How Does Gateway Reconciliation work?
Most gateways produce settlement reports on a daily basis. The reconciliation follows the schedule appropriate for each gateway, which is usually daily, and retrieves the appropriate gateway reconciliation report for processing in a job. Within a reconciliation job, every record in the report is parsed into an event and matched with the corresponding transaction.
What Is Gateway Reconciliation?
Gateway reconciliation is the process of verifying that the electronic payment and refund transactions processed match the transactions reported by the gateway. For example, if YOU processed 200 transactions through a gateway, you should see the same number of transactions on the gateway’s reconciliation report, sometimes also called the settlement report.
A settlement report usually includes events from the following three stages of a payment’s lifecycle:
- 1. Processing event indicating that your bank submitted the payment to the gateway.
- 2. Settlement event indicating that the payment has been successfully debited from the payer and credited to the payee. For credit cards, settlement can take up to three business days. With some payment methods, like direct debit, it's possible that settlement fails.
- 3. Post-settlement events are usually exceptions, like chargebacks for credit cards and reversals for other payment methods. These types of events indicate that the customer has taken an action through their bank that affects the payment.
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