Marmalade currently accepts 2 types of payment methods:
- Credit Card (VISA and Mastercard)
- Direct Transfer
Credit Card Payments:
Credit card payments are processed through our platform and will incur a fee of 1.75% + GST plus a 30c fee, which will be payable by your customer if they select this option.
These payments are then reconciled automatically to the invoice the customer selected when making the credit card payment, and once processed, are paid into your your account within 1 business day.
Direct Transfer:
When Marmalade receives a payment from your customer via direct transfer, it will clear into your Marmalade Virtual Bank Account.
We process your payments by reconciling the payment to the appropriate invoice(s) using either:
- Data from the customer's payment and your accounting platform
- Remittance information sent by you or your customer to our accounts inbox (accounts@withmarmalade.com)
In order to keep up to date with the payments that you receive into your Marmalade Bank Account, the "Payments" tab in your Marmalade Dashboard provides a live feed of the Direct Transfers received and their reconciliation status. If we are unable to match a payment after a day, the status will update to "Unmatched" in which you will need to provide remittance/reconciliation advice from either yourself or your customer to have the payment allocated.
For more information on the payments tab, please refer to our article here.
How long does it take for funds to be processed?
Provided the invoice that is being paid was not cashed-in, and payment can be matched to an invoice, funds are typically paid immediately into your nominated bank account.
If we are unable to reconcile your payment, it will be passed back to you within 2 business days of being received. For more information on how we manage passbacks, refer to this article.
How will I know if my payment has been processed?
Payment information is highlighted in the 'Payments' tab in Marmalade.
- New Payment - This is a new payment that has not yet been processed. To speed up the processing time please send a copy of the remittance to accounts@withmarmalade.com
- If the payment has the 'Customer' field populated this means it has been processed. You can click on the 'View Details' button to see more information of how the funds were allocated and if you should be expecting a payment into your account shortly.
For more information on the payments tab please refer to our article here.
How does Marmalade manage rounding errors?
When Marmalade receives a short payment or an overpayment for an invoice, and the amount is less than $1, we systematically manage this on our end.
Short Payments:
- Cashed-in Invoices: Marmalade will automatically write off any short payments less than $1 on cashed-in invoices, and these will be shown to be fully paid in Marmalade
- Non-cashed-in Invoices: Marmalade will apply the short payment as part of our reconciliation process, but the balance will still show on the invoice in your accounting platform and will need to be adjusted by you
Overpayments:
- All overpayments of less than $1 will be automatically written off. These funds are withheld by Marmalade and then donated to charity regularly
How will this reconciliation look in my accounting platform?
When Marmalade processes a payment, we reconcile the payment to the invoice, taking all of the pain out of needing to work out which invoice(s) each payment needs to be allocated to.
This, however, will not reconcile the bank line item in your bank feed. All you'll need to do from your side is match the payment amount in your bank feed from Marmalade with the payment we've applied to the invoice, and you're done.