Surcharge Reconciliation
Reconcile transactions against invoices, excluding surcharges.
RESEARCH TRANSACTIONS
Using Payments Insider along with Converge, clients can gain a clear understanding of their processing activity by reviewing individual transactions and batches in detail. See when transactions were processed, identify payment types, and review refunds, voids, chargebacks, and other adjustments that may affect your totals. Remember with surcharged transactions, only the gross sales are deposited to your account while Elavon holds all surcharges collected.
VERIFY DEPOSITS
On each Federal Reserve banking day, you will receive a deposit for your settled batches. The deposit amount will match the total sales in each batch, excluding any surcharges collected. Please note that refunds, chargebacks, or other account adjustments may affect the final deposit amount.
| Transaction ID | Sale Type | Dollar Amount | Surcharged | Surcharge Amount (3%) | Total Amount |
|---|---|---|---|---|---|
| 1 | Sale | $8,000.00 | Yes | $240.00 | $8,240.00 |
| 2 | Sale | $14,000.00 | No | — | $14,000.00 |
| 3 | Sale | $5,000.00 | Yes | $150.00 | $5,150.00 |
| 4 | Sale | $12,000.00 | Yes | $360.00 | $12,360.00 |
| 5 | Sale | $7,000.00 | No | — | $7,000.00 |
| 6 | Sale | $16,000.00 | Yes | $480.00 | $16,480.00 |
| 7 | Sale | $9,000.00 | No | — | $9,000.00 |
| 8 | Sale | $11,000.00 | Yes | $330.00 | $11,330.00 |
| 9 | Sale | $6,000.00 | Yes | $180.00 | $6,180.00 |
| 10 | Sale | $12,000.00 | No | — | $12,000.00 |
| Totals (10 Transactions) | $100,000.00 | 6 of 10 | $1,740.00 | $101,740.00 | |
| Amount deposited to your account (gross sales, excluding 3% surcharges on eligible transactions) | $100,000.00 | ||||
Now consider the same batch with a single change: Transaction ID 3 was processed as a refund rather than a sale. Refunds are not surcharged, so no surcharge applies to that transaction, and the refunded amount is deducted from the deposit.
| Transaction ID | Sale Type | Dollar Amount | Surcharged | Surcharge Amount (3%) | Total Amount |
|---|---|---|---|---|---|
| 1 | Sale | $8,000.00 | Yes | $240.00 | $8,240.00 |
| 2 | Sale | $14,000.00 | No | — | $14,000.00 |
| 3 | Refund | ($5,000.00) | N/A | — | ($5,000.00) |
| 4 | Sale | $12,000.00 | Yes | $360.00 | $12,360.00 |
| 5 | Sale | $7,000.00 | No | — | $7,000.00 |
| 6 | Sale | $16,000.00 | Yes | $480.00 | $16,480.00 |
| 7 | Sale | $9,000.00 | No | — | $9,000.00 |
| 8 | Sale | $11,000.00 | Yes | $330.00 | $11,330.00 |
| 9 | Sale | $6,000.00 | Yes | $180.00 | $6,180.00 |
| 10 | Sale | $12,000.00 | No | — | $12,000.00 |
| Gross Sales (9 Transactions) | $95,000.00 | 5 of 9 | $1,590.00 | $96,590.00 | |
| Less Refunds (1 Transaction) | ($5,000.00) | — | — | ($5,000.00) | |
| Net Totals (10 Transactions) | $90,000.00 | 5 of 10 | $1,590.00 | $91,590.00 | |
| Amount deposited to your account (net sales, excluding 3% surcharges on eligible transactions) | $90,000.00 | ||||
Resolve Discrepancies
When your transaction activity and bank deposits do not match, the next step is to identify the reason(s) for the difference. Since deposits should match the settled sales total, excluding surcharges collected, a discrepancy is typically the result of one of the following: (1) a refund may have been issued and deducted from the deposit; (2) a customer may have initiated a chargeback related to a previously processed transaction; (3) Elavon may have deducted previously unpaid fees from the deposit; or (4) another account adjustment may have affected the deposit and will require additional research by Velocity.