Merchant Settlement Specialist

Reconciliation of Merchant Statements:

• Reconcile the merchant statement of account (SOA) with the payment advice sent to the Treasury to ensure accurate and timely remittance of sales transactions.
• Investigate and resolve any discrepancies between the merchant's statement and the payment advice.
• Ensure that payments are made net of the company's MDR and other applicable charges.

Computation and Request to Settlement Partners for Commission:

• Calculate the commission due to settlement partners based on agreed terms, ensuring accurate and timely commission computations.
• Request commission payments from settlement partners in accordance with company policies and deadlines.
• Ensure that commission deductions and payments are accurately recorded and properly reflected in financial reports.

Timely Payment Processing:

• Ensure timely processing of merchant payments, adhering to agreed-upon schedules for remittances and settlements.
• Verify that sales transactions are processed correctly, net of MDR and other fees, and that deductions are accurately applied.
• Coordinate with the Treasury to ensure prompt and accurate remittance of funds to merchants and settlement partners.

Journal Entry Setup and Recording:

• Ensure that all transactions related to payment facility reports and merchant payments are accurately recorded in the accounting system.
• Set up journal entries based on payment facility reports, including sales transactions, MDR, commissions, and any other applicable charges.
• Work closely with the accounting team to ensure that all journal entries reflect the correct financial impact and are recorded promptly and accurately.

Data Accuracy & Reporting:

• Maintain accurate records of all merchant settlements and commission transactions, ensuring they are updated and reconciled regularly.
• Prepare and provide reports on settlement status, including commission calculations and discrepancies for management review.
• Identify trends or recurring issues in settlements or commissions and provide insights for process improvement.

Collaboration with Cross-Functional Teams:

• Work closely with internal teams, including Treasury, Operations, and Accounting, to ensure seamless processing and resolution of settlement-related issues.
• Support the Merchant Services team with any queries or escalations regarding settlements or commission requests.

Compliance & Audit:

• Ensure that all settlement and commission processes comply with company policies, regulatory standards, and industry best practices.
• Assist in internal and external audits by providing supporting documentation and explanations for settlements, commission-related transactions, and journal entries.

JOB QUALIFICATION

• Bachelor's degree in accounting, Business Administration, or related field.
• 2-3 years of experience in finance, accounting, or related role, preferably in the payment industry or financial service environment.
• Experience in merchant settlement, payment processing, journal entry set up or reconciliation is a plus.
• Advance proficiency in Microsoft Excel (including advanced formulas, pivot tables and data analysis.
• Knowledge of Accounting Software such as Quickbooks, and Net Suites
• Excellent problem-solving skills, particularly when reconciling discrepancies in settlements or journal entries.
• Ability to collaborate effectively with internal teams and external settlement
• Strong communication skills to address merchant and partner inquiries clearly professionally.
• Knowledge of financial regulations and best practices related to payment processing and settlements.
• Full Time position

Job Type: Full-time

Pay: Php17, Php25,000.00 per month

Education:

• Bachelor's (Required)

Work Location: In person