I'm with linkpoint api, and card service intl.
My "discount rate" is around 2.5%, and the "non-qualified" rate is around 5.0%
From my understanding, the "non-qualified" rate is charged on business credit cards, international credit cards, or credit cards where a 3-digit card code is not present.
But they say there is no way to determine which rate was charged for each transaction.
Right now, my accounting works like this:
1) customer places order
2) I create a ledger entry in my accounting system:
ledger side: + Assets (Receivables)
offset sides: + Revenue (Product Sales / Shipping Revenue / Sales Tax, etc
3) I create another ledger entry in my accounting system based on a fixed 2.5% of the order total:
ledger side: - Assets (Receivables)
offset side: + Expenses (Credit Card Fees)
I have a CRON that runs everyday. It journals money from the Receivables account to my actual bank account for orders 3 days in the past. But it is not always accurate because of holidays. And what if my server time is on a different time zone than the credit card company? Or even a few minutes off?
And at the end of the month/year I make an adjustment to my books, to get mine to match what the credit card company shows. I just have to trust them in good faith.
-> How do big companies deal with this? They could easily have millions of dollars unaccounted for.