What is a Payment Reconciliation?
Payment reconciliation is the process of matching payment transactions reported by your payment processor or bank against your internal business records to ensure all payments are accounted for correctly.
Overview
Payment reconciliation is the process of matching payment transactions reported by your payment processor or bank against your internal business records to ensure all payments are accounted for correctly.
How It Works in Practice
In a typical card transaction, payment reconciliation plays a key role in ensuring payments are processed accurately and securely. Understanding this concept helps businesses manage their payment operations more effectively.
PCI DSS Relevance
Under PCI DSS, all stages of payment processing must be secured. This includes the payment reconciliation stage, where cardholder data must be protected from unauthorised access.
Paytia's secure payment platform handles the full transaction lifecycle for phone payments, including payment reconciliation. All transactions are processed through PCI DSS Level 1 certified infrastructure.
Frequently Asked Questions
What is payment reconciliation in payment processing?
Payment reconciliation is the process of matching payment transactions reported by your payment processor or bank against your internal business records to ensure all payments are accounted for correctly.
How long does payment reconciliation take?
The timing depends on the payment processor and card network. Most payment reconciliation processes complete within 1-3 business days for UK transactions.
Can I track payment reconciliation status?
Yes. Payment processors and platforms like Paytia provide real-time transaction status tracking through dashboards and API notifications.
Related Terms
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