The Deposits Report provides a great breakdown of all the credit card transactions that have deposited to the Merchant Account. You can see the Gross Sales, the total amount of fees that were deducted, the total amount of refunds and chargebacks, and the Net Profit that was earned during a specific date range.
To learn how to interpret and understand a deposits statement, follow the steps below when using the Desktop Version in Vagaro.
Remember, transactions batch at 3 PM Pacific time or 6 PM Eastern Time. The batch then takes about 24 hours to deposit to the bank account.
One of the few exceptions is a transaction that occurs on Saturday or Sunday, which takes 2 days to deposit to the bank. This is due to banks being closed on Sundays.
- Vagaro Credit Card Processing Fees and Rates
- How to See When Your Credit Card Batches Deposit to Your Bank Account
Let's get started!
1. Once you've logged in with your username and password, click the profile icon at the top-right of the screen. Then select Merchant Accounts.
2. Click the Deposits tab. Then select a date range. In the example below, we'll be able to see our deposits between the dates of March 1, 2017, to March 25, 2019. When you're finished, click Apply Filters.
Once you click Apply Filters, you'll be able to see the Gross Sales. This does not include the credit card fees that are deducted.
3. You can also see the total amount of credit card fees that were deducted from the transactions.
The fees are based on the merchant plan you selected when signing up for credit card processing. Click this link to learn more about the Vagaro fees and rates: Credit Card Processing Fees and Rates.
4. You can also see the total amount of Refunds you've processed, Chargebacks, and the Net Deposit.
A chargeback happens when there is a return of funds to a customer's bank account or credit card following a dispute about a transaction.
The Net Deposit is the net profit that is received. This is the amount that is seen on the bank statement.
Understanding a Deposits Statement
1. Let's now take a closer look at each credit card deposit. On the left side of the report, you can see the date a transaction is deposited.
2. Next, you can see the number of swiped and typed transactions that were deposited, the total dollar amount you received for each transaction and the total dollar amount for both transactions.
3. In the Typed and Swiped Fee field, you can see the total fees that were deducted from typed and swiped transactions. The Transaction Fee shows you if any additional fees were added.
For example, if you are on the Large Merchant Plan, the fee that is deducted from a swiped transaction is 2.2 percent, plus 19 cents. The 19 cents is the transaction fee.
To the right of this column, you can see the Total Fees that have been deducted, the Monthly Fee if you're on the Large Merchant credit card processing plan and the Fixed Acquirer Network Fee (FANF Fee). This is a fee that VISA assesses each of its merchants. Depending on the size of the account holder, it can range from $2 to $380,000.
4. Next, you can see the number of refunds and chargebacks you've had. You also can see the total dollar amount for both these items.
5. Lastly, you can see the Net Deposit. This gives you the profit earned on that date.
6. To see all the transactions that happened on that date, select a specific date or row. Let's take a closer look at this!
7. On the left side, you can see the date a transaction was checked out, the date it was Deposited, and its Transaction Number.
8. Next, you can see the Transaction Type, the name of the customer, the last four digits of the card that was used and the Account Type.
9. If you hover over the Transaction Type, you'll be able to view more details.
10. Next, you can see the Gross amount that was collected from the transaction, the Discount Fee, and the Per Transaction fee.
11. Lastly, you can see the total dollar amount for the Refunds you issued. You also can see the total Fees that were deducted and the Net Amount or net profit that was earned from each transaction on that date.
12. On the main Deposits screen, you can export the report to an Excel sheet by clicking the icon with the downwards arrow. Click the right icon to print it.