As a business owner, accepting credit cards is a costly convenience to offer customers. While customers typically spend more when they don’t need to track the amount they are spending with the cash in their pockets, credit card processors charge for the ability to accept cards. More importantly, the time it takes for transactions to move from the point of sale through a number of financial clearinghouses until reaching a business’s bank account can take up to several days. The delay from sale to deposit has a major impact on a business’s ability to make payroll, pay suppliers, and otherwise maintain healthy cash flow.
Breadcrumb’s new credit card batching feature allows business owners and managers to reclaim control from the processors on when deposits can occur. As mentioned above, credit transactions need to flow through a series of steps with specific time cutoffs before a deposit can occur. Submitting credit card batches earlier can jump-start the process!
Here’s how it works:
- Authorize transactions throughout the day and adjust tips.
- Tap the “Batch Payments” button at the close of a trading day. Any authorized employee, manager, or owner has the ability to take this action.
- Review all transactions for accuracy. Remember that transactions or tips can not be edited or adjusted once captured.
- Press “Send” to submit transactions for batch capture.
The next step after capture is settlement. While submitting batches earlier than your daily capture at autoclose will help speed up the deposit process, several other steps—including settlement—have preset cutoff times that are important to align for best results. Breadcrumb is able to adjust your settlement time to ensure that your business’s cash flow is optimized. Remember that settlement can only occur once a day.
The best time to settle is:
- Immediately after the close of business to ensure that all of your transactions arrive together for that given trading day
- Before the end of the business day for next day’s deposits
Other steps in the deposit process, such as your bank’s wire transfer cut-off time, can not be adjusted. Please consult your bank and card processor for help.