SOP Finance and Accounting – Credit Card Processing

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Credit Card Processing Procedure in Hotels

Purpose of Credit Card Processing:

In the world of finance and accounting, credit card processing is essential for any business that wants to accept payments online or in person. A Standard Operating Procedure (SOP) for credit card processing ensures that all transactions are properly recorded and reconciled, reducing the risk of errors and fraud.

The SOP for credit card processing should include guidelines for accepting, processing and reconciling credit card payments. It should also outline the roles and responsibilities of the finance and accounting team members involved in the process, as well as any third-party payment processors.

To ensure compliance with industry regulations and best practices, the SOP should also cover topics such as data security, PCI compliance, and chargeback management. By having a well-defined SOP for credit card processing, businesses can streamline their payment processes, reduce risks, and protect their financial assets.

All credit cards are to be balanced and submitted by the Night Audit staff for the entire Hotel during their shift on the same day. This should be done through an online service or manually from each EDC machine and downloaded accordingly. It shall be the responsibility of the Controller to verify that the transfer takes place daily.

Credit Card Processing SOP Procedures:

  • The Night Audit staff should balance all credit cards to the point-of-sale systems as well as to the PMS system.
  •  The fraud report that is issued by the credit card processor should be reviewed by the Controller or General Manager daily.
  •  Every Cashier is responsible for all transactions of his/her User code and float.
  •  Do not share your cashier user code with any other staff and use your user code only for all transactions.
  •  All cashiers must balance before closing.
  •  One float per station (properties to organize float controls in quiet periods).
  •  Place yourself away from the counter when possible.
  •  Balance all your postings & transactions of the day against your supporting documents eg: credit card slip, MCV, etc.
  •  Confirm payment totals by payment codes eg: Cash, Cheques, and various credit cards, against the Cash Register Closure Report.
  •  All postings & transactions must balance with PMS reports.
  •  If the PMS system is balanced with the cash float and credit card batch closing slip, then close the cashier in hotel software.
  •  Separate & total different types of credit card slips attached to respective invoices & file in a binder.
  •  Count your cash float, make sure the original bank float is recovered, fill & sign “Cash float Excel sheet”
  •  Complete “Shift Drop Envelope” with cash and drop-in safe.
  •  All cheques and credit card slips are to be submitted to Finance.
  •  If the same float is used by the next shift, count float together, both sign “cash float sheet” & file in the appropriate binder.

Training Summary Questions:

Q1. What is the purpose of the Credit Card Processing SOP?

Q2. What is the use of Credit Card fraud reports?

Q3. Who is responsible for balancing all credit card transactions for the day?

Q4. Is it required to submit all credit card slips to the finance department?
SOP Number: Finance and Accounting SOP – 12
Department: Cash Control
Date Issued: 30-Jun-2021
Time to Train: 25 Minutes

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