Overview of transactions
What is a transaction?
A Transaction is an exchange of funds from your customers to you. If you use an accounting software integration, your imported invoices will be referenced as transactions in Rotessa.
Scheduling Transactions
Your transactions need to be scheduled in Rotessa so they can be processed and you can be paid. There are a few ways to schedule transactions:
- If you use Rotessa by itself and only have one or two transactions ready to schedule, it is easiest to manually schedule transactions
- If you use Rotessa by itself but have multiple recurring transactions, we recommend importing your transactions with our CSV template.
If you use an accounting integration with Rotessa,
- You can import your invoices from QuickBooks Online or from Xero both manually and automatically through a feature we call automatic invoice import.
- You can also import your transactions through an integration with Zapier or through an API connection.
What if I need to update a transaction?
Once a transaction has been made in Rotessa, the frequency, instalments and process date cannot be edited; only the amount and comment can be edited.
To update the frequency, instalments or process date on a transaction, it will first need to be deleted and then re-created with the correct information.
Authorization of Transactions
Authorization is required in the United States and Canada for pre-authorized bank payments. Before you start processing transactions, ensure you have a proper pre-authorized debit agreement (PAD) with your customer.
What is the flow of money?
Pre-Authorized debit transactions are not an instant transfer of funds.
The processing date on a transaction is the day that the customer will see the funds withdrawn from their account.
After the funds have been withdrawn, the funds go into holding for five business days. After this wait, Rotessa settles the funds into your account. This wait is because declined transactions can take up to three days to show up after a transaction has been posted for processing in the banking network.
There is no specific time when your settlement will arrive in your account or a specific time funds are pulled from your customer’s bank account, as this depends on the communication between the customer’s bank and the central bank.
Transaction History
To find the transaction history of a single customer, select the customer from the Customers page. This shows all of the customer's processed transactions with their amount, status, the date they were batched, the date they were processed, the settlement date, and the comment for the transactions.
Rotessa's reports
The Transaction Report page on your Rotessa account, shows all the transactions scheduled in your Rotessa account from a selected date range. Here you can see the process date, amount, customer, status, and comment for each transaction shown.
The Settlement page on your Rotessa account, shows every settlement Rotessa has made into your account.
Transaction Status
The transaction status field tells you where the transaction is.
Transaction statuses:
- Sent to bank
- Processed
- Pending
- Future
- Approved
- Chargeback
- Declined
Reasons for a Declined Status
Declined transactions have been processed but got rejected, resulting in no funds being transferred. When a transaction has been declined, you will be given a reason for the decline. The reason helps determine the best response for that declined transaction.
Transaction Limits
Every Rotessa account has a limit on the total a transaction can be scheduled for.
If a customer agrees to a certain limit being pulled from their account per transaction, you can set a customer-specific transaction limit that is lower than your account's overall limit.