Credit Card Merchant

I need to create groups of accounts for a company in Tally or other accounting software. I have 2 merchant accounts with different credit card companies. One of them credits my account in their bank and only sends me a statement of amount and commissions - other sends me a cheque after deducting the commissions. - How do I account for such accounts while making entries in to accounting software? Thanks for your time and help.
I appreciate your answer Mr. Soni. My question was for a merchant account where customers pay me using their credit cards and then I receive the amount from credit card company. One directly credits my account with them while the other sends me a cheque. How do I open these accounts - under which group? Thanks again for your time.

If your are asking about the accounting entries, the rules are given below for your reference.

Rule 1
Debit what comes in. Credit what goes out
Rule 2
Debit the Expenses. Credit the Income
Rule 3
Debit the Receiver. Credit the Giver.

A sample entry is given below for payment for XYZ expenses using credit card:-
Dr XYZ expenses Rs 5000
Cr Credit Card a/c Rs 5000

Next, when you make payment (or deposit cheque in your Credit card a/c), the entry would be:-

Dr Credit Card a/c Rs 5000
Cr Your Bank a/c Rs 5000

Remarks:-
1) XYZ expenses ledger to be opened under group "Expenses Indirect"
2) Credit card a/c to be opened under group "Bank OCC a/c"
3) Your Bank a/c to be opened under group "Bank a/c"

For Tally Integration using RTSlink DLL, visit http://www.rtslink.com and sample programs visit http://rtslink.blogspot.com

2007-10-07 23:50:39 by CSSAsks

www.lukeford.net Credit card applications, credit card debt, debt consolidation, credit score, credit report, merchant accounts

I want to create a credit card merchant company. That runs debit cards also. Visa, Mastercard, Discover etc etc. What kind of servers and software is needed? I need to also know what type of regulations I need to follow. Also how much a year this industry makes a year? From the ground up what do I need? Can someone ever answer this question? I always get dead ends.

This would be very difficult to pursue, mainly for network security reasons. For example, can someone decide to be an ATM processor? They would have access to the deepest private files held by banks on people's accounts. Thats' why banks are mainly the only ones who handle merchant accounts. I would say you would need an extensive business history, have at least $100, 000 start up capital for licenses and software, and maybe that amount again for a security bond, if it would be possible at all.

2006-06-18 11:42:25 by wardenrepublic

Price: $79.95

Works with free Intuit GoPayment iPhone app; low monthly service fees
Low-profile, soft-touch case allows you to process any major credit card by swiping along the bottom of the case
Digital signatures; e-mail or text message receipts; sync account information with QuickBooks

I have been offered a job with AmericaOne credit card merchant processing services. They paint a fantastic picture of how much money you can make. I just want to know what the catch is--are there any pit falls I should be aware of???

you want to be mindful of any catches with collecting the residual. Is there a minimum # of accounts you need to board each month/year? Are they paying residual on ALL streams of income? I would be more than willing to read over the paperwork for you, as I am currently in the industry and have worked for several processors. My email is gregg@processpremier.com and phone is 866-725-8500 x 104.

Greg

2009-04-29 13:38:38 by rjfont16

Price: $14.94 $9.00

Pack contains 100 sets
Made with carbonless paper to protect your customers
3 1/4 X 7 inches

What happens when you refund a credit card that does that exist because the first four numbers were inverted with the second four numbers? Does the money come back to me the merchant or do I just have nothing to worry about?

You did this on purpose? or accidentally? umm..no transaction will have occurred. CC companies not bright enough to do the reverse operation. There's no money coming back to you, and the merchant - bless his heart will get a rejection notice from CC company regarding this transaction. If you got the merchandise, you might be home free.

2009-09-09 21:11:41 by sweetti02

i dont trust paypal and never have. they always limit my accounts with tons of money in it and hold it for months!! then suspend it for all kinds of crazy reasons and ask for everything besides a dna test. im dont wanna bother with them. i want to sell on ebay, but no paypal. whats another credit card processor which is low cost and known? thanks!

AlertPay, e-Gold & StormPay

2007-09-05 01:21:29 by ineedhelp