Monthly Billing and Fees in Financial
Reports

Monthly billing provides an alternative to Worldpay’s standard daily billing model. Your organization can elect to use monthly billing for either:

  • Worldpay Fees only

  • All fees (Worldpay and Passthrough)

This appendix provides information on understanding data as it appears in Financial reports (Reconciliation Dashboard, PayFac Reconciliation Dashboard, Activity Report, Settlement Report, and Fee Report) when your organization uses the monthly billing model.

In iQ, the appearance of these financial reports do not change, however the settled sales and fee data presented can be interpreted differently depending on which day of the month you view the report, and which monthly billing model you use (i.e., some fees may be already assessed, while others are accrued, but not yet assessed).

Data presented By Settlement Date is not available until the funds transfer from Worldpay to your operating account is complete (on the 8th of every month). Data presented By Activity Date represents accrued fees to date. This is the case for all days of the reporting month, except for the 8th of each month, when the data shown represents net settlement plus fees deducted at the end of the previous month.

The following table provides detailed information on each of the affected reports.

Financial Report Data for Monthly Billing

Report Name

 How the Data is Displayed

Reconciliation Dashboard
by Activity Date

In the Activity Summary panel, for each Activity Date where there were transactions processed, iQ displays two or three rows:

  • The first row displays the settlement date of the next day and indicates the Net Settled Sales.

  • The second row displays the settlement date of the 8th of the following month and indicates the fees that have accrued to date and scheduled to be charged next month. Worldpay and/or Passthrough Fees settle on the 8th of the following month.

  • If you view this report during the current month (and prior to the 8th), the Settlement Date column displays 'Transfer Pending.’

iQ displays the Net Settled Sales minus fees for the activity date range regardless of whether those fees have been completely assessed. For example, if you had $100 in deposits, $10 in returned payments, $2 for passthrough fees, and $1 for Worldpay Fees, the Reconciliation Dashboard by Activity Date shows $87 for that date (whether it is on the 8th or not).

If your organization is using the Monthly Billing model for Worldpay Fees only, the Passthrough Fees are included on the same line as the Net Settled Sales and settles at the same time.

PayFac Reconciliation Dashboard
by Activity Date

Activity Report

 

Reconciliation Dashboard
by Settlement Date

In the Settlement Summary Panel, iQ does not display any fees associated with activity that occurred during a reporting month (except for miscellaneous credit/debits). On the 8th day of the month however, iQ displays the fees for every day of the previous month where Worldpay or passthrough fees were assessed.

iQ always shows the amount credited to/debited from your account for the date range selected. If you view the Reconciliation Dashboard by Settlement Date for a time period that does not include the 8th of the month, iQ only displays miscellaneous credit/debit fees and passthrough fees. Otherwise, iQ displays a value of ‘$0.’

PayFac Reconciliation Dashboard
by Settlement Date

Settlement Report

Fee Report

The Total Fees field is populated as follows for each of the Fee report views:

  • By Activity Date - iQ displays the fees accrued during the date range selected. Some fees may have actually been assessed depending on whether the date range includes the 8th of the month.

  • By Settlement Date - iQ displays the fees assessed during the date range selected. If the date range does not include the 8th of the month, iQ only displays the miscellaneous debits/credits and passthrough fees.