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Reading and reconciling your settlement reports (Virtual Card Network): August '24 Update

  • Updated

Contents 

  1. Understanding your settlement report
  2. Accessing settlement reports
  3. Reading your settlement report
  4. Reconciling your settlements

 

 

Understanding your settlement report

Settlement reports provide a list of sales transactions, refunds, disputes, and fee adjustments over a daily, weekly, or monthly period. These reports allow you to reconcile your transactions with the deposits made into your bank account. By default, Affirm generates a daily report that captures all of the day's deposits, which can be parsed out as needed based on the value in the deposit_id column. On days with no activity to settle, Affirm will still provide a blank report to ensure you're informed regardless of transaction activity.

 

Accessing settlement reports

The merchant portal provides settlement information. To get to it:

  • Sign in to your Merchant Portal
  • On the left-hand sidebar, click “Settlements.”

For information on how to access your settlement report via email or SFTP, please visit our Business Resource Hub.

 

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Reading your settlement report

If you choose to receive your settlement reports via email or by SFTP, you will receive a detailed report file (.csv) by default, and a summary file upon request. The summary report provides totals for a quick snapshot of performance, while the detailed report breaks down each individual event, offering a comprehensive view of all activities.

Opening up a detailed report may resemble the example below:


Example
example.png

Columns cont’d.
Columns cont'd.png

For your reference, you can download a sample settlement report here.

Standard settlement reports feature a variety of details, with the format column being particularly beneficial for developers seeking greater control over the data. The data will be presented in the report following the specified column order, and opting out of optional columns will not alter this sequence.

If you have additional needs not represented in this report, please contact our Merchant Care team.

Name Example Format Description
event_date 2023-07-07 String The date that the settlement was disbursed. 
loan_creation_date 2023-07-06 12:34:56 String The date that the specific transaction event took place or loan creation date (ex: 2022-11-30).
merchant_name Solstice String The name of the Affirm account. Confirm with Affirm if you would like to enable this property.
merchant_ari AYNHPZKHX9E0VOKX String The unique identifier of the merchant
city IRVING String Store’s city where the order was made, obtained directly from card rails (externally controlled)
store SOLSTICE.COM String Store’s name where the order was made, obtained directly from card rails (externally controlled)
loan_id FYVU-B1YM String Affirm's persistent transaction identifier. The Charge ID remains even after you refund a charge.
order_id ed86de09-2ae7-4d06-b2aa-ee8f0a38c67f String

Merchant generated identifiers are typically used in their own internal system to track the order. This is an optional value that you provide in the checkout object. 


Note: If you do not provide Order IDs, this column will be empty.
event_id 44f634b4-611f-46c3-b94b-729cad4a6dfc String An identifier of the event that caused this entry to be reported
checkout_token T4IX5MK5UWXDNIS1 String A token assigned at checkout 
card_last_four 1392 Number Last four digits of the VC (virtual card)
original_loan_amount 123.46 Float Authed amount
transaction_type capture String This is the current state of the charge. Possible values are:
  • loan_captured - Authorized funds released to the merchant account.
  • loan_refunded - This is the amount of the refund and may be a negative value or zero.
  • dispute_opened - A negative value to represent the loan amount being withheld while the dispute is being resolved.
  • dispute_resolved - The funds processed after a dispute has been resolved.
  • fee_adjustment - A correction to the fee of a previous loan if an incorrect fee was charged.
  • vcn_balance_fee_adjustment - The remaining balance of a virtual card is refunded to the merchant when a customer does not use the entire authorized amount.
  • split_capture - Authorized funds released to the merchant account. This will be the capture event for merchants using Split Capture.
mdr_rate 1.73 Float Fee (in percentage) for the given transaction.
mdr_fee 2.14 Float Fee (in dollars) for the given transaction.
transaction_fee 0.3 Float

This is a transaction fee that is charged by Affirm for processing a loan (Not to be confused with “fees” as this is charged outside of that).

Note: This column does not populate on the ‘Parent’ company report.
dispute_fee -15.0 Float $15 flat dispute fee for each disputed transaction where Affirm needs to adjudicate the case and the merchant is at fault.
total_fee -200.17 Float This is the fee that Affirm charges for this transaction and may be positive or negative. When you capture a loan or resolve a dispute, fees will be a negative value. If you refund a loan or if a customer opens a dispute, fees are a positive value.
channel

Affirm VCN

Affirm Card

 String Channel where an Affirm checkout was initiated. Possible values are:
  • Affirm VCN - Transactions that happened through Affirm’s virtual card network.
  • Apple Pay - Transactions that happened through the Apple Pay wallet, which are paid to you via your credit card processor.
  • Google Pay - Transactions that happened through the Google Pay wallet, which are paid to you via your credit card processor.
  • Affirm Card - Transactions that happened through Affirm Card, which are paid to you via your credit card processor. 

 

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Reconciling your settlements

For straightforward reconciliation, you have the option to filter out or hide additional information, allowing you to focus on key fields such as ‘TOTAL_FEE’ and ‘channel’.

Reconciliation.png

  • The ‘event_date’ of the settlement file is the date Affirm initiated the ACH transfer to your bank account, which is a different date than when the charge was processed.
  • Take the sum of all the amounts in the ‘total_fee’ column that have the same Deposit ID. This sum should equal the amount of a debit made from your bank account.
  • If you use Order ID, take the sum of all the amounts with the same ‘order_id’ across different reports to calculate the final state of that order.
  • Use the ‘channel’ column to note the sales channel of a given transaction. For example, Affirm Direct (POS), Google Pay, Affirm Card, etc.
    • For Digital Wallets and Affirm Card transactions, we suggest using the following fields to support your reconciliation: ‘loan_creation_date’, ‘city’, ‘store’, ‘checkout_token’, ‘card_last_four’, ’original_loan_amount’,
    • Important: Affirm will settle fees associated with Digital Wallets and Affirm Card transactions in this report; total sales on these channels will be settled via your payment processors.

Example report columns
Example report columns.png

Example columns cont'd
Example columns cont'd.png

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