Best practices for reconciling account payouts with bank deposits and the merchant's point-of-sale reporting.
Deposits are essential to a merchant's business, and our reporting is designed to be clear and easy to follow. Instead of complex statements, merchants will see a daily summary showing gross sales, fees, refunds, and net deposit.
Many merchants will be used to monthly fee schedules, so daily deductions may require some adjustment to their reconciliation process. Here are two methods they can choose from:
Rarely the Payout Totals may be incorrect or not add up. If this appears to be the case, we can validate the data or help walk merchants through the reports. On the payout page, the ‘Net Deposited’ column is the amount that the merchant should receive as a deposit into the bank account that they have set up in the portal. This is calculated by taking the ‘Gross’ amount, and subtracting the fee column(s) (Different fees are listed with the Flat rate vs. the IC+) and refunds that are listed for the day.
To assist with locating the issue with the payout, an export button is available on the payouts page. Selecting the transaction detail option when exporting this will give a list of all transactions, fees, and refunds that are impacting the Net Deposit.
The Export will only export the data that has been filtered and is being displayed on the payout page. This will export into a CSV file that can then be opened in a spreadsheet program like Microsoft Excel or Google Sheets. This will allow you to run some calculations on the transaction lines and pinpoint the issue.
There are a couple of potential root causes to cause the export and the payout page to not be correct such as fees or refunds not showing correctly, chargebacks missing, etc. All of these situations are rare and each time one occurs, we do our best to prevent it from occurring again in the future.
To have the payout report corrected you will need to open a PayFac ticket with the details that you have found and attach any documentation you used to determine the error. The corrections will need to be fixed by a Developer.
If a merchant reaches out with questions about the deposit that was sent to their account, like questions about the timing of the deposit, help with tracking a deposit, or questions about the amount that was deposited, follow the below process:
Validate that amounts that are listed on the payouts page with the merchant and make sure they understand the fees and refunds that are listed there.
Use the PayFac Support Slack channel to get additional information about a payout, the support representatives that monitor that channel have access to look into payouts and pull tracking information, status reports, and additional information about payouts from Adyen and Stripe.
If there are still question about the deposit please open a PayFac ticket and include the amounts and information that are in question, include the Payout ID of the payout(s), along with any additional supporting documentation about the issue.