciliation of your
Merchant Account activity
Learn how to access the essential resources required for reviews
and reconciliations
Learn how to resolve discrepancies and
Learn how to complete your monthly reconciliations
This training provides guidance on how to adhere to specific requirements of
the Credit Card Acceptance and Processing Policy. It does not replace the
Policy nor does it address all of its contents.
Topics Covered
Click on any of the links below to jump to a desired section.
Reconciliation Overview
What is Merchant Account Reconciliation and
Why is it Important
University Policy and Requirements
Reviewing Daily Merchant Activity
Resources Required
Reviewing Point of Sale Terminal Activity
Reviewing Payment Payment Gateway Activity
Resolving Issues
Completing Monthly Reconciliation
Resources Required
Completing the Monthly Reconciliation Template
Getting Help
Reconciliation Overview
What is Merchant Account Reconciliation?
Daily Transaction = Monthly Merchant
• Ensures that your sales are reflected accurately in your Merchant Statements, funds are in
the bank and your activity is accurately reported in ARC
Ensures that discrepancies are resolved in a timely manner, avoiding loss of revenue and
excess fees
Helps defend against fraud
Improves customer service and avoids customer complaints
Policy and Requirements
In accordance with the University’s Credit Card Acceptance and
Processing Policy:
All CU Merchant transactions must be accounted for
Merchants must review transactions prior to settlement and ensure
all open batches are settled daily and reconcile all account activity
(including fees) at least monthly
Departments must implement Segregation of Duties to the extent
possible based on the Roles and Responsibilities guidelines
Reviewing Daily Merchant Activity
Reviewing Daily Merchant Activity
Merchant accounts must be setup to automatically
settle all open transaction batches at the end of
each day (at midnight).
Merchants will incur higher transaction fees the
longer a batch of transactions stays open without
It is very important to make sure all open
batches are settled at the end of day.
The Senior Business Officer should determine who
is best to review daily transactions; it should be
someone who has the required access to the
Reviewing Daily Merchant Activity
Required Resources
Depending on your Merchant environment, anyone reviewing the daily Merchant
activity will require access to one or more of the following
For card-present environments where a point of sale terminal
is used:
Access to the terminal and User terminal password
Transaction receipts
Batch totals
For card-not-present environments where a payment
gateway is used for either mail only/telephone only (MOTO)
or e-commerce:
Access to payment gateway linked to the Merchant
If you do not have the required access, please submit a request through the Service Now form
Reviewing Daily Merchant Activity
Card Present (POS Terminals) Process
Review transactions and batch totals at the end of each day before you leave. Once a batch is settled
automatically (or manually if necessary), the totals and detail information are deleted from the terminal
and cannot be retrieved or modified.
Print the Batch Detail Report from your terminal
View instructions for Vx520 terminals
View instructions for Vx680 terminals
View instructions for iCT250 terminals
Gather and total all Transaction Receipts
If you processed a refund, be sure to attach the original charge receipt to the refund receipt to document that the
refund is applied to the same credit card and the amount is equal to or less than the original charge
Compare the total of the Transaction Receipts to the Batch Totals and compare your totals to your manual journal,
register or other transaction logs
If Receipts do not match Batch Totals or your manual journal/register, or other transaction log, look for the following:
• Duplicate transactions
• Mis-keyed transactions (i.e. $30 transaction miskeyed as $300)
Void or Adjust any duplicate or mis-keyed transactions. Learn how
Ensure all open batches get settled at the end of the day (see next slide for instructions to manually settle)
Reviewing Daily Merchant Activity
Manually Settling Batches (via POS Terminals)
To manually settle batches, find the terminal type below and click on the link for
Open batches may be settled at any time if necessary.
Reviewing Daily Merchant Activity
Card-not-present (Payment Gateway)
Review all card-not-present transactions on a daily basis, regardless of whether they were key entered
by the Merchant for MOTO transactions or key entered by the card holder for online/ecommerce
1. Access Online Daily Batch Reports via your designated Payment Gateway. Click the link
below for the applicable instructions:
Batch Reports for Elavon Merchants via Converge
Daily Batch Reports for Global Payments Merchants via CyberSource
2. Confirm the Daily Batch Total(s) from the Gateway match your records
3. Look for the following:
• Duplicate transactions
• Miskeyed transactions (i.e. $30 transaction mis-keyed as $300)
4. If Receipts do not match Batch Totals or your manual journal/log, Void or Adjust any
duplicate or miskeyed transactions. Click on the link below for the applicable
Voiding Duplicate Transactions and Modifying Transaction Errors within Converge
Voiding Duplicate Transactions and Modifying Transaction Errors within CyberSource
Completing Monthly
Required Resources to Complete Monthly Reconciliation
Regardless of your Merchant environment, anyone completing the Merchant
Monthly Reconciliation will require access to the Payment Processor statements:
• Online Merchant Monthly Statements
For instructions:
Global Payments Merchant statements
Elavon Merchant statements
Amex Merchant statements
Others - contact
• FDS Trial Balance by Detail Report
View a demo on obtaining the FDS Report
• The Reconciliation Template
Access the Template
If you do not have the required access, please submit a request through the Service Now Form
Completing the Monthly Reconciliation Process
1. Four to six days following the last day of each month, collect all the required materials
for monthly reconciliation
2. Review Merchant Statements to confirm you understand and agree with all fees charged
3. Complete the Reconciliation Template for the month. View a demo
Please contact the Merchant Processor and if you do not recognize
a transaction or fee appearing on your Merchant
Getting Help
To Get Help
Assistant Director of PCI Compliance &
Merchant Account Services
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