mtCharge FAQ

Below are some helpful FAQs regarding mtCharge and the Reconciliation Report for mtCharge orders.

 

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TABLE OF CONTENTS

REPORTING

REFUNDS and DECLINED TRANSACTIONS 

BANKING 

ACCOUNTING

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REPORTING

 

What does the transaction summary report look like?  
 

What headers are available in the Reconciliation Report?  
Customer Name, Invoice / PO Number, Transaction ID, Ship Date Payment Amount, $ Processing Fees Paid, $ Remitted to Vendor.

 

Where can I find the Reconciliation Report? 
In MarketTime, you will find the reports under Advanced Analytics. The report is #10 mtCharge Orders. For a general overview of mtView reporting, see the Support Article on the subject: 
https://support.markettime.com/hc/en-us/articles/12558709736347-mtView-Overview   

 

How can I download the Reconciliation Report?  
Information about exporting mtView reports can be found in our Support Article on the subject: 
https://support.markettime.com/hc/en-us/articles/12559542696219-Exporting-Reports-from-mtView 

 

Can I request a custom Reconciliation Report?  
Yes.  Please email mtcharge@markettime.com for more information. 

Do transactions come in individually or batched?   
Individual

 

Is there a way to run a batch report (daily, weekly, monthly)?  
 Start/End Date filters can be used to adjust the parameters of your report as needed.  
For a general overview of mtView reporting, see the Support Article on the subject: 
https://support.markettime.com/hc/en-us/articles/12558709736347-mtView-Overview   

Can I run credit cards transactions on orders I receive outside the MarketTime/Brandwise system?  
Coming soon!  

Is the report sortable by date, PO or retailer name?  
Yes 

How can I automate the reconciliation process? 
Please email mtcharge@markettime.com with your ERP for more information.  

Can a third-party integrator automate the reconciliation process? 
YES 

What dates will be utilized in the Reconciliation Report?  
The date shown for each transaction on the Reconciliation Report available in mtView will be tied to the date that an ordered was SHIPPED.  This may vary slightly from the date that an order’s payment was processed.

 
How often does the Reconciliation Report update? 
Twice daily. Note that a processed transaction may not appear immediately within mtView reporting due to the infrequency of the report being updated. Processing payments, however, occurs instantaneously, and receipt or remittance of funds will be dependent on your banking institution’s standard practices. 

The granularity of the reporting available would allow an accounting representative for vendor to reconcile payment receipts to transactions processed once daily; however, to reduce manual work, best practices would allow for reconciliation once a month.

 

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REFUNDS and DECLINED TRANSACTIONS 

Can I process refunds in mtCharge? 
Yes. See our Support Article on the subject:  
https://support.markettime.com/hc/en-us/articles/17220840143771-Manufacturers-Processing-Refunds-with-mtCharge 

 

What happens when a card does not run (due to being expired, cancelled or over its limit)?   
You will receive an error message informing you that the card is declined, over its limit, or has been cancelled.

 

Can I access the CVV?  
You should never need to access the CVV with mtCharge.   You can run multiple transactions against one sales order.  This means if you have a back order or split shipment, you can run the card two, three or ten times.

 

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BANKING 

What does a mtCharge look like in my bank statement?   
The first 11 digits of the PO followed by the first 11 digits of the retailer's name.

 
If I am a UK or EU based brand, can I use mtCharge?  
Yes.  You will need to provide additional documentation during the registration process.  Please email mtcharge@markettime.com for your country specific documents.  Funds will be sent in USD.  Most foreign banks will automatically convert the funds from USD to their currency (GBP or EUR).  It is up to the brand to work with their bank to have the funds deposited in USD if applicable.  

How fast are funds deposited into my bank account? 
Typically within 24 hours

 

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ACCOUNTING

 

How will mtCharge usage be reflected in my financial statements?

mtCharge is just like any other payment gateway: it allows you to process payments in full against invoices, and it allows you to collect payment for said invoices minus a processing fee

 

• The behavior most often desired by an accounting representative is as follows:

 

1. Invoice amount for outstanding order (yet to be fulfilled) is a credit on your general ledger

 

1. Once the process payment button is submitted, the customer’s card is charged, and payment is processed via mtCharge.  This creates a debit on your general ledger in the full amount of the invoice (assuming full payment) such that the ledger is balanced.  Funds are deposited into your bank account within 24 hours. 

 

1. On manufacturer’s financial statements, couple of options:

 

1. DEFAULT option is that you’d show amount of fully paid invoice in revenue and amount of payment processing fees paid to MarketTime (from mtCharge) as an operating expense

 

1. ALTERNATIVE option is to show a factored amount of invoice (full invoice amount minus payment processing fees) in revenue, such that your revenue number would be a net revenue number rather than gross (and the payment processing fees would be booked as a contra-revenue account rather than an operating expense)

 

How will the process work for partial payments on an invoice?

 

• Exact same thing as above, except accounting representative will need to note invoices outstanding post-reconciliation.

 

 

How will refunds be addressed in the reconciliation process?

 

• Refunds are to be considered OUTSIDE of the reconciliation process outlined here.  Should a customer request a refund, the manufacturer should refund the requested amount at their earliest convenience.

 

• For explicit clarity, the value of the product shipped is assumed to be the amount charged via mtCharge (such that the amounts shipped are the true net amounts for which processing fees are paid)