How to Guides
HOW TO READ YOUR TAX INVOICE
The tax invoice is a running statement that details credits and debits that occurred during a billing period.
|1– Credit Card Collections – 26 transactions||$4,566.50||$4,566.50|
|2 – Direct Debit Collections – 11 transactions||$1,747.50||$6,314.00|
|3 – Set Up Fees – 2||$22.00||$22.00||$6,314.00|
|4 – Administration Fees – 37 transactions||*$72.15||$72.15||$6,314.00|
|5 – Credit Card Charges||*$98.06||$98.06||$6,314.00|
|6 – Amounts shown with an asterisk (*) totalling $170.21 are assessable for GST|
|7 – GST included in the indicated amounts above is $15.47|
|Net Payment for Client||$6,314.00|
- Line 1 shows cleared funds collected from credit cards—this is a
- Line 2 shows cleared funds collected from bank accounts—this is a credit.
- Line 3 shows set-up fees collected from the customer (credit) and then what has been charged to you, the client (debit).
- Line 4 shows administration fess collected from the customer (credit) and then what has been charged to you, the client (debit).
- Line 5 shows credit card merchant fees collected from the customer (credit) and then what has been charged to you, the client (debit).
- In the tax invoice above, the customers have covered all PaySmart fees as per the direct debit form they sign—at no expense to your business.
- NB: If there is a discrepancy between the debit and the credit columns this could be due to a dishonoured payment. This will be reimbursed to you when collected from the customer.
- Please note: you may be eligible to claim GST on PaySmart charges, refer above to lines 6 and 7.
If you have any questions about PaySmart’s tax invoice please call one of our friendly Client Account Managers or Customer Service Operators Toll Free 1800 801 797.
HOW TO CHOOSE THE RIGHT SETTLEMENT FREQUENCY
PaySmart offers a very flexible billing system but if you don’t have the correct settlement frequency set up on your account, you may not get your money as quick as you deserve.
Types of Settlement choices:
- Weekly (choose a day)
- Fortnightly (choose a day)
- Monthly (set date)
- Rolling (paid whenever funds are clear)
Examples of settlements:
- If you have all customers being billed weekly, fortnightly and monthly on an unspecified day, then a ‘rolling settlement’ would suit your account with PaySmart.
- If all of your customers are being billed fortnightly on a Friday, then settlement should be fortnightly the following Wednesday.
PaySmart can only send cleared funds to your nominated account three working days after the debit date.
IMPORTANT: If you’re not sure about your settlements please contact one of PaySmart’s helpful Client Account Managers toll free on 1800 801 797.
HOW TO PROTECT YOUR VARIANCE
WebExpress allows all of our clients to vary customer payments, either for a set time or permanently. This could be a higher or lower amount than the specified amount on the original eDDR, depending on services being provided.
To protect the varied amount, we recommend you have the customer sign and agree to the new amount. If it’s a permanent change, you may prefer to have the customers complete a new eDDR, or you may want to simply create your own variation form for the customer to sign.
You should keep all signed documents securely in your files. If PaySmart requires the signed document to send to a bank we’ll call you to fax or e-mail it to us.
Please Note: banks require signed documents within three days of the original request.