Solutions Summit 2014

Credit Card Reconciliation

Teresa Wood and Carmen Scott

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Overview

• Is a project to reconcile credit card activity on T-Recs Enterprise in your future?  Then this session is essential.  Led by both Chesapeake Implementation Specialists and T-Recs users who have been through this experience, this session will cover what you need to know including:•   Reconciling up to four different data sources

(GL/POS/Processor/Bank)•   Detail versus summary reconciliations•   PCI compliance•   Enforcing service level agreements with your processor•   Common matching approaches•   Disputed charge tracking

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Objectives:

• The attendee should be able to identify the key areas of consideration when implementing credit card reconciliations in TRECS.• The attendee will be able to create a high level mapping

of their desired credit card process• The attendee will be able to define key matching criteria

for their desired credit card process

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Reconciling Four Sources-The Model

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Detail vs Summary

•Summary Reconciliation Facts: •Daily summarization of activity matched to settlement. Less transactions in the database•Card errors must be resolved using vendor reports•Daily settlement timing more difficult to isolate and resolve

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Detail vs Summary

•Detailed Reconciliation Facts:•Transactional level matching means large volumes of transactions in the database•Allows for quicker resolution of card errors at the customer level•Settlement timing problems can be mitigated with this approach

Chesapeake System Solutions, Inc. • Proprietary and Confidential

PCI Compliance:

In T-Recs you can: Protect Customer Credit Card Data

-Protecting Stored Data in T-Recs with Field Level Encryption-Matching on Encrypted Fields-Controlling Access to Encrypted Fields

T-Recs allows you to: Implement Strong Access Control Measures

-Unique User ID’s-Operational Structures-Reconciliation Work Flow

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Working with your Processors

-Data needs for T-Recs

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Working with your Processors

-Settlement timing considerations- Can everyone get in sync?

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Working with your Processors

Establishing reporting Service Level Agreements

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Matching ApproachesData Normalization…

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Matching Approaches

-One to One matching

-One to Many Matching

Chesapeake System Solutions, Inc. • Proprietary and Confidential

Tracking those Disputes

Open those cases

Send those emails

Lessons Learned:Tips from a seasoned user!Questions for Carmen Scott

Thank You!