Automated reconciliation of card payments at SV Group
SV Group is an innovative gastronomy and hotel management group. The SV Restaurant brand operates staff restaurants and canteens across Switzerland, Germany and Austria, as well as home catering, event catering and hotel management services. Every day, more than 8,500 employees help deliver leading services.
Across all SV Group business, thousands of payments are processed every day using standard payment cards such as Maestro, Girocard, Mastercard, V-Pay, Visa, American Express and other national payment methods. These payments are settled by the card organizations according to their contractual guidelines, usually within a few working days. Transactions are aggregated daily and paid out net of commission and fees.
For the accounting departments of these businesses, the reconciliation and clearing of individual sales with bank payments is a huge effort. There is an individual process required for each card type and the traditional reconciliation process is only partially automated, usually involving a lot of manual work.
In order to automate this process end-to-end, SV Group chose to implement ReconHub. The ReconHub software checks all payments, reconciles them automatically and posts them into the accounting system. "Using ReconHub is a real game changer for our accounting department. Thanks to the automatic reconciliation, we have full control of all paid out transactions on a daily basis. This leads to 100% transparency across all the payment flows from our restaurants," says Heinz Giezendanner, CFO of SV Group.
ReconHub was developed specifically to meet the needs of both national and international companies from all sectors including gastronomy and retail. We are pleased to count the SV Group, an international system caterer, amongst our customers. ReconHub will make the reconciliation processes transparent and efficient with this new deployment.
- accounting software
- credit card reconciliation
- reconciliation hub