Invoicing - Safari Funds Transfer

Invoicing - Safari Funds Transfer

OVERVIEW

When you present an invoice with responsive documents on the SecureShare portal, the Issuer pays your invoice via credit card.  Safari uses Stripe to process the credit card payment.  Stripe deposits all Issuer payments into a Safari bank account.  Each month, Safari transfers funds to the account each customer specifies with an accounting, the Monthly Reconciliation Statement.  You can compare the accounting with your invoicing report in Safari.
NOTE:  For some customers, the Safari Service Agreement provides that Safari does not directly invoice the customer for the Safari Service Fee, and instead Safari recovers its Service Fee from the Issuer Payments.  In that case, Safari transfers only a portion of the funds received from the Issuer.  Each customer should review their contract for specific terms, but generally the process for transferring funds is described in Section 4 of the Standard Terms and Conditions.  

TIMING OF PAYMENTS TO CUSTOMERS

Section 4.1 of the Safari Service Agreement provides that Safari will make monthly payments to customers "[w]ithin 10 business days after the last day of each calendar month."  Safari's policy is to make payments and email Monthly Reconciliation Statements on the second Wednesday of each month.

HOW TO USE THE MONTHLY RECONCILIATION STATEMENT

The Monthly Reconciliation Statement provides a full accounting of every Issuer payment during the prior calendar month, the Transaction Costs (i.e., the Stripe credit card processing fee), any taxes, the amount retained by Safari (if specified by your contract as discussed above), and the amount that has been transferred to your company.  To reconcile the Monthly Reconciliation Statement with data in your Safari system, run the Cost Recovery Report in Safari.  The number of payments you've received should match, as well as the following fields:

 Cost Recovery Report in Safari
Monthly Reconciliation Statement
 Secure Share Payment Amount
 Issuer Payment
 Secure Share Processing Fee
 Transaction Cost


RUN COST RECOVERY REPORT IN SAFARI


COMPARE MONTHLY RECONCILIATION STATEMENT - click on image to enlarge
(example in which Safari retains a portion that covers its Service Fee)

MONTHLY RECONCILIATION STATEMENT DETAILS

"SERVICE FEE SUMMARY" SECTION
  1. Contract Service Fee -- This is the Service Fee for the current term of your contract.  Based on the terms of your contract, it will have either been paid up front as an annual fee, or it will be retained from Issuer Payments. 
  2. Fee Collected this Month -- This is the amount of the Issuer Payment in the current Statement that Safari retains to pay your Service Fee.  If your company paid the Service Fee in advance of the year, this amount will be $0 (i.e., Safari transfers 100 percent of the Issuer Payment to you less the Stripe Transaction Cost).
  3. Service Fee Balance -- This is the amount of the Service Fee that remains to be paid for the current contract term.  In other words, it is equal to the Contract Service Fee less the Service Fee this Month, and less the Service Fees Prior Months.  If your company paid the Service Fee in advance of the year, this amount is always $0. 
LINE-ITEM SECTION
  1. Issuer Payment -- This is the amount actually paid by the Issuer.
  2. Transaction Cost -- This is processing fee charged by the credit card processor, Stripe.  Their fee is 2.9% of the Issuer Payment plus $0.30. 
  3. Service Fee Balance -- This is the amount remaining to be paid from Safari's Service Fee for the length of the contract term.
  4. Tax -- This is the amount of any state taxes that Safari is entitled to retain under Section 3.2 of the Standard Terms and Conditions of the Safari Service Agreement.
  5. Due Safari -- This is the sum of the Safari Service Fee and Tax.
  6. Due Client -- This is the amount that Safari will transfer to you for the month at issue.  It is the Issuer Payment less the Transaction Cost and the amount Due Safari.
"MONTHLY RECONCILIATION TOTALS" SECTION
These are the total amounts for this Statement.  The Payment Transfer specifies the date that the funds were transferred to your company.

Is there a question we haven't answered?  Please send it to us at support@safarilaw.com.

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