How To Proofread Your Merchant Services Residual Income Report in 30 Minutes

Webinar | How to QUICKLY Proof Your Residuals

Watch this 30-minute webinar recording to see exactly HOW to proofread your residuals.

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How to Handle Bad Residual Reporting

The biggest challenge in proofreading residual reports is often the actual residual report.  The vast majority don’t provide sufficient information. Some won’t show interchange by merchant. Others will only show your income. If this is the case, you should reach out to your ISO partner and ask for the detail. If they squawk, just ask for the five random merchants you are reviewing. If they still refuse, it’s time to be concerned.

The key to any residual report, in fact anything in our profession, is transparency. The inability to provide that to a merchant has cost many a rep the merchant. It should be the same for you and your ISO partner. You should consider this a red flag.

Even if you trust your partner completely, remember that all humans make errors. Once you have completed the review of your sample, and have identified concerns, uncredited revenue, or anything else that stands out, reach out to your ISO partner. Ask for an explanation.

If the explanation is lacking, let them know about your concerns. Remember it’s your money. You have a right to ask questions and expect answers. If the answer is confusing, ask for clarification.

This exercise shouldn’t take more than 30 minutes. At best, it’s worth the confidence that accuracy can give you. At worst, you may find there are errors that either must be explained, corrected, or (if not correctable but involve revenue not credited) finding a new home.

About Author

Jeff Fortney

Jeff Fortney

VP, ISO Channel Management

Jeff Fortney has 25 years of experience in payments, with a focus on helping ISOs and agents grow their portfolio. His experience encompasses all forms of payments. He has served on various industry committees and boards and is also an author in various trade publications. He and his wife of 40 years live in Plano, TX.

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