Payment processing and reconciliation with bank feed

Purpose

1.1. Automate matching incoming and outgoing payments with bank feed data to ensure real-time financial visibility, minimize manual reconciliation errors, prevent missed or duplicate transactions, and streamline financial reporting.
1.2. Enable seamless daily, weekly, or monthly matching of POS or e-commerce platform sales with actual bank deposits, supporting accurate financial close and compliance for grocery operations.
1.3. Support multi-account, multi-currency payment processing and reconciliation for stores expanding across several regions or states.
1.4. Integrate with POS, accounting, and ERP systems to synchronize payment data, identify discrepancies (e.g., refunds, chargebacks), and automate reconciliation adjustments.
1.5. Provide automated reporting, flag exceptions, and trigger alerts or workflow tasks for unresolved or suspicious transactions in grocery retail.

Trigger Conditions

2.1. New payment entry created or updated in POS/accounting software.
2.2. Bank feed update detected (e.g., overnight settlement posted).
2.3. Scheduled reconciliation interval (daily/weekly/monthly/batch).
2.4. API webhook from payment gateway confirming transaction settlement/failure.
2.5. Detection of unmatched or duplicate payment/transaction during reconciliation process.

Platform Variants

3.1. QuickBooks Online
• Function: Reports API; fetch latest payments (“/v3/company//reports/TransactionList”).
• Feature/Setting: Set Oauth2 connection, configure report filters for date/account type.
3.2. Xero
• Function: Bank Transactions API (“GET /banktransactions”).
• Feature/Setting: Define account and date range parameters, trigger on new transactions.
3.3. Plaid
• Function: Transactions endpoint (“/transactions/get”).
• Feature/Setting: Link bank account, set periodic pulls, trigger automation on new feed entries.
3.4. Stripe
• Function: Payouts API (“GET /v1/payouts”).
• Feature/Setting: Listen for payout.created events via webhook.
3.5. PayPal
• Function: Transaction Search API (“/v1/reporting/transactions”).
• Feature/Setting: Specify time window, trigger on transaction status change.
3.6. Square
• Function: Payments API (“GET /v2/payments”).
• Feature/Setting: Filter by date, export to accounting for reconciliation.
3.7. Clover
• Function: Payments endpoint (“GET /v3/merchants/{mId}/payments”).
• Feature/Setting: Set merchant and date filters, monitor payment status updates.
3.8. Wells Fargo Account Aggregation
• Function: Direct Connect OFX integration.
• Feature/Setting: Use credentials and schedule nightly pulls into ERP.
3.9. Chase Bank API
• Function: Account Transaction API.
• Feature/Setting: Retrieve all new transactions; cross-match with POS data.
3.10. Sage Intacct
• Function: Bank Transactions API (“readByQuery”).
• Feature/Setting: Filter by bank account, automate posting to general ledger.
3.11. Zoho Books
• Function: Bank Feeds API (“getBankTransactions”).
• Feature/Setting: Schedule daily fetch, start matching rules engine.
3.12. FreshBooks
• Function: Bank Reconciliation API (“/accounting/account/bank_reconciliation”).
• Feature/Setting: Monitor new imported transactions, trigger auto-matching.
3.13. Oracle NetSuite
• Function: SuiteQL queries for BankStatement and Transaction tables.
• Feature/Setting: Scheduled SuiteScript for daily reconciliation.
3.14. SAP Business One
• Function: DI API (“BankPages”).
• Feature/Setting: Configure batch job for bank statement import, link to payments.
3.15. Authorize.Net
• Function: Transaction Details API (“getTransactionDetailsRequest”).
• Feature/Setting: Pull daily settlements, auto-check with accounting.
3.16. First Data
• Function: Transaction Search API (“/v1/transactions”).
• Feature/Setting: Filter by statement date, push results to reconciliation bot.
3.17. Worldpay
• Function: Get Transactions API.
• Feature/Setting: Schedule settlement report export, run script for matching.
3.18. Fiserv
• Function: Data Gateway API.
• Feature/Setting: Fetch payment and bank feed, trigger when new batch detected.
3.19. Mastercard Smart Data
• Function: Transaction Download API.
• Feature/Setting: Periodic download, automate checks against POS.
3.20. Visa Business Solutions API
• Function: Reconciliation and Returns API.
• Feature/Setting: Set up scheduled jobs for daily/weekly transaction pulls.

Benefits

4.1. Swift and error-free payment reconciliation increases accuracy and reduces staff hours.
4.2. Real-time anomaly detection lowers the risk of fraud and missing funds for grocery retailers.
4.3. Automatically updated ledgers streamline end-of-month/year financial closure.
4.4. Enhanced audit trails and compliance, supporting regulatory or internal controls.
4.5. Fewer manual interventions enable staff to focus on customer service and store management.