Software > Accounting > 102.3d - Accounts Receivable - Payment Processing
Payment processing involves the receipt of cash, checks, credit card payments, gift vouchers, consumer credits and wire transfers.
Once a payment is processed, assuming the payment system is not connected to the A/R system digitally, a manual update will be required in the A/R system. If partial payments are permitted and/or are made, processes for properly documenting those are required, and that adds complexity to a system as multiple payments against a single billing record are now required.
The receipt of each of these types of payment methods has recording and reporting requirements as does the deposit of the payments into a bank account for applicable payment methods.
We have various supplemental worksheets and process we suggest depending on the customer needs. One such tool is Accounting 103.3 - Bank Deposit Worksheet.
Once a payment is processed, assuming the payment system is not connected to the A/R system digitally, a manual update will be required in the A/R system. If partial payments are permitted and/or are made, processes for properly documenting those are required, and that adds complexity to a system as multiple payments against a single billing record are now required.
The receipt of each of these types of payment methods has recording and reporting requirements as does the deposit of the payments into a bank account for applicable payment methods.
We have various supplemental worksheets and process we suggest depending on the customer needs. One such tool is Accounting 103.3 - Bank Deposit Worksheet.
About Credit Card Processing...
If you are doing under $5k per month in credit card processing, you are best off with Square, Paypal or a comparable processor. From $5k-10k, you still may be better off. Above $10k/month you can often times get rates that are "better enough" that it makes it worth considering a Merchant Account. And the more you process the more that gap grows.
We do have relationships with Merchant Account resellers. We also are working on a system in which we could turn Google Sheets into a virtual terminal as long as you had your own merchant account. We are looking into that for both new transactions and for card on file transactions in which case you could store a clients credit card token (as generated by your gateway account). If we can achieve this, auto billing of credit cards on file (and debit cards) as an integrated part of an Accounts Receivable system would be a reality for this platform and that has dramatic implications for many with Accounts Receivable applications.
We do have relationships with Merchant Account resellers. We also are working on a system in which we could turn Google Sheets into a virtual terminal as long as you had your own merchant account. We are looking into that for both new transactions and for card on file transactions in which case you could store a clients credit card token (as generated by your gateway account). If we can achieve this, auto billing of credit cards on file (and debit cards) as an integrated part of an Accounts Receivable system would be a reality for this platform and that has dramatic implications for many with Accounts Receivable applications.