Streamline Reconciliation Processes with Passport Payments
Payments reconciliation is an important part of your daily parking operation’s tasks, but when working with multiple third party providers, it can be a time-consuming and manual process. To understand the process, it’s important to understand the three primary managers of payment data that can impact reconciliation and their functions in the payment process:
- The Point of Sale Device (POS) submits the transaction request to the gateway and communicates the gateway’s response to the cardholder. In the case of a Passport parking transaction, the POS would be the Passport app.
- The Gateway determines whether or not the card is eligible to use for the transaction (ie- is it valid, does the cardholder have sufficient funds, etc) and sends a response to the POS device to communicate if the transaction is approved or declined. The gateway will create a listing of all transactions throughout a day, and submit the approved transactions to the processor at a set cut off time. In the case of a Passport parking transaction, the gateway could be provided via Passport or a third party.
- The Processor receives the file of transactions for processing from the gateway and nets out applicable fees to cover merchant processing, interchange and assessment before remitting payment to your operation. They may also deduct additional amounts for refunds, disputed transactions and additional fees. In the case of a Passport parking transaction this could be provided via Passport or a third party processor.
If the above moving parts consist of two or even three separate parties (Passport, a third party gateway and/or a third party processor) reconciling can be difficult, as you must piece together how your records of sales at the point of sale device relate to the money coming into your bank account. Take a look at the example below:
As you can see there are discrepancies in revenue and deposits, and with separate providers, there is no full view into what may have happened to offset the amount of revenue processed on that specific day. This often leaves finance managers with manual, time consuming work or the need for additional infrastructure/automation tools to tie systems together.
With an integrated payment processor for parking, like Passport Payments, you have one provider acting as the POS, gateway and merchant processor. By reducing the number of handoffs and touch points with 3rd parties, Passport enables speed, accuracy, and transparency in the reconciliation process so that you can sit back and watch the net revenue described in the Payments Reporting flow into your bank account.
With end-to-end visibility on the status of every transaction, refund and cardholder dispute, as well as all transaction, gateway and merchant processing fees applied, Passport’s digital platform provides a simplistic summary view that clearly describes what you can expect to receive in payment to a specific account. This eliminates the likelihood of conflicting POS reports and bank statement balances as well as cumbersome manual processes.
To learn how you can eliminate manual reconciliation processes and find transparency in your parking operations, contact a sales representative today.