Merchant Settlement Specialist

DUTIES AND RESPONSIBILIIES

• 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

1. Bachelor's degree in accounting, Business Administration, or related field.

2. 2-3 years of experience in finance, accounting, or related role, preferably in the payment industry or financial service environment.

3. Experience in merchant settlement, payment processing, journal entry set up or reconciliation is a plus.

4. Advance proficiency in Microsoft Excel (including advanced formulas, pivot tables and data analysis.

5. Knowledge of Accounting Software such as Quickbooks, and Net Suites

6. Excellent problem-solving skills, particularly when reconciling discrepancies in settlements or journal entries.

7. Ability to collaborate effectively with internal teams and external settlement

8. Strong communication skills to address merchant and partner inquiries clearly professionally.

9. Knowledge of financial regulations and best practices related to payment processing and settlements.

10. Full Time position