Settlement Report

Settlement_Overview.png

The Individual Merchant Account (IMA) business model is designed to provide your online platform revenue as quickly and as transparently as possible. 

Each day, all orders that have shipped through your online store will be batched together. The full cost paid by your client will then be deposited into your bank account. Two to three business days later, the cost of goods sold, Vets First Choice service fee, and any shipping charges will be withdrawn.

Deposits will appear on your statement from your online store merchant processing provider, and withdrawals will appear from Vets First Choice.

To help you reconcile this store and bank account activity, Admins will find a "Settlement Report" in the "Reports" section of Practice Admin by the 4th business day of each month.

On the first page of the PDF version, you'll find a summary of all transactions from the prior month. This summary page should mirror that of the Transaction Detail Report.

Settlement_Cover_Page.png

 

One thing to note: depending on your bank's processing schedule, some transactions that fall at the end of one month on your Settlement Report may fall at the beginning of the next month on your bank statement. Because of this, the summary numbers might not match exactly.

To make sure your statements are aligned, look at the individual transaction data on the pages following. This will show you, for each batch, how much should have been deposited and the corresponding amount that should have been withdrawn.

Settlement_Line_Items.png

 

On occasion, you may see a refund entry listed as well. Refunds are included in the batch for the day the refund is processed, not the batch date for the original order. The amount refunded back to the client's card will reflect as a negative amount in the deposit column, and any amount covered by Vets First Choice will be added as a positive amount to the withdrawal.

Settlement_Returns.png

There are two types of refunds that can appear:

  • Shared Sponsorship: This is when Vets First Choice and the practice are sharing the cost of the return, or when Vets First Choice is issuing a credit that does not affect the practice.
  • Practice Sponsored: This is when the practice has agreed to refund the client at the practice's expense.

If your reports are not lining up with your bank statements, or you have additional questions. Please contact your Account Manager for a complimentary Account Review.