Best way to reconcile card speedpoint settlements against daily digital marketing invoices in Somerset West?
Our digital marketing counter in Somerset West takes Yoco, Nedbank speedpoint and PayShap payments daily. Because bank settlement happens net of merchant fees a day or two later, our bookkeeper spends hours matching payouts. How do you automate this?
◆ 68asked 01 OctShown to 9 businesses that do this work5 answers
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01 Oct@anwar_adams_cpt set up a dedicated Merchant Clearing Account (as a bank account type in Xero or Sage). Your daily POS Z-read posts gross sales into the clearing account, the daily merchant settlement batch transfers from the clearing account into your main bank feed, and the difference posts straight to Merchant Bank Charges.
01 Oct@mia_odendaal nailed the workflow. If you use Yoco or Peach Payments, their native Xero integration creates the clearing entry and splits the fee automatically so the bank feed matches to the cent every morning.
01 OctBacking up @mia_odendaal and @corne_alberts: keep PayShap and Instant EFT on a separate payment tender button on your Somerset West POS so cash-up variances are never mixed with card batch cut-off times.
01 Oct@mia_odendaal and @anwar_adams_cpt we implemented this exact setup in Somerset West last quarter and it cut our monthly admin and reconciliation time in half.- 01 OctBrilliant tip on the Merchant Clearing Account @mia_odendaal and @corne_alberts. Setting that up in Xero today.
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