Keep the payment and its purpose together
A business needs to know more than the amount received. It needs the customer, invoice, currency and reference behind each payment. Keeping those details together makes it easier to match a receipt, answer a customer and prepare accounts.
Our business services cover merchant payments, supplier payments, bulk payments, payroll and government-related payments. Discuss the services and account arrangements relevant to your business before making operational plans around a particular feature.
A useful payment record
- The invoice or bill being settled.
- The payer and intended recipient.
- The amount and currency.
- The payment date, channel and reference.
- Any separate charge and the total paid.
- The final receipt or acknowledgement from the relevant service.
Reconciling collections
Compare the records of payments received with the invoices they settle. A bank debit, payment confirmation and completed government service describe different stages. If they do not match, retain each record and raise the difference with the institution responsible for that stage.
Discuss your business requirements
Include the payment types you handle, currencies, collection locations and reporting needs. For payroll or bulk payments, agree account permissions, recipient checks and approval responsibilities before processing a batch.