According to Mike Baldinger – one of Evention’s co-founders and partners, franchise owner’s
are spending extensive time resolving discrepancies for posted transactions and are taking
action  to streamline their operations.  Baldinger said, “With the rise of mobile orders and digital
payments, payment methods the reconciliation process are becoming increasingly complex.
Alongside traditional credit card and cash payments, owners of quick-service and fast-casual
restaurants franchises face more challenges in safeguarding their revenue than ever before.” 

To address these issues for multi-location restaurant franchisees, Evention has broadened its
platform to automate the reconciliation of all payment methods (mobile, credit card, and cash) to ensure precise and scalable revenue recognition. Improved visibility into discrepancies and
presenting actionable analytics helps franchise owners make better decisions for their
businesses in a competitive space

Payment options for customers can create challenges for franchisees

There has been a significant increase in the payment options available to customers, but this convenience also greatly complicates reconciliation processes and incurs additional costs and fees. Each method of payment’s revenue and exceptions must be meticulously tracked to ensure every POS transaction corresponds to a matching payment that ultimately reaches the bank account. Evention integrates all payment streams into its Total Recon platform, offering a unified reconciliation dashboard for the organization encapsulating all payment data:

  • Digital payments for online or third-party deliveries
  • Traditional credit card payments in-store
  • Cash, including data from recyclers, smart safes or cash counters
  • Bank postings for both cash and credit cards
  • Courier pickups, change orders, and vault counts
Replacing traditional spreadsheet workflows with automation

With owners often reconciling with spreadsheets, Evention has found they struggle to reconcile daily at the transaction level.  Evention has enabled this automation for all sides of payment reconciliation:

  • Reconciliation of Credit Card Payment Processors (Fiserv, Elavon, Shift4, Adyen, Chase, AMEX, etc.) against POS data
  • Cash reconciliation against POS records
  • Payment reconciliation against bank statements
  • Posting of reconciled payments to the general ledger/accounting system
How does automation transform a restaurant franchise owner’s business?
  • Reduces payment reconciliation time from hours to minutes per day
  • Ensures accurate revenue reporting
  • Lowers credit card fees, risks, and fraud occurrences
  • Minimizes shrinkage of cash and credit card payments through stringent controls
  • Enhances compliance and audit transparency
What types of franchisees can benefit?
  • Franchisees with 15 or more locations, who may spend hours daily on payment reconciliation
  • Growing franchisees aiming to scale operations without additional clerical resources

Data visibility and precise payment reconciliation are essential for franchise owners to make informed decisions and secure their revenue. Evention’s analytics improve online security, clarify chargeback categories, and reduce fees and reversed payments that cut into profits. Additionally, Evention’s payment reconciliation ensures that all payment types are accurately reconciled, accounting for every transaction to guarantee revenue accuracy. 

About Evention

Evention is the unrivaled leader in payment and variable pay reconciliation automation software for the hospitality and retail industries. Our cutting-edge solutions provide unparalleled efficiency and accuracy for industry leaders, including Marriott, Hilton, Trader Joe’s, and many more. Evention streamlines operations, enhancing employee satisfaction, and driving value to the bottom line.

News