B+S Card Service, a leading payment service provider, has today announced the launch of its Electronic Payment Advice (EPA) reporting tool to UK merchants.
The EPA function is a daily report format that integrates with merchants accounting software to instantly provide detailed payment information. Daily report format has to be seen with respect to agreed date of payment, i.e. report is only available after payments are completed. This integration presents relevant payment information quickly and clearly to merchants making it easier for them to attain an overview of transactions.
Additionally this helps merchants reduce the amount of time spent on accounts, produces more efficient business practices and lowers costs by reducing the amount of paper required in the back office.
B+S Director of Sales Andreas Stendera commented: "EPA is invaluable in particular to customers who need a quick and automated way of reconciling their credit card payments. B+S understands that weekly or monthly reporting does not provide enough insight for a large portion of merchants, for whom it is vital to have access to daily data. By providing easily accessible daily data through EPA it is far easier for UK retailers to keep track of their electronic payments and ensure they are receiving settlement in a timely manner."
EPA presents payment information in various levels of detail, from payment at invoice number level to individual transaction level offering merchants a convenient and immediate overview of their electronic payments. The level of detail in and the scope of the reports provided can be customized to meet the specific requirements of the retailer. For instance data can be categorized by card type or multiple criteria depending on what data is relevant to the merchants existing accounting system.
Mr Stendera added: "By integrating with accounting systems EPA enables transactions to be processed more quickly as a result of a more streamlined system, offering an enhanced customer experience. Additionally it offers merchant the capacity to spend more time on increasing sales with peace of mind thaat a large chunk of their accounting functions are being taken care of for them."