There are a few helpful pieces of information that may make monthly reconciliations easier for you.
- eCheck transactions will be deposited separately and generally take 7-10 business days to post to your account.
- Keep in mind that eChecks are not refundable until 5 days after the transaction is processed. This is to protect you from potentially refunding an eCheck that has been returned.
- Depending on your merchant processor, AMEX may be deposited separately and take approximately 5 business days to show up.
- Visa and Mastercard are batched and settled together within 24-48 hours.
Once you complete one month of processing, you'll be able to more easily track what's being deposited using your transaction listing.
Depending on the type of merchant account you have, you may or may not see the Batches & Settlements option under Reporting on your control panel. This area shows how transactions have been grouped and settled in your bank account based on the batch time set for your merchant account.
If you do have access to Batches & Settlements, you’ll see a table containing your current monthly settlements summary.
The information on the table includes the batch date, estimated deposit date, amount of credit card transactions, eCheck transactions amount, refunds/chargebacks, the funded amounts for credit card transactions, and any unfunded transactions.
Please note: Different merchant accounts may group Visa, Mastercard, Discover, Amex, and eChecks differently. You may also have additional columns if you've enabled other payment methods, such as PayPal. Make sure to check the columns along the top of the table!
The Est. Deposit Date is the day you should see those deposits on your bank statement. On that date, there will be a deposit for each of the columns in the table. By clicking the Date, you can see a detailed view of all transactions (including donor name, transaction ID, amount, payment method, transaction status, and source) that make up those totals.
To learn more about statements, check out this article and if you need additional help reconciling, feel free to contact us!