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◊ Retrieval
◊ Gateway fees
If you have any trouble matching things up, Karawadra counsels you to request the raw data from the ISO/Processor.
They may be reluctant to comply, but in most cases, you have contractual rights to view it.

Zahara Alarakhia, Esq of Payments Law Group, said, “Agents are entitled to residual reporting, but each processor’s
reporting system is different. Agents should look to their agreement and ensure any reports provided in connection with
residual payments offer sufficient detail to allow them to verify the accuracy of the amount of the residuals paid.”
Evaluating your processor’s raw data confirms how they calculated the residual. If your processor is proactive, they will
also provide a key on the calculation formula. It is time consuming, but the effort is worth it. Even the best processors/
ISO’s make mistakes and it’s not always an intentional error. Nevertheless, they won’t do the leg work for you, so you will
need to audit your accounts yourself.
Notifying Your ISO/Processor

If you have identified an error in your residual payout, you’ll need to notify your ISO/Processor immediately. If the error is
theirs, and they are not billing the merchant the correct fees or overcharging you, they will need to rectify it. Also, many
contracts only allow agents to go back so many months for back payment. Karawadra urges you to become familiar with
this clause of your agreements, keeping in mind you need to do your evaluations on that timeline. If your contract says six
months, then it is best practice to do your audits every six months at a minimum. “In this competitive industry, we have
to remember profit margins are slim in most cases,” Karawadra closed. “It is easy to get bogged down with daily duties
and miss an opportunity to collect monthly residual payments we may not have received.”

For more information about Impact PaySystem, visit www.impactpays.com.

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