Credit Card Reconciliation Solution
BitCurb provides you with a single enterprise grade reconciliation solution to address your credit card reconciliation needs.
What is Credit Card Reconciliation?
Credit card transactions are a part of every running business. Card usage will only increase with the digital transformation happening across the industries, nourished by the growing trend of remote working and home based offices.
The credit card reconciliation is a must do process, playing big part of the monthly financial close for the enterprises. Having efficient solution to address the problem is not only crucial for a thriving business, but it’s also a legal requirement and a subject to regulations in many industries. Businesses use the credit card reconciliation to validate that the data on the credit card statement match up with the amount coming from your general ledger through the chart of accounts.
A good process will ensure:
- The money leaving your business account are equal to the amount spent for your fiscal period
- No fraudulent activities get by
- Your financial records stay audit-ready and compliant with your business territory legislation
What Is the Process for Credit Card Reconciliation
The credit card transaction reconciliation is a twofold process.
- You need to reconcile general ledger data (chart of accounts data) with the payment processor data or any merchant provider service data, which would typically relate as one-to-one correlation between the data sources you are matching
- You may need to reconcile your general ledger information with your bank statement which would typically relate as one-to-many correlation between the data sources you are matching. Bank statement usually comes with aggregations, introducing extra layer of complexity in the process
The reconciliation process for credit cards starts with a comparison of transactions on credit card or merchant provider statements with those recorded in your business’ general ledger. The process is usually triggered after a credit card statement is received.
The second step is matching the information from merchant provider system or chart of accounts data with the bank statement. When discrepancies are found, a categorization and investigation follows to determine the appropriate steps for resolution. This may include disputing transactions with the credit card processor, your bank or making journal entries to correct errors.
Credit Card Reconciliation challenges
Having high volume data along with the fact that dates between the sources may not always coincide, bank fees imposed, currency conversions and settlements makes the automation of the credit card reconciliation challenging and not always efficient enough.
Why Is Credit Card Reconciliation Important?
Any business selling online and receiving payments through multiple channels can immensely benefit from transaction level reconciliation to quickly identify any transaction discrepancies. The categorization and resolutions of the exceptions might be critical to your business on daily basis, preventing financial losses and detecting fraudulent data.
What solution does BitCurb offer for Credit Card Reconciliation?
The credit card reconciliation can be time consuming, laborious, and prone to human errors process, taking a lot of human resource power from your staff.
The aggregations on the bank statements and the bank fees applied are affecting tremendously the reliability of any automation. BitCurb offers a reliable and efficient automation of the problem, capable of handling millions of transactions in a single execution batch.
The BitCurb’s ETL engine provides flexibility to enhance and modify your data input, which prepares the ground for an accurate reconciliation.
Our robust reconciliation engine supports tailored rules addressing your specific data correlations. This is a crucial capability addressing the complex transactions attributes’ correlations between dates that don’t coincide, reference numbers partially matching and so on. BitCurb’s Crunch engine supports one to many reconciliation rules with adjustments. That’s a powerful weapon to address the charge of any bank fees and currency settlements on your bank statement, when matching against the merchant provider statement or charts of accounts data.
Our powerful reconciliation API provides unparallel in the reconciliation world possibilities for 3rd party integrations with accounting software or leading ERP systems. You may plug that functionality into your existing products or processes, reducing the need to have one more solution in your pipeline just for reconciling your credit card data. Bespoke reporting might be a life saver for your compliance needs.
And last but not least, all actions taken are stored for audit purposes. Regardless if you are e-commerce business, retail business or just sorting out your business expenses, rest assured this process cannot be a major headache for your business any more. Having BitCurb as a single reconciliation solution to streamline your credit card reconciliation, tremendously reduces the time your spend today, providing accuracy and a well-defined process to follow.
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