PayMatch is an extension to an existing integration between a webshop and an accounting system.

The purpose of the PayMatch product is to match your payouts from the acquirer to the sales from your webshop, so they are ready to be settled in one click.

By the method described in this article, that payments can be settled individually, so the amounts can be validated and possible errors or missing payouts can be identified.

A precondition for the PayMatch product to be able to automatically match the payout with the invoice is, that the invoice is booked. It is highly recommended to use automatic booking of invoices in connection with PayMatch.
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This article describes in three parts, how PayMatch works, what preparation is needed, and how you manually finish the settlement of payments.

The integration transfer orders, customers, and products from your webshop to e-conomic.

When an invoice is created, the integration is set up to automatically book the invoice and register it as paid. Here a payment term is set, that is valid for payments, that are handled by the specific acquirer.
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The payment term is used to move the amount to an interim account (a customer) that is used to isolate postings, that are handled by the specific acquirer. Afterwards the postings can be matched directly to the payouts from the acquirer on a dedicated account. Fees are handled through a separate account that is dedicated to the purpose.

Overall PayMatch is handled through a principe that, the receivable amount isn't awaited from the customer, that already has finish her or his part of the payment. The receivable amount is to be found at the acquirer, from where you await the payout. This mirrors how the payment is handled in the accounting system with Paymatch.

In this method the receivable amount is handled through an "acquirer customer" that acts as an interim account for the payments that you have not yet received from your acquirer.

The acquirer customer must be created in its own customer group, that should be named after the acquirer. (Other potential acquirer must have their own customer groups and customer numbers.)

On the customer group a balance account is set to which all postings will automatically be transferred to. A dedicated account for the receivable amount is to be created for your acquirer.

For this PayMatch method a payment term of the type "Credit card" is to be used. This payments term creates a posting on the webshop customer in Visma e-conomic. Thereafter the posting is directly settled, so the invoice is marked as paid by the customer. Meanwhile a new invoice is created on the acquirer customer-accounting, that is used to maintain an overview of the awaiting payments from the acquirer.

For the overview of multiple acquirer it is important to remember, that it is the payment term, that controls, which acquirer interim account the payment is transferred to.

Specific payments terms can be used, determined by which payment method that is registered in the order data from the webshop. E.g. it can be set up that the type "dankort" must use the [payment term x] and that the type "visa" must use [payment term y].

Which payment method IEX receives is dependent on which gateway that is used in the webshop, and how it is set up. It varies between gateways, whether IEX just receives the name of the gateway as payment method, or if more specific data is received such as "card", "visa" or "mastercard".
(This does not require a direct integration to the payment gateways as IEX receives data from the gateway with the order data from the webshop).

Preparation in the accounting system:

External references from Visma e-conomic:
​Oprettelse af betalingsbetingelse (Danish)

The PayMatch extension comes into play, when payout reports are to be imported from your acquirer, and the payouts are to be matched up with the postings on the balance account (for the receivable amount), that is created for your acquirer.

It is set up on the integration, that everything is to be handled through the dedicated cash journal for your acquirer. (See guide to create cash journal below).

The payout report is automatically collected, when it is generated by the acquirer. IEX will automatically create postings for all lines in the report. These are created in the balance account in which an overview of the payouts from the acquirer is maintained.

A line is created for each invoice on the matching amount for the invoice. The PayMatch extension automatically matches postings with the corresponding invoices, and these are automatically settled.

In addition a line is created, that transfers the amount, that is received, to the bank and also a line that transfers the fees, that the acquirer has taken.

Three orders have been received for a total of 500 kr.

IEX receives a payout report from your acquirer. 450 kr. is received in the actual bank. 50 kr. has been withdrawn by the acquirer.
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PayMatch matches the invoices, that are covered in the payout and prepares them for settlement.
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Invoice 1 - 100 kr.

Invoice 2 - 200 kr.

Invoice 3 - 200 kr.

The following lines are created in the cashbook:

One line for invoice for 100 kr.
One line for invoice for 200 kr.
One line for invoice for 200 kr.
One line for 450 kr to the "bank"
One line for 50 kr. to the fees

The invoices that are matched are settled, meaning a payments is registered on the invoice on the acquirer customer. Potential errors and non-matched lines must be manually run through.

The prior two parts are set up to be automatically handled by IEX PayMatch. In this part the last settlement and reconcilement is described, which is to be handled manually by you or your bookkeeper.

It is time to run through the cash journal to finish the open postings.

When lines are booked, the account to handle receivable amounts will automatically be updated.

We recommend, that you reconcile payouts with the bank, before booking all the lines. This means, that you should check the bank to see, whether the amounts from the acquirers report matches the actual payout, that you've received in the bank.

The invoices that aren't automatically settled, must be manually adjusted. This means that you should find out, why the invoice isn't booked. Maybe they could not be identified or the else the amounts doesn't add up. The cause of the error, must be found and adjusted, so it works next time. Here it might be a question related to the setup.

The appendix in the cash journal must be run through. The lines that do not have a number appointed in "Invoice" are not settled and must be manually settled.

Here you can set a checkmark in the postings, that are correct and press "Book postings".

It is recommended, that invoices that cannot be settled are handled through a dedicated error account for the acquirer, which IEX sets for the lines, that need to be adjusted/corrected. This means that if PayMatch cannot match the line, the line is to post on the error account. If you book one of these lines by accident, you will know where to fix this, since the line will appear in this account.