Payouts and Refunds

alimacalimac Member Posts: 1

Why are refunds NOT corresponding with their date? If I process a customer return pm Sept 18, I need to see the return in the payouts with Sept 18 NOT Sept 17! Why is this happening? It's screwing up my bookkeeping.

Tags:

3 comments

  • cdoremuscdoremus Member Posts: 15

    Very confusing. Can someone from Lightspeed explain the reason for this?

  • ATjessicaATjessica Member Posts: 5

    And payouts are spread out over 3 days, our bookkeepers are ready to pull their hair out!

  • RainflurryRainflurry Member Posts: 25

    Agreed, but I think the answer comes down to $$$. If LS can reduce your deposit by the subsequent day's refunds, their payouts are lower. Although it is generally a small amount, spread it out over thousands of merchants and it probably is part of what allows them to offer better rates. We recently switched from Vantiv/World Pay to LS Payments and we save a significant amount on merchant fees. For the increased time required to reconcile the payouts, it's worth it. It does make bank reconciliations more time-consuming, but after a few recs, it's not too bad.

Sign In or Register to comment.