Accepting Credit Card Payments

If you accept credit card payments from your customers, you have to create a merchant account for each credit card you accept. Payments made by customers using this credit card are recorded on the merchant account.

When a customer pays using this credit card, you select the merchant account as the payment method.

When the merchant transfers the payments to your bank account, you need to record this transfer as a merchant payment transfer. This is done in Financials » Bank Reconciliation » P55 New Merchant Transfer. Such transfers reconcile your merchant account. They also transfer the net amount to your bank account and post any merchant fees.

Before You Can Use a Merchant Account

Before you can accept a credit card, the merchant account for that credit card needs to be added to the system. You do that in Financials » Ledger and Accounts » P01 New Account. Select Account Group Merchant Account.