Batch Payment Processing Expedites Settlement

Batch Payment Processing Expedites Settlement

Is your firm still squandering too much needless effort on entering countless individual credit-card payments manually? During that interactive process, computers must wait for staff input, completing one piecemeal entry before starting another. Want a better way? Hold accumulating transactions during work hours instead. Then uploading batched charges by the thousands with just one click will eliminate further user interaction while minimizing monetary resources.

Efficient Solution

Need more convincing? Think of it like this: If you’re going to make five dozen cookies, your oven probably can’t hold enough trays for all 60 sweet treats at once. But baking each one alone would waste way too much time and heat energy. To finish sooner, divide your cookie total into multiple batches. Handling transactions the same way in larger groups also will save numerous hours. Instead of processing every customer’s remittance separately, transmit greater quantities in just one file together.

E-Complish’s automated BatchPay is the efficient way to expedite this time-consuming merchant-processing challenge. Its convenience will free up personnel to handle other tasks. This program’s advanced security features include a comprehensive Fraud Detection Suite that diagnoses and identifies suspicious charges automatically. You can customize the web-based transaction tools and filters to suit your business, curtailing fraudulent usage and its related costs. Receiving prompt alerts will allow your staff to take appropriate action hastily if criminal activities occur.

Charged Transaction Steps

Understanding this card-processing method’s basic steps will help you realize that BatchPay is the convenient solution your company needs to adopt today.

Authorization: When a customer makes a purchase or payment, his card issuer receives his card’s details with transaction amount. That lender verifies him as the legitimate user who hasn’t reported his card stolen or lost with an available credit limit high enough to cover this charge.

A phone call to a live operator or automated service using voice recognition or touchtone prompts may be necessary for unusually large figures and heightened security situations. This step also occurs when inoperable pay-card terminals and downed network or phone connections block electronic approvals.

Every issuing bank sends an authorization code or declines the cardholder’s transaction per specific request. Following approval, issuers holds enough reserves in each client’s account to disburse charged amounts. It also guarantees those resources as available to your company for payment.

Transmission: Your processing software, electronic payment gateway, and/or pay-card machines compile a data file of all approval codes your firm receives each day. The batch system revolves around transmitting your patrons’ daily credit-card charges as a group at one pre-set time, such as at the end of your business hours. When you send authorization codes for all transactions to complete that day’s sales, your remittance processor categorizes and forwards them to the associated card-issuing banks.

Daily transmissions are key to debiting your patrons’ accounts and crediting your corporate bank account as swiftly as possible. Postponed schedules have consequences. Charge card networks assess higher rates if you delay batched submissions. Pre-authorization codes expire after seven to 10 days. So if you send approved transactions after that timeframe for any reason, issuers will decline them. That outcome dictates voiding original charges from clients’ purchase histories and re-running those payments.

Settlement: Each financial institution releases the appropriate funds and initiates transfers between your customers’ accounts and yours. This closing step remits payments to your organization and posts withdrawals to cardholders’ accounts.

Funding: Deposited money arrives in your merchant bank account in two or three business days usually. That waiting period varies according to what time you transmit transactions, time zone differences between your company and processor, your firm’s bank, and how promptly that financial institution verifies and processes electronic deposits.

Time and Money Savings

Decreased transactions: Instead of running a program repeatedly to send just one transaction at a time, the batch method executes the application only once a day, diminishing system overhead greatly. End-of-cycle collection is much more economical than inputting masses of interactive items individually. Replacing single accounting entries with groups is especially helpful for large corporations with massive numbers of payments that create enormous processing burdens.

Speedy analysis: Your accounting staff can reconcile and analyze daily batched transactions and reports quickly for payment trends. When each collection covers a uniform interval, comparing totals makes spotting any outliers easy. Investigating just any uncharacteristically low and high amounts will conserve your labor and operating costs.