Payment matching
One payout from Stripe or Square is dozens of sales, minus fees, refunds and the odd chargeback. Matching it to the bank deposit by hand is slow and easy to get wrong. We have it done overnight.
- Worth automating when
- You take payments through more than one processor, or reconcile more than about 100 payouts a month.
- Works with
- Stripe, Square, PayPal, Shopify Payments, Moneris, Helcim, QuickBooks, Xero, your bank feed, and most tools with an export or a connection.
- Who checks the exceptions
- Your bookkeeper, for the short list of payouts that didn't match
- Price
- from $3,500 fixed, quoted before we start. Optional upkeep from $350 a month.
How it runs
Payouts and deposits are pulled nightly
From each payment processor and from the bank feed already connected to your books.
Each payout is broken down
Into the sales, fees, refunds and chargebacks that make it up.
Each payout is matched to its deposit
By amount and timing, allowing for weekends, holidays and processors that batch differently.
Matched payouts are recorded
In your books, with sales at their full amount and fees posted to your fees account.
Anything unmatched is listed
A missing deposit, a short payment or a chargeback goes to a short list, with what doesn't add up.
A worked example
A typical setup, to show how the pieces fit. Not a client story.
An online store that also sells at markets
Today: Shopify Payments and PayPal online, a Square reader in person. About 90 payouts a month across three processors and two bank accounts.
After: Payouts are matched every night. The bookkeeper looks at three to five exceptions a month instead of ninety payouts.
| Measure | Before | After |
|---|---|---|
| Time matching payouts | 4 hrs/wk | 20 min/wk |
| Payouts a person checks | about 90/mo | 3 to 5/mo |
Questions about payment matching
- Are fees recorded properly?
- Yes. Sales are recorded at their full amount and fees go to their own account, so revenue isn't understated and fees are easy to see.
- What about US dollar payouts into a Canadian account?
- Handled, using the rate your bank actually applied, so the books match the deposit to the cent.
- Does this replace bank reconciliation?
- No. It makes reconciliation quick. Your bookkeeper still reconciles and signs off.
Have a chore like this?
Book a free 20-minute call. We'll tell you whether it's worth automating and roughly what it would cost. If it isn't worth it, we'll say so.
Pick a time