ABSA Merchants Automate Reconciliation with MyGate Mark Off File
31 Aug 2016
MyGate has recently made available to its ABSA payment gateway merchants, a new addition to its extensive reporting suite.
The MyGate Mark Off File is a financial reconciliation tool that helps merchants reconcile the single daily batch payment made by ABSA to the transactions that the merchant has processed. This helps to alleviate some of the day to day challenges faced by our merchants’ financial departments.
Although MyGate already offers merchants a detailed transactional report instantly available from our web console, the data provided within these reports relies on the assumption that the banks have, in fact, settled the transactions in the same time that it takes to get the confirmation from them. This, however, is not always the case as various factors can delay the actual settlement of the transaction by as much as a few days.
This causes many issues for merchants’ financial department who may need to reconcile their orders to their payments within a set timeframe to ensure a speedy delivery of merchandise or services to their customers.
MyGate generates a unique Mark Off File per ABSA MID. This file allows you to reconcile daily payments to the transactions processed. It also allows you to see any transactions which are in a suspended state. The file identifies refunds and credits too, and allows you to match payments to your own unique reference numbers used when processing the authorization through the MyGate payment gateway.
Generating the Mark Off File is simple. Once the merchant has requested MyGate to activate this report, Merchants can download this file on a daily basis from MyGate’s web portal and reconcile transactions processes from previous day/s to payment received by ABSA.
Information included in the report are as follows:
- Batch number – this is the batch number linked to a specific payment date
- Merchant number – this is the merchant number issued to the merchant by ABSA
- Masked PAN – this is the hashed pan of the card used
- Received date – this is the date ABSA received the transaction
- Settled date – this is the date ABSA settled the transaction into the merchants account
- Transaction time – this is the time that the transaction was processed to ABSA by MyGate
- Amount – this is the amount of the transaction
- Action – this is equal to the transaction state
- MyGate transaction index – this is a unique identifier provided by MyGate for each transaction
- Retrieval reference number – a unique identifier created by ABSA
- Authorization code – this is the authorization code returned by ABSA
- Merchant reference – merchants can allocate a unique reference to each transaction
- Transaction sequence number – this is generated by the device
- Transaction suspended – confirmation of whether or not the transaction has been suspended
- Status – current status of the transaction
There is a once off setup fee and minimal monthly subscription fee associated to this additional service.
MyGate is one of Africa’s largest and fastest growing online payment gateways helping thousands of merchants accept payments online and process billions of Rand annually.
Processing methods provided include online, MOTO, recurring payments and debit orders. The company also offers a tokenisation system to eliminate the need for merchants to store customer credit card data.
Based in Cape Town, South Africa, MyGate serves merchants throughout Africa, such as DSTV, Naspers, HomeChoice, Mr. Delivery, and Web Tickets. MyGate’s enterprise payment gateway solutions, guidance and expert advice help merchants accept more payments from their customers and sell more.
Unit 12 The Pavilion,
No 14 Central Park,
+ 27 (0)21 555 3260