Below are frequently asked questions we receive regarding mtCharge+ and the Reconciliation Report.
Reporting
One of the benefits of using mtCharge+ as your payment processor is access to detailed charge and deposits information.
Transaction Summary Report
Please see the article linked below for information for the new mtCharge+ reports.
mtCharge+ Payout Report
Ad-Hoc (On Demand) Payments
Can I run credit card transactions on orders I receive outside MarketTime?
Yes, with mtCharge+ you can use the Ad-Hoc feature. How to use this feature and accompanying system screenshots can be viewed in this article: Processing Payments in MarketTime.
Refunds and Declined Transactions
Can I process refunds in mtCharge+?
Yes. Refunds can be issued directly from your MarketTime account Orders screen. Note: If you use mtCharge+ with a Stream account, you must access the 10. The mtCharge+ Orders report is in your MarketTime account (see Advanced Analytics). Refunds would be processed through the Charges & Refunds tab at the top of the #10 report. For detailed instructions, visit the Support article here:
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, canceled, or over its limit)?
On the Shipment Transaction screen (where you process payment for an order), you will receive an error message informing you that the card has declined, is over its limit, or has been canceled. This error message should appear right after clicking the Process Payment button. If this happens, you can request an alternate payment method from the Retailer by clicking the Request Payment Update button.
See the first screenshot below for accessing the Shipment Transaction (payment processing) screen and the second screenshot for an example error message showing where the Request Payment Update button is located.
For information on how to use this feature, please see the following article: https://support.markettime.com/hc/en-us/articles/19718690256923-Requesting-New-Payment-Method-on-mtCharge-Orders-MarketTime
Banking
What does a mtCharge+ transaction look like on my bank statement?
Successful mtCharge+ transactions are batched together and show as a single payout each day. You can see the individual transactions that make up each payout in the 10. mtCharge+ Orders report in your MarketTime account under Advanced Analytics (click on the first tab at the top mtCharge+ Payouts). For more information, visit the article here: https://support.markettime.com/hc/en-us/articles/10808478384923-Processing-Payments-in-MarketTime#01J1ATT9KTH3F8EVCG9Q06QXCR
mtChage+ may make several deposits per day. Deposits may not be in one daily batch.
If I am a Non-U.S.-based brand, can I use mtCharge+?
Not at this time. mtCharge+ is only offered to U.S.-based Brands/Manufacturers with the following:
- The business must have a U.S. TIN, U.S. address, and U.S. bank account
- The individual with control of the business must be based in the U.S. with a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
How fast are funds deposited into my bank account?
For mtCharge+, payouts are received for transactions 2 days after the transaction is processed (transaction process day + 2 days).
This is a breakdown of the typical payout schedule: Different financial institutions may have different funds available times. Please contact your bank for funds available dates.
- Monday: Payout received - transactions from the previous Wednesday 9:01 PM EST to the previous Thursday 9:00 PM EST
- Tuesday: Payout received - transactions from the previous Thursday 9:01 PM EST to the previous Sunday 9:00 PM EST
- Wednesday: Payout received - transactions from the previous Sunday 9:01 PM EST to Monday at 9:00 PM EST
- Thursday: Payout received - transactions from Monday 9:01 PM EST to Tuesday 9:00 PM EST
- Friday: Payout received - transactions from Tuesday 9:01 PM EST to Wednesday 9:00 PM EST