Tracking MS Loop
Jan 28, 2016 | 12:42 pm
#1
Original Poster
Join Date: Aug 2015
Posts: 322
Tracking MS Loop
I believe it is very important to track your MS loop well, we need separate discussion just on this topic as it is so vital.
Let's say I buy VGC at a store.
The first gate is you have to make sure your VGC is loaded properly and then on your credit card side, your account is charged only for the amount of VGCs you purchased.
Then comes the 2nd Gate where you are liquidating your VGC by various methods
Money Order : Make sure this is deposited all the way through
Serve: Make sure serve account is credited properly.
Billpay: Is applied to the proper account.
If things don't go well at any stage, it is easy to lose $500 , $1000 in one shot and it takes a hell lot of efforts to make that amount. It is important to work smart and not hard.
Let's discuss methods and strategies you use.
Let's say I buy VGC at a store.
The first gate is you have to make sure your VGC is loaded properly and then on your credit card side, your account is charged only for the amount of VGCs you purchased.
Then comes the 2nd Gate where you are liquidating your VGC by various methods
Money Order : Make sure this is deposited all the way through
Serve: Make sure serve account is credited properly.
Billpay: Is applied to the proper account.
If things don't go well at any stage, it is easy to lose $500 , $1000 in one shot and it takes a hell lot of efforts to make that amount. It is important to work smart and not hard.
Let's discuss methods and strategies you use.
Jan 28, 2016 | 12:53 pm
#2
Join Date: Jan 2015
Posts: 1,112
I keep a running document of bill pays. I add to it when one hasn't been received yet and delete that entry when I see it in my transaction history.
With gift cards, I liquidate them as soon as possible. I then put them into a pile before checking their balances online before putting them in a recycling pile.
With money orders, I deposit them using a mobile app and then keep them all in a secure place. My institutions have either next business day or immediate funds availability, so I just wait to make sure that the account is credited properly. I still keep the money order papers, though.
With gift cards, I liquidate them as soon as possible. I then put them into a pile before checking their balances online before putting them in a recycling pile.
With money orders, I deposit them using a mobile app and then keep them all in a secure place. My institutions have either next business day or immediate funds availability, so I just wait to make sure that the account is credited properly. I still keep the money order papers, though.
Jan 28, 2016 | 1:00 pm
#4
Original Poster
Join Date: Aug 2015
Posts: 322
I keep a running document of bill pays. I add to it when one hasn't been received yet and delete that entry when I see it in my transaction history.
With gift cards, I liquidate them as soon as possible. I then put them into a pile before checking their balances online before putting them in a recycling pile.
With money orders, I deposit them using a mobile app and then keep them all in a secure place. My institutions have either next business day or immediate funds availability, so I just wait to make sure that the account is credited properly. I still keep the money order papers, though.
With gift cards, I liquidate them as soon as possible. I then put them into a pile before checking their balances online before putting them in a recycling pile.
With money orders, I deposit them using a mobile app and then keep them all in a secure place. My institutions have either next business day or immediate funds availability, so I just wait to make sure that the account is credited properly. I still keep the money order papers, though.
Jan 28, 2016 | 1:58 pm
#5
Join Date: Jan 2015
Posts: 1,112
This sounds very good, I'm doing something similar to Para # 2 and # 3, Except so far I have been depositing MOs in the bank and then I have to gonline to make sure it is deposited. what about on the purchase side?Any mysterious charges show up that are not supposed to show up?
Jan 28, 2016 | 2:31 pm
#6
Original Poster
Join Date: Aug 2015
Posts: 322
I saw some charges show up in temporary authorization when transactions fail(although they disappeared next day) and when we are doing so much volume there will be time when transactions fails and I'm not sure how full proof the payment system is. I'm sure they have lots of checks and balances so it is iron clad.
Jan 28, 2016 | 2:54 pm
#7
Join Date: Oct 2014
Posts: 827
I track spend of each card on acquisition receipt, and try to liquidate in one batch. Every couple days I enter receipts into excel, which track where liquidation went to. Everything on the liquidation side is color coded to represent status of transaction (i.e. green when amount hits account).
There's a separate bit where I enter my account balances (bank and credit card) including all pending charges, withdrawals, BP, ACH, etc. If everything sums up to the same thing as last time minus the fees, then there's no problems.
There's a separate bit where I enter my account balances (bank and credit card) including all pending charges, withdrawals, BP, ACH, etc. If everything sums up to the same thing as last time minus the fees, then there's no problems.
Jan 28, 2016 | 10:27 pm
#15
Join Date: Jan 2014
Posts: 166
This kind of detail only works for small MS. When you get to 10K+ per day, this is too much pain. The chances of an actual problem at the transaction level are too small to consider (activation, purchase, transfer, bill pay, etc..). Your only real problem is physically loosing a gift card or a money order.