Fix Quickbooks Online Failed Merchant Payment issue | 1-866-292-4631

By | October 2, 2018
 With the Merchant Service,  online users of Quickbooks can enjoy one stop shop for the whole process of accounts receivable. Also known by the term ‘QB Payment’, this Quickbooks Merchant Services is highly flexible. There is not a single way to process payment. It can be done directly to the software using invoices/sales receipts or with a mobile phone via the app. Recurring payments are very simple to use.  Know how these payments work:
1. Either an invoice or sales receipt can be used to create the transactions
2.Merchant Payment is entered and processed either through the mobile app or  Online
3. After then, Payment batch is created and waits in Undeposited funds until it clears the bank
4. As and when the payment batch clears the bank, batch Bank Deposit is created so that QBO and real-life
can match-up.
   Failed Merchant Payment Have you ever thought what would happen when a bank transfer is declined or credit card is disputed?
Let me tell you. In such a situation, the last step of the process (discussed above) doesn’t take place, and also the funds never clear the bank.  The first 3 steps will remain the same, but here, we are required to match our bookkeeping that what actually happened in real life. Well, QBO comprises of new transaction type for this particular situation called as ‘Refund Receipt’. It (Refund Receipt) captures by whom the payment was made, the date of failed payment and which a/c to offset (Undeposited funds). After then, customer history will show the transaction but won’t show offsetting entry such as expense or journal entry.
In case, the payment was declined before the creation of payment batch, then it would be easy to add an alternative
payment form to the transaction and reprocess. You should also know that Refund Receipts are used when initial payment needs are met by transaction but it failed to perform final stages in process of payment. That’s why the transaction is closed and there is no option like adding a different payment method. The user can see Alert message appears on their QBO Dashboard whenever a Quickbooks Payment fails.
The message contains information about the filed transaction, and also ask you to take necessary action by
creating a Refund Receipt.Create Refund Receipt:
Already steps 1 to 3 has been earlier  performed by the user, but the 4th step didn’t go through, therefore
they need to create  ‘Refund Receipt’ so as to correct their accounting.
The steps are as follows:
– First, select Refund Receipt using Quick Create
– Now, create a Refund Receipt for the Merchant payment that has failed
– Next, put customer, date and income product & service item used on the actual transaction
– Refund from a/c is known as ‘Undeposited Funds’
– After then, enter the correct amount of dollar
– Please enter a Memo, as payment failed
– In this step,  create a bank deposit for zero dollars that includes both the failed merchant service
uncleared payment as well as the refund receipt.Create a Copy of Original Sales Receipt:
The users can create a copy of the original Sales Receipt or Invoice if it is required. I would suggest you use the ‘QBO Create a Copy’ feature, as all the details are captured in the copy. A memo should also be included on this transaction copy saying, ‘an additional attempt to collect payment.’  Also, you will be asked to include any
‘declined payment fees’ ( that has been incurred by you as a consequence of earlier payment rejection).

Follow these steps to create a copy:
– First, open original sales transaction. Select More located at the bottom of the transaction followed by selecting copy
– Add a Memo saying, ‘This is a copy of the failed Sales Receipt’
– Next, add new payment details and reprocess payment.
Quickbooks Online Failed Merchant Payment issue – Through these steps, you can clear the undeposited fund a/c and can keep your client transaction history details for the future period. For more information in regard to Intuit Merchant Service, you can unhesitatingly make a call at Quickbooks enterprise support phone number 1-866-292-4631.

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