The Why Behind Reconciling I Blog

One of the most important aspects of running your business is making sure your bottom line adds up at the end of the day. When you settle your merchant account, you want to make sure it is painting the same picture as your bank account is. This process is known as reconciling.

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Reconciliation is when you compare your bank statement to your bookkeeping records for the same time period. The key is to pinpoint any discrepancies you might see during this process, so you or your accountant can be sure no funds have gone “missing” from your business.

Undoubtedly, the most significant pain point during the reconciliation process is when you get to the end of your records, and things don’t line up. Although the discrepancy may be small, the investigation process can turn into a real headache.

Let us offer you some insights into why reconciliation is so important to your business and how Worldline can ease the pain.


Show Me The Money!

Know your business on a deeper level

You will be able to paint a clear image of your customer’s spending habits and any changes in your processing cadence by taking a closer look at the card type sales, refunds, and high vs the low volume days. Knowing this information will help you identify any trends that could be hindering you from hitting your business goals. For example, if you are noticing a higher volume of refunds after 10 days of purchase, perhaps it is time to implement a refund policy to maintain those purchases. Proactively learning from your transaction history could highlight opportunities for your business to win.

Solidifying trust

Depending on the kind of business you are in, there will be peaks and valleys in your processing. During high volume processing, it can be hard to manage all of your transactions. Worldline’s Portal, allows you to consistently review your sales via reports.

These exportable reports will assist you in reducing possible administrative tasks as you will have a full view of your transaction details. If a one off payment was missed, you can delight a customer by reaching out to correct the issue rather than the customer calling in to inform you of the error.

Businesses that are proactive in catching possible processing issues will create trusting relationships with their current customers and create positive impressions for those who are new.

Protect yourself from fraud

Reconciling your transactions will not stop fraud, but it can help you monitor it! The Transaction Report in the Worldline Portal is a great place to get a granular look into your payment processing. If you see transactions appearing with gibberish addresses or customer names, they could be fraudulent. These types of transactions could be worth looking into with the customer or our Customer Care Specialists.

One of the most common consequences of fraud is chargebacks. Unfortunately, chargebacks are a regular occurrence no matter what business you are in. The key is to stay on top of any potential chargebacks. Within the Worldline Portal, the Chargeback Report will provide you with the customer’s information that is filling the Chargeback, and help you monitor the state of the dispute.

How to Break It Down with Worldline

The best way to start the reconciliation process is to have all the necessary information and documentation at your fingertips. Think of it as if you were about to start a puzzle; to fill in the gaps, you will need all the pieces that make up the picture.

An essential piece to your financial puzzle is the Settlement Summary Report within the Worldline Portal, allowing you to see things like your daily balance and any fees incurred during that time. Knowing when you should be receiving your settlements doesn’t need to be a mystery.

Take a look at what funds have settled into your bank account. Do they match up with the story your Worldline monthly invoice and Settlement Summary Report reads? If not, don’t sweat it. We have a tool that can provide you with a more granular view of your sales!

Is Your Data Not Lining Up?

Within the Worldline Portal, there is a report called the Daily Activity Details. This report will provide you with a further breakdown of your sales, such as the daily balance that is sent to your bank. You will be able to view a breakdown of potential fees as well. The Daily Activity report is an excellent place for you to determine any discrepancies in the funds that have settled in your bank account.

The benefits of a thorough reconciliation process are worth the time and energy. Not only will you stay on top of any odd goings-on in your settlements and gain a deeper understanding of your sales and revenue, but you will also continue to build a trusting relationship with your customers!

Here at Worldline, payments are our bread and butter. We are dedicated to making your life easier throughout the entire aspect of the payment journey.

To continue learning, check out our help docs!