Card transactions reporting can aid with reconciliations
Have you recently enquired about getting Merchant Services for your business and wondered what the supplier means when they talk about reporting? We’re here to help. Transactions Reporting can be defined as the numerical data provided by a merchant service provider relating to the financial flow of monies between cardholders and merchants over a set period of time. Reporting on transactions differ from supplier to supplier but is a crucial part of your monthly reconciliation processes. Most Merchant Service Providers only provide you with two forms of reporting in the form of your daily cash up and your statement when you receive your funds.
WAPPoint provides the following:
- Daily Transaction Reporting – Your credit and debit card terminal stores a total of all the transactions processed between each settlement/cash-up. When you do your end of day cash up you can use it to recon your daily transactions and totals.
- Settlement Reporting – Settlement reports are emailed to the merchant each time a settlement is made to the nominated bank account. This serves as a notification service whereby merchants can keep track of their payment history.
- Online Based Reporting – We offer our customers a comprehensive online based reporting platform where merchants can conveniently view invoices, statements and transaction lists in order to effectively recon monthly sales.
Did you know that WAPPoint is the only Merchant Service Supplier that provides you with an online platform where you can conveniently access your statements and settlement reports as a standard feature? Our Customer Area is uniquely designed so that you can view our latest user guides, invoices, statements and settlement reports. As an added feature you can process manual card payments through the online platform on your computer or any smart device, load debit orders and manage debit order clients if you have signed up for those services.
Why Do I Need Comprehensive Reporting?
Now that you know what reporting is and how you can use it. Here are 5 reasons why you need it in your business:
- Every business needs to accurately reconcile income and expenses and with our comprehensive reporting you are able to separate your total income received by card payments and deduct the transaction fees, rental expenses and any ancillary costs related to your particular merchant services. This will allow you to effectively calculate profits and keep track of your expenses.
- By receiving comprehensive online based reporting, it enables you to identify the spending patterns of each customer. You will be able to see how much, in Rand value, a customer purchased and by using this information you can statistically determine you customers’ card purchase behaviour and develop sales promotions to maximise profits based on these spending patterns.
- Determining the ratio of cash vs card payments by knowing the frequency of purchases made by card in a given period will allow you to effectively manage your cash on hand throughout the year.
- VAT registered businesses eligible for tax deductions on certain expenses incurred in the process of trade. Transaction fees paid by merchants are tax deductible but can only be claimed from SARS if sufficient reporting is provided to accurately indicate the relevant expenses.
- With comprehensive financial and transactions reporting you are able to determine whether you have efficiently planned your point of sale in your business. If you are handling an enormous amount of card payments in a day it may be more profitable to add another till point. By statistically analysing spending patterns you can make informed business decisions that will allow you to minimise costs and maximise profits.
What Makes WAPPoint Different?
Providing you with the right merchant service, products and information you need to conduct your business more effectively is our passion. We believe that you need more and with us you get just that! Here are a few things that you might not have known about the card payments industry:
Large credit card processors see your business as just a number and offer no benefit over smaller processors. Smaller independent sales organizations (ISO) offer rates that are just as competitive as those offered by big processors, but they provide more knowledgeable and responsive customer service. WAPPoint provides you with a dedicated Account Manager that looks after your business account. We believe that you are more than just another number and pride ourselves on providing personalised service that goes above and beyond the offerings of our competitors.
Many local banks outsource credit card processing services to independent sales agents or organizations that work for large processors. You may think that by going to your bank you are going right to the source, when in fact, you are just adding another hand to the pot. We are an independent supplier that offers you the option to purchase your device instead of having to pay unending rental fees for the foreseeable future.
Find out more about the great benefits that you will receive as a WAPPoint client by giving us a call or checking out our website. #sayhello today.