December 13, 2024 Global Payments Demo

Key Topics Discussed:

• Kevin demonstrated the test environment configuration for Global Payments integration, showing how prepayments can be authorized against opportunities and synced to Goldfinch upon sales order creation.

• Supported payment gateways include Global Payments and Stripe.

• Configuration for payment terminal workflows includes invoices, orders, credit memos, and opportunities.

• Sales teams can request prepayments from opportunities using a simple button ("Payment Terminal").

• Customers can enter their credit card details via a secure, tokenized payment link.

• Automated processing of prepayments based on predefined payment terms is possible (e.g., 25% upfront).

• Credit card details entered during initial payments are tokenized for future use.

• Sales reps can initiate payments without manually setting up credit card details.

• Payment request to be triggered automatically from the opportunity based on selected payment terms.

• Automated routines to apply prepayments to invoices upon sales order creation.

• Prepayments recorded as deposits in the GL until invoices are created.

  • Prepayment Stage (Before Invoicing):

    • When a credit card payment is authorized, the funds are recorded as a deposit in the General Ledger. The payment is recorded as a deposit, not as revenue, until the sales order is finalized and invoiced.

    • Example entries for a $1,000 payment:

      • Debit: Credit Card Receipts (e.g., "Visa Funds Received") – $1,000

      • Credit: Accounts Receivable (Customer Credit) – $1,000

  • Global Payments Fee Treatment: deducted monthly recorded as a separate journal entry based on the monthly invoice:

    • Debit: Payment Processing Fees – $500 (example fee)

    • Credit: Bank Account – $500

  • Post-Invoice Stage: Once the sales order is finalized and invoiced, the prepayment is applied to the invoice:

    • Debit: Accounts Receivable (Customer Credit) – $1,000

    • Credit: Invoice Revenue – $1,000

    • At this point, the prepayment transitions from a deposit to recognized revenue.

  • Refund Scenario:

    • If a refund is needed before the invoice is created, it is processed against the deposit:

      • Debit: Accounts Receivable (Customer Credit) – $1,000

      • Credit: Bank Account – $1,000

    • If the refund occurs after invoicing:

      • Debit: Revenue – $1,000

      • Credit: Bank Account – $1,000

• GL Treatment of Financing Deposits: funded net of fees and sits in an Undeposited Funds Account.

• Eric to coordinate with Global Payments for sandbox API keys.

Action Items:

1. Kevin:

   • Finalize configurations in the test environment for Global Payments integration.

   • Set up automation for tokenization and recurring payments based on predefined payment terms.

   • Add configurations to differentiate transactions by credit card type (Visa, MasterCard, etc.).

2. Eric:

   • Request API keys for the Global Payments sandbox.

   • Negotiate fees with Global Payments, mentioning the integration with Goldfinch.

3. Tania:

   • Review ledger entries and accounting implications of prepayment workflows.

4. Jodi and Sarah

   • Schedule follow-up meetings post-holidays to finalize setup and configurations.