The CRM’s Residuals Verifier scans an imported report to detect the latest rates your ISO is being charged for various fees.
The system then identifies the rates that you and the processor had agreed upon and provides various reports to verify that the rates your merchants, and thus your ISO, are being charged is correct.
ISOs can dive deeper into the data to see exactly which merchants are affected, and can output the list of merchants to send to the processor in order to demonstrate the incorrect charges and pursue repayment.
Your sales agents may also not be charging merchants for all the fees that you are paying to the processor, and Residuals Verifier will highlight this as well so you can correct the issue internally.
While many of these fees are variable and thus will have different rates, this feature is especially valuable for detecting any fees that should be consistent but are not.
Residuals Verifier highlights any mismatched fees, shows you the report rate, and also provides the buy rate (the agreed-upon rate for the service or product).
How to Use IRIS CRM’s Residuals Verifier
Step 1: Enable Reports For a Processor
First, you will need to enable reports on your processor.
Head to Manage > Administration > Processors > Processor Settings, and select the pencil icon next to the processor you would like to update.
The Edit Processor popup will appear, and you can select your desired processor.
Step 2: Import Residuals Report
You will now be able to import your report and verify the data prior to the full import and payout process.
Find the Residuals Import section, select your Residuals file, then select the correct processor.
You can also drag the file from your folder or desktop directly into the CRM:
After you import a report for the first time, the CRM will automatically save the ISO’s Buy Rates.
Clicking Import will take you to the Merchant Count section, which displays any merchants in the report that are not already listed within your CRM.
You can select any new merchants and add them to the CRM. Once the new merchants have been added, click Import to kick off the import process:
If the report is successfully imported, you will see a Success message at the top of the Residuals Verifier page:
You can also re-navigate to the Residuals Verifier by selecting the Imported Residual Reports tab on the Import Residuals page, where you’ll find all of your past imported residual reports.
Find the report that you’d like to analyze, and click the View Fees icon to the far right.
You will now be able to verify the data identified in the newly-uploaded residuals report:
Step 3: Verify Your Residuals
The Residuals Verifier has three main sections for analyzing your most recent residuals data, including:
- Pass-Through Fees Verifier
- Report Fees
- Other Report Fees
Pass-Through Fees Verifier
The Pass-Through Fees Verifier is a set of matched fee records that allows you to compare income and expense for pass-through fees.
Income and expense should be equal values in this table, and if not you are being either overcharged or undercharged.
You can sort by All Impact, Positive Impact, or Negative Impact depending on which information you are seeking. To export this data, click Export All, and you can see excluded merchants via the Excluded Merchants button:
The Report Fees table displays all expenses listed in the residual report you are importing:
Entries highlighted in red indicate that the ISO Buy Rate is different than the Report Rate, and you can break these down into more detailed levels of data complexity in order to see very specific data.
Click on the number in the Merchants row to see a breakdown by merchant.
The merchant number will be red for any merchants that have different rates for that specific fee to aid with identification:
In the All Expenses or Conflicts dropdown, you can isolate the specific fees that have different rates in the residuals report.
If All Conflicts is selected, you can manually update each rate by clicking Apply Report Rate.
You can also set the correct buy rate if the processor updates your agreement, without needing to import an entirely new report by clicking Manage Buy Rates in the top right corner.
The Report Fees section is also where you can export this data to take further action with it, whether that is contacting the processor to correct an incorrect fee, or getting in touch with your sales team to understand why certain merchants weren’t being charged for fees that your ISO is currently paying out to the processor:
Other Report Fees
The Other Report Fees section allows you to view any other fees included in your imported residual report.
You can view these by any breakdown level and fee type, providing a granular view at any remaining fees on your imported Residuals Report.
Fee types included in this section are Income, Return, Sales, and Qualification: