Credit Card Processing
This is the weakest link for Lightspeed. The amount of problems the integrated payment processing causes is amazing. A credit card can be completed while the transaction may not be. If a credit/debit card is authorized the Lightspeed transaction should be closed automatically. This is a problem often. And when credit/debit cards sales are deposited into my bank account, two to three days are sometimes combined, accounting problem this does make.
4 comments
Yep, no argument here. The payouts report (Lightspeed Payments Payouts) is reasonably good but, sometimes, LS tacks on the returns from the day following the last day of sales included in the payout, thereby reducing the payout, and making it impossible to match certain day's payouts perfectly. It makes reconciliation less easy. As a workaround, try downloading the payouts report to Excel and then total the fees column. The fees column total is usually exact or, at least, very close to the total discrepancy between sales and payouts for the month.
Switching to Lightspeed payments has been one of the largest headaches owning my business since we opened in 2016. I recommend not doing it for those who are still using other payment processors. Very disappointed!
We ran into similar issues when we switched to LS payments not being able to reconcile what the payout reports show to the bank deposit. We starting posting to a clearing account each day in our accounting program and then creating a JE moving money out of the clearing into the bank based on the deposit. An extra step but found it saved a lot of time reconciling the bank, we didn't have add up multiple days and deduct for refunds. Normally the clearing account zeros out the next day, just over the weekend it can be out until Tuesday or Wednesday once everything catches up from the weekend.
Thanks for your insite. The combining of deposits has been a problem for awhile.