Reconciliation

For most payment methods offered by Buckaroo, a payment transaction status is communicated to Buckaroo directly by the bank or third-party payment processor as soon as the customer has completed the payment process. Since payment for iDEAL is guaranteed, the bank immediately reports to Buckaroo that the status can be changed to ‘success’ once the payment process is completed. This status will then be assigned to the relevant transaction in the Buckaroo transaction overview.

For payment methods where payment by the customer takes a longer time, Buckaroo changes the payment status to ‘success’ once payment has actually been received by Buckaroo (or a third party payment processor). This applies to payment methods such as transfers and Sofort Banking.

For all collecting payment methods, Buckaroo receives the amounts on the Stichting Derdengelden account (third parties account). Once an amount has been received, it is linked to a successful transaction. This process, called ‘payment reconciliation’, is performed automatically. Sometimes received payments are not immediately recognized by the Buckaroo system. In practice, this only occurs when customers make a payment by transfer. When making a transfer, the customer has to duplicate an amount and reference provided by Buckaroo. When the amount and reference are not duplicated correctly by the customer, the payment is received on Buckaroo’s Derdenrekening (trust account). Our frontoffice has a special team ready to find these non-reconciliated payments and link them to the appropriate payment transactions. The cause for all other discrepancies in the reconciliation is investigated and, if necessary, remedial action is taken. Thus, we can guarantee that each amount within the Stichting Derdengelden is accounted for and assigned properly.