Bank Reconciliation

Reconciling transactions to bank deposits can some times be tough. MyGate offers a simple bank recon.

An Historical View

Reconciling your bank deposits from your terminal transactions can be a difficult task. Traditional stand alone devices that connect directly to the bank do not always process transactions is real time. Hot card files are stored on the device and if a card transaction is under the floor limit, the device will not communicate to the bank in real time for authorization. In the evening the device will upload a batch file to the bank for processing. This batch file is used to authorize and settle the daily transactions. In some cases where a card transaction was processed under floor limit, the transaction may be declined in the batch file. This is generally due to fraudulent activity occurring in between hot card files being loaded to the bank.

MyGate Bank Recon

By using MyGate's Integrated POS solution it enables merchants to process debit and credit card transactions in real time eliminating the need for batch file processing. This method of processing ensures that all transactions go through the MyGate switch and then into bank. As all transactions are authorized in real time, declined and settle results are returned to merchant at the time of processing the transaction and completing the sale.


The MyGate switch is able to identify and link a transaction to a merchant, store, merchant id and terminal id. Reporting is then able to be provided to reconcile the bank deposits to any of the above indicators.

The bank recon report is a report driven system that allows you to view the amounts that should be reflecting in your bank account on a daily basis.

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