klexl

Hello,
Since I did not hear anything back I wanted to ask, if you can give me any clue on what might cause this issue and how to resolve it?

Hi,

Thx for your reply, i updated immediately and tried again. But it seems like nothing has changed. Error message in the log file is also the same as yesterday.

Hi @nicw,
Thank you for the update on this, looking forward to this topic moving forward.

Regards A.

Hello WooPayments Team,

The EU regulation that necessitates clear traceability of financial transactions can be derived from the principles laid out in the EU’s Fourth Anti-Money Laundering Directive, specifically around the transparency of financial transactions for anti-money laundering purposes. You can review the Directive here: EU Fourth Anti-Money Laundering Directive (AMLD4).

Regarding the bank transaction number, I understand that it is assigned by the merchant’s bank. However, having a consistent and identifiable reference number from WooPayments that appears in the bank statement would significantly ease the process of reconciling transactions for merchants.

With every transaction you usually have IBAN, Name, reference and amount. You make up the reference – why not simply use the same ID that you use internally for the deposits and display it?

This capability would not only streamline accounting processes but also align with EU regulatory expectations regarding financial transparency and traceability.

Best regards,
Alex

Dear Gabriel,

Sure, let′s try to make it clear again:

WooPayments inability to match bank account deposits with their corresponding transactions by some kind of uniqe ID (reference) is a serious problem. It is a crucial requirement for financial compliance in the EU.

Best regards,

Alex

Hello XUE23,

Will you proactively inform your EU-based customers about the current state of compliance with EU regulations? Transparency in this matter is crucial for us, the merchants, to ensure that we are also adhering to our regulatory obligations. This is not possible with your software right now.

Kind regards,

Alex

Dear Mirko,

Thank you for the screenshot provided, which helps in understanding your perspective. However, it appears there might be a slight misunderstanding regarding the nature of my issue.

My concern is not about having transaction numbers on the customers’ bank statements. Rather, it’s about identifying WooPayments deposits in my own bank account. Specifically, when WooPayments deposits funds into my account, these deposits are not easily traceable back to the corresponding transactions or batches of transactions in the WooPayments system.

In the EU, where I operate, it’s crucial for accounting and regulatory compliance to have a clear, direct link between the deposits made into a bank account and the corresponding transaction records. This is not about the information provided to customers, but about the information necessary for merchants to reconcile their accounts.

I appreciate the suggestion to consider custom coding and the invitation to submit a feature request. However, given the fundamental nature of this issue and its implications for legal and financial compliance, I believe this feature should be a standard part of the WooPayments platform.

Could you please advise if there’s any existing feature that I might have overlooked, or if there are plans to include this functionality in a future update? This capability is vital for the effective and compliant operation of my business.

Thank you once again for your time and support in this matter.

Best regards,

Alex

Dear Pepe,

Thank you for your detailed response and for providing additional resources and links. I appreciate the efforts made to guide me through the existing features and functionalities of WooPayments. The documentation on managing transactions and the ability to view and download deposit details are indeed helpful tools.

However, my primary concern remains unaddressed. The issue at hand is not just about viewing transactions or the efficiency of fraud protection measures. It’s about the fundamental need for a direct, foolproof method to match bank deposits – as they appear in our bank statements – with the corresponding transactions in the WooPayments system.

The unique identifier for each order in WooCommerce, while useful within the WooCommerce environment, does not facilitate the crucial task of reconciling these transactions with the deposits made to our bank accounts. In the EU, where financial transactions are required to be transparent and traceable, this lack of a direct matching system could potentially be non-compliant with financial regulations.

I understand that WooPayments is a complex system, and integrating such a feature may present challenges. However, given the importance of compliance with regulatory standards, I strongly urge the team to consider implementing a solution that allows merchants to easily and accurately reconcile their bank statements with transactions recorded in WooPayments. This is not just about convenience but about ensuring that businesses using WooPayments remain compliant with EU financial regulations.

Thank you for your attention to this critical matter. I look forward to a resolution that aligns with the legal and regulatory requirements of operating a business in the EU.

Best regards,

Alex

I must express my serious concern regarding the current functionality of WooPayments, specifically in relation to EU financial regulations.

The inability to directly link bank deposits with transactions in the WooPayments Backend by a unique identifier, such as a bank reference number, poses a significant compliance issue. EU regulations emphasize the necessity of clear, transparent, and traceable financial transactions. This is crucial not only for business efficiency but also for legal and regulatory compliance, particularly under directives like PSD2 and guidelines from the European Banking Authority.

The method of reconciling transactions by matching dates and amounts, as currently suggested, is inadequate for businesses with frequent and similarly valued transactions. This approach increases the risk of errors and makes it exceedingly difficult to maintain accurate financial records, a fundamental requirement under EU financial regulations.

Given these concerns, I strongly urge the WooPayments team to prioritize the implementation of a feature that allows users to accurately match each deposit with its corresponding transaction through a unique identifier. This is not merely a request for enhanced functionality; it is a call for necessary compliance with EU financial regulations.

I look forward to a swift and constructive response to this matter, as the current situation may render the use of WooPayments untenable for businesses operating within the stringent regulatory framework of the EU.

This makes the plugin a comepletey useless amateur product , because when charging the same amounts there is no way to to match the payments. Date (aproximately – becauce there is no way to be 100% sure how long it takes to receice a paymant) and amount is nothing that can be used by a professional accountant. You mention that at the moment the Backend does not show this information directy. How can I obtain it indirectly?

Hallo,

Vielen Dank für die rasche Antwort! Ich werde es prüfen lassen. Vorweg – das funktioniert nun, allerdings kommen alle E-Mails doppelt an (sowohl Bestellbest?tigung an den Kunden als auch Bestellung an uns).

LG