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Management of merchant account – Sales
Receipt processing
after
a sale is completed and the consumer’s
payment is accepted, it is necessary for
a trader to pursue a number of practices
which ensure that the receipt of the
sale is processed accurately. Also, it
is very important see through that the
processing is carried out in a manner
which leads to the reduction of the
chances of consumer disputes or
chargebacks. The following points are
some of the suggestions that a trader
could implement into the processing
account for credit cards:
-
A sales receipt indicating “No
Chargeback” – This is a new kind of
sales receipt that has been in
circulation and is being sold to
traders. These “No Chargeback” receipts
have a statement printed on them which
indicates the waiver right a cardholder
has in case of chargebacks. It is very
important for a merchant to know that
this receipt does not protect the trader
against chargebacks. Also, the “No
Chargeback” receipt does not remove the
right of a cardholder to dispute
transactions.
-
Only 1 entry for every transaction – It
is vital for a trader to ensure that
every transaction is entered no more
than one time. Also, the transaction
needs to be deposited no more than one
time. A chargeback may be received in
case of duplicate transactions only if :
- A trader enters that very
transaction in a terminal for more than
once
- If the trader deposits the
bank cop as well as merchant copy of the
sales receipt with the
merchant bank.
- If the trader deposits a
similar transaction with more than 1
merchant bank.
-
Voiding duplicate or incorrect sales
receipts – It is always best to ensure
that duplicate or incorrect sales
receipts have been voided. Also, a care
has to be taken to see that each
transaction is processes not more than
once.
-
Deposit sales receipts – A trader needs
to deposit the sales receipt with the
merchant banks as soon as possible. The
best option is to deposit these sales
receipts the very next day after a
transaction takes place. It is not a
good practice to hold on to these sales
receipts.
-
Timely deposition of credit card
transactions – The receipts of credit
card transactions need to be deposited
on time with the merchant account bank.
It is a good practice to deposit the
credit transactions on the very day the
transaction was generated.
-
The merchandise needs to be shipped
before the transaction is deposited –
The direct marketing and eCommerce
transactions take place in an
environment which is non-face-to-face.
The sales receipt should not be
deposited with a merchant bank until the
merchandise is received. If the
consumers see charges on the statement
of the credit card before the
merchandise is received, they could
contact the issuers for disputing the
billing. For card-present transactions,
the sales receipt should not be
deposited until the goods are sent.
However, a trader needs to remember that
the current transactions are being
posted to the accounts of the consumers
which can be viewed in real time.
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