Credit Card Transaction

[moss66]

Hi
My question is, we have a sister company, they used my credit card service to receive payment from their customer. I need to pay my sister company the payment. How would I record this in my system.

 

[kirby]

record the payment you received from the credit card service as a liability to your sister company. Then issue a payment to your sister company and DR the liability to sister company and CR cash

 

[3Dmerchant]

FYI When the merchant name (appears on customer credit card statement & receipt) does not match the business name for which the transaction of services and goods applies to, the customer can dispute the transaction, sister company or not. At a minimum, to protect your company from future chargeback in this type of situation, print a receipt of the completed transaction and ask the customer to sign it. For further protection, have the customer sign the applicable invoice(s).

 

[Samir]

FYI When the merchant name (appears on customer credit card statement & receipt) does not match the business name for which the transaction of services and goods applies to, the customer can dispute the transaction, sister company or not. At a minimum, to protect your company from future chargeback in this type of situation, print a receipt of the completed transaction and ask the customer to sign it. For further protection, have the customer sign the applicable invoice(s).

Would this also apply when there is a dba involved with all the signed documents you mentioned?

 

[3Dmerchant]

US Acceptance Rules require that merchants operating with a dba list the dba on the merchant application; it would then be in the field on consumer statements. The exception is ecommerce, in which case the domain name must be used in lieu of the business or dba name.

 

[Samir]

US Acceptance Rules require that merchants operating with a dba list the dba on the merchant application; it would then be in the field on consumer statements. The exception is ecommerce, in which case the domain name must be used in lieu of the business or dba name.

Interesting. Thank you for the additional information.