Merchant statement

[swirt]

Since we are on this subject, how much of a pain is the reconciliation process at the end of each month? I ask because we have something lined-up to address this issue.
What do you mean by reconciliation each month?.

Monthly reconciliation would be where you sit down with your merchant statement and make sure what they gave you is what you should have received. Meaning, checking to see that each transaction you had actually went through.

 

[JunieBJones (JBJ)]

Since we are on this subject, how much of a pain is the reconciliation process at the end of each month? I ask because we have something lined-up to address this issue.
What do you mean by reconciliation each month?.

Monthly reconciliation would be where you sit down with your merchant statement and make sure what they gave you is what you should have received. Meaning, checking to see that each transaction you had actually went through.
.

Monthly reconciliation would be where you sit down with your merchant statement and make sure what they gave you is what you should have received. Meaning, checking to see that each transaction you had actually went through.

Okay, I was hoping there was not this very important thing that I had not been doing for years!

 

[Morticia]

The credit card companies are making it from both ends. They charge the cardholder usury interest rates and charge the merchant almost as savagely. There is no way to tell a debit card from a credit card which sucks since if we could tell, although we cannot refuse to take it, could as I do if a guest tells me "I will just use my debit card" - why don't you just write a check since it is the same thing...... Often times they will do just that and I save the cc fees. Be aware that Corporate credit cards have a bigger bite than one held by John Q Public.
For that reason alone, I do try to use check or cash at small businesses. I have actually had guests who told me they are aware of the fees we get hit with (one said she tried to set up a cc donation for a 501(c)3 until she found out what the fees were) and therefore would be paying cash or check to save me the fees..

It is nice to see some innkeepers keep an eye on this cc processing stuff. We spend SO MUCH time trying to stay on top of it and get it right.
There will definitely be a solution out there always - as long as it is a lodging gateway you will wind up being fine. The problems without one generally are chargebacks (with no date info, retail gateways have no proof of service rendered - and since they are retail - you are not supposed to be providing service in the first place), fraud (you can get into trouble if you are not doing it properly, and the liability issues are greater if you are misrepresenting yourself), and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
Since we are on this subject, how much of a pain is the reconciliation process at the end of each month? I ask because we have something lined-up to address this issue.
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....

Question for anyone and everyone - would the processor not charge the goodbye fee if you sold or gave the machine to someone else and they signed up? Like buying a time share - ugh!
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....

Question for anyone and everyone - would the processor not charge the goodbye fee if you sold or gave the machine to someone else and they signed up? Like buying a time share - ugh!

I'm pretty sure that's why the PO's really pushed hard for us to use the same processor...they didn't have to pay the termination fee.

 

[Morticia]

Since we are on this subject, how much of a pain is the reconciliation process at the end of each month? I ask because we have something lined-up to address this issue.
What do you mean by reconciliation each month?.

Monthly reconciliation would be where you sit down with your merchant statement and make sure what they gave you is what you should have received. Meaning, checking to see that each transaction you had actually went through.
.

Monthly reconciliation would be where you sit down with your merchant statement and make sure what they gave you is what you should have received. Meaning, checking to see that each transaction you had actually went through.

OK, that's what I thought. I do that everyday. Which is why I caught that double billing so fast.

 

[JBanczak]

I've never heard of them charging a "termination fee" if it wasn't an "early termination fee..." That seems really strange, although in the world of cc processing, I guess nothing would surprise me.
Reconciliation is really in two parts - of course making sure you got paid for what you sent through, but the second is matching the dollars and cents. Since you don't get the exact dollars and cents in your bank account that you have on every reservation, your bank statements do not match your reporting. At some point you need to make sure that what is in your bank is aligned with the reservation in your PMS, and that is a very manual process since each transaction gets hit with different fees.

 

[Morticia]

I've never heard of them charging a "termination fee" if it wasn't an "early termination fee..." That seems really strange, although in the world of cc processing, I guess nothing would surprise me.
Reconciliation is really in two parts - of course making sure you got paid for what you sent through, but the second is matching the dollars and cents. Since you don't get the exact dollars and cents in your bank account that you have on every reservation, your bank statements do not match your reporting. At some point you need to make sure that what is in your bank is aligned with the reservation in your PMS, and that is a very manual process since each transaction gets hit with different fees..

I've never heard of them charging a "termination fee" if it wasn't an "early termination fee..." That seems really strange, although in the world of cc processing, I guess nothing would surprise me.
Reconciliation is really in two parts - of course making sure you got paid for what you sent through, but the second is matching the dollars and cents. Since you don't get the exact dollars and cents in your bank account that you have on every reservation, your bank statements do not match your reporting. At some point you need to make sure that what is in your bank is aligned with the reservation in your PMS, and that is a very manual process since each transaction gets hit with different fees.

I don't get into that much detail. Daily transactions=Daily deposits (only a few days off). The EOM statement that shows what the cc processor took in fees is a waste of time to reconcile. Just look at JBJ's original post, they make up the fees as they go along. They change the discount rate whenever they want without telling anyone.

 

[JunieBJones (JBJ)]

The credit card companies are making it from both ends. They charge the cardholder usury interest rates and charge the merchant almost as savagely. There is no way to tell a debit card from a credit card which sucks since if we could tell, although we cannot refuse to take it, could as I do if a guest tells me "I will just use my debit card" - why don't you just write a check since it is the same thing...... Often times they will do just that and I save the cc fees. Be aware that Corporate credit cards have a bigger bite than one held by John Q Public.
For that reason alone, I do try to use check or cash at small businesses. I have actually had guests who told me they are aware of the fees we get hit with (one said she tried to set up a cc donation for a 501(c)3 until she found out what the fees were) and therefore would be paying cash or check to save me the fees..

It is nice to see some innkeepers keep an eye on this cc processing stuff. We spend SO MUCH time trying to stay on top of it and get it right.
There will definitely be a solution out there always - as long as it is a lodging gateway you will wind up being fine. The problems without one generally are chargebacks (with no date info, retail gateways have no proof of service rendered - and since they are retail - you are not supposed to be providing service in the first place), fraud (you can get into trouble if you are not doing it properly, and the liability issues are greater if you are misrepresenting yourself), and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
Since we are on this subject, how much of a pain is the reconciliation process at the end of each month? I ask because we have something lined-up to address this issue.
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....

Question for anyone and everyone - would the processor not charge the goodbye fee if you sold or gave the machine to someone else and they signed up? Like buying a time share - ugh!
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....

Question for anyone and everyone - would the processor not charge the goodbye fee if you sold or gave the machine to someone else and they signed up? Like buying a time share - ugh!

I'm pretty sure that's why the PO's really pushed hard for us to use the same processor...they didn't have to pay the termination fee.
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....

Question for anyone and everyone - would the processor not charge the goodbye fee if you sold or gave the machine to someone else and they signed up? Like buying a time share - ugh!

I'm pretty sure that's why the PO's really pushed hard for us to use the same processor...they didn't have to pay the termination fee.

Well that makes sense. But what makes better sense is that you buy a turn-key and have 8 millions things to do - besides the whole moving in and setting up house aspect, 8 million for the business alone. So to trasnfer it all over to the new owners, if it works don't fix it, sort of thing, makes sense to me.
What new innkeeper knows where to turn for all of that with everything else imploding on him/her/them? You would surely hope the po's would assist in that business transaction part of the business.

 

[swirt]

I've never heard of them charging a "termination fee" if it wasn't an "early termination fee..." That seems really strange, although in the world of cc processing, I guess nothing would surprise me.
Reconciliation is really in two parts - of course making sure you got paid for what you sent through, but the second is matching the dollars and cents. Since you don't get the exact dollars and cents in your bank account that you have on every reservation, your bank statements do not match your reporting. At some point you need to make sure that what is in your bank is aligned with the reservation in your PMS, and that is a very manual process since each transaction gets hit with different fees..

We do get the full payment, then the fees come out through a monthly withdrawl from the processor. That makes it pretty easy to keep track of.

 

[gillumhouse]

The credit card companies are making it from both ends. They charge the cardholder usury interest rates and charge the merchant almost as savagely. There is no way to tell a debit card from a credit card which sucks since if we could tell, although we cannot refuse to take it, could as I do if a guest tells me "I will just use my debit card" - why don't you just write a check since it is the same thing...... Often times they will do just that and I save the cc fees. Be aware that Corporate credit cards have a bigger bite than one held by John Q Public.
For that reason alone, I do try to use check or cash at small businesses. I have actually had guests who told me they are aware of the fees we get hit with (one said she tried to set up a cc donation for a 501(c)3 until she found out what the fees were) and therefore would be paying cash or check to save me the fees..

It is nice to see some innkeepers keep an eye on this cc processing stuff. We spend SO MUCH time trying to stay on top of it and get it right.
There will definitely be a solution out there always - as long as it is a lodging gateway you will wind up being fine. The problems without one generally are chargebacks (with no date info, retail gateways have no proof of service rendered - and since they are retail - you are not supposed to be providing service in the first place), fraud (you can get into trouble if you are not doing it properly, and the liability issues are greater if you are misrepresenting yourself), and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
Since we are on this subject, how much of a pain is the reconciliation process at the end of each month? I ask because we have something lined-up to address this issue.
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....
.

and the issues with cutting over (i.e. non-referenced refunds, deposits, etc) to a new processor can be greater as well.
As soon as I can get back from Conferences and have 5 minutes I am going to have to call my former processor again to fax me the goodbye forms. I cannot find the ones faxed earlier (I know - decrapify). The rub is although I have been beyond the contract period for several years, they are going to charge me $295 to say goodbye. I don't think so. Since when does someone have to pay to not use a service after the contract period is over! It would be like me charging people because they do not choose to stay here an extra night....

Question for anyone and everyone - would the processor not charge the goodbye fee if you sold or gave the machine to someone else and they signed up? Like buying a time share - ugh!
.

I own my machine. I bought it from someone several years ago after verifying with the processor that their software would function with it. However, I called 3 times in the last 2 years trying to get the program fixed to truncate cc numbers and was told my machine did not have enough memory to install the program. Funny thing - the new processor installed it when they installed their program - suddenly I had a lodging program that I had been told I had (but it never asked for room number or how many nights) and did not.