Wednesday, March 4, 2009

PaySimple Payment Processing Services

I found a new very promising looking vendor. And I quote from their website....

PaySimple is an easy to use web-based payment processing application providing a complete payment gateway for electronic check (e-check) processing, ACH direct-debit processing, credit card processing, recurring billing, online bill-pay, and check processing via phone or online.
PaySimple provides one simple time and money saving solution for a variety of credit card and ACH payment processing needs:


The Recurring Billing feature sets PaySimple apart. With recurring billing, you can set-up automatic payments for your customers, via ACH direct-debit transfers from a bank account or via credit card.


PaySimple's secure online payment gateway is ideal for implementing online bill-pay and payment processing for online shopping carts. A payment form can be hosted on your site or on PaySimple's secure server for one time transactions or customer initiated auto recurring billing.


PaySimple offers some of the lowest credit and debit card payment processing rates available. We combine credit card transactions with check and direct debit payments in a single system. You can also set-up auto recurring billing for credit card payment processing.

Tuesday, March 3, 2009

Merchant Accounts and accounting

We just finished the final kickoff meeting for the accounting team for 2009. We implemented a series of changes about how we get our accounting done.

Most significantly, we are considering the receipt of payment at our merchant account vendor account to be revenue. Previously, the accounting system recognized revenue only when the funds were transfered from my merchant account into my bank account. The result was that our revenues appeared uneven. For example, January 2009 ended with a three day holiday. So all the funds received by us from Friday Jan 27 until Tuesday, February 1st were deposited on the first.

So 10% of our January revenues would have, under our old system, been reported in February so our accounts were arbitrarily uneven. New system more accurately reflects revenues.