Below are some helpful FAQs regarding mtCharge and the Reconciliation Report for mtCharge orders.
REPORTING
One of the benefits of using mtCharge as your payment processor is access to MarketTime's Advanced Analytics resource, mtView powered by Tableau. Because mtCharge is an integrated resource, your mtCharge report data comes from mtView.
To access, go to your MarketTime account and click on Advanced Analytics in the left-hand navigation. The number or types of reporting in your Reporting dashboard will mimic your actual mtView account (think of this dashboard in MarketTime as a window to your mtView account). If you have a mtView subscription, you should see many reports in this dashboard. If not, you should only have access to your mtCharge data - Report # 10. mtCharge Orders. Note that at the top of this report are tabs to view different information: transaction summaries, payouts, etc.
For general information about mtView reports and how to best use them, view the article here: https://support.markettime.com/hc/en-us/articles/12558709736347-mtView-Overview
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.
How can I download the Reconciliation Report?
At the bottom of the report, there is a download/export icon. Click on the icon to save the report as a PDF, Excel, image, etc.
Can I request a custom Reconciliation Report?
Yes. Please email support@markettime.com for more information.
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. Filters can be found at the top of the report.
Can I run credit card transactions on orders I receive outside the MarketTime/Brandwise system?
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: https://support.markettime.com/hc/en-us/articles/10808478384923-Processing-Payments-in-MarketTime#h_01HA5R0CDZ8RHTCBPDA7DEYA82
Is the report sortable by date, PO, or retailer name?
Yes, enter your parameters into the fields at the top of the page and it will re-run the report to show only your requested data.
How can I automate the reconciliation process?
If you currently use an ERP system (NetSuite, SAP, etc.) and want to automate your mtCharge reconciliation process, please email support@markettime.com for more information. To discuss how MarketTime can integrate with additional sales tools, fill out the form here to set up a meeting with our Sales Team.
What dates will be utilized in the Reconciliation Report?
The date shown for each transaction on the Reconciliation Report will be tied to the date that an order 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 on your mtCharge report 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 a Brand (Manufacturer) to reconcile payment receipts to transactions processed once daily, but most customers reconcile once a month.
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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 are using mtCharge with a Stream account, you will need to access the 10. mtCharge Orders report 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 and 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
Is a CVV needed to use mtCharge?
Yes. A credit card's CVV must be tied to an order to process a payment through mtCharge.
Things to note:
- The CVV is not stored for future use and must be captured by the Order Writer with each order.
- The CVV is a required field and must be filled in before an order can be submitted. This should prevent accidental order submissions without the necessary payment information present.
- The Brand (Manufacturer) can charge against the same card multiple times without re-entering the CVV. As long as it was used for the first charge, subsequent charges can be made against the order. EX: fulfilling and charging for back-ordered product.
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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
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 a U.S. TIN, U.S. address, and U.S. bank account.
How fast are funds deposited into my bank account?
Typically within 24 hours. You should confirm with your financial institution to be sure.
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