While looking at our Uber Eats interface, I researched how secure the platform is and discovered several operators had reported security issues here. This one, however, caught my eye. As bad as some bank fraud scams are, it is too easy to forget that as services get linked into your POS System, the chances of fraud increase with other systems.

A typical bank fraud hit many Uber Eats franchises, but because it was not a bank, the owners let it go until it was too late.

The scammers posed online as Uber Eats administrators, claiming urgent account issues. They then requested login credentials to "fix" some supposed problems. Once access was gained, the Uber Eats franchises' banking details were changed to redirect payments. Unlike bank systems, Uber Eats' notification systems often fail to alert merchants about these changes, which is weird as one would assume these are critical.

Real-World Impact

An Uber Eats merchant lost $3,500 after scammers changed their banking details. Another reported losing over $20,000 through a similar scam.

Security Measures to Implement

To safeguard your business from these scams, implement the following security measures:

Enable Multi-Factor Authentication (MFA)

You can add an extra layer of security by requiring multiple verification forms before account access is granted.

Implement Strict Internal Controls

Limit access to your codes to trusted staff only. Change these frequently and immediately when staff members leave your business.

Verify All Communications

Today, few security people request passwords or banking details via phone, text, or email. I would be cautious if they contacted you first. If you must give them passwords, change these passwords ASAP. Here are some tips.

Monitor Your Account Regularly

If possible, check your banking details and payment receipts daily. Your total report should match the bank's records.

Use Strong, Unique Passwords

Create complex passwords specific to your Uber Eats account. I recommend using a reputable password manager to generate and store secure credentials.

What to Do If You've Been Hacked

If you suspect your account has been compromised, immediately change your passwords. Contact the company through official channels, not by replying to an email. Document everything. Report the incident to your bank. Consider freezing payments until security is restored.

Legal Responsibilities and Compliance Australian law clearly states that you are responsible for your financial and customer information.

I had a client, World Square Newsagency, who went to court over fraud committed not by him but by one of his employees. The judge ruled that he had to pay the NSW lottery $574,000 for the employer theft, the NSW lottery legal fees, the NSW lottery investigation costs, and his legal fees of about $200,000 and some other expenses. It added up to over a million dollars.

Details here.

The Bigger Picture for Australian Retailers

While this article focuses on Uber Eats, the security principles apply to all integrated payment systems. Each new integration will create potential security risks, which require vigilant management.

Written by:

Bernard Zimmermann is the founding director at POS Solutions, a leading point-of-sale system company with 45 years of industry experience. He consults to various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.

We all need to reconcile payments regularly. For many retailers, matching POS reconciliation data with bank statements becomes time-consuming.

Our innovative Payment Type Breakdown Report offers a powerful solution to streamline this essential process.

Understanding the Payment Reconciliation Challenge

Accurate payment reconciliation ensures your financial records match actual transactions and that you see what is happening and what you think is happening.

The biggest problems besides the work, and its a lot of work

-Figuring out how the payment processing fees work when accepting card payments

-Dealing with delayed payments and settlement issues

-Businesses Doing third-party payment processors face time

Simplifying the Payment Reconciliation Process for Retailers

Our Payment Type Breakup Report is explicitly designed to address your reconciliation challenges. It provides retailers with a comprehensive breakdown of payment data organised intuitively.

Where to Find the Report

You will find it here.

See Reports> Sales - Register > Payment Type Breakup.

This report summarises payments for the bank's particular period broken up by days. The totals by payment type are listed on the report, with a Grand Total at the bottom. The report can be produced for any period on a daily, weekly, monthly, or even yearly basis.

Key Features and Benefits

The Payment Type Breakup Report offers several advantages that streamline your financial management:

-Daily payment summaries broken down by payment method

-Flexible reporting periods (daily, weekly, monthly, or yearly)

-Comprehensive payment type categorisation for detailed analysis

-Total calculations for quick reference

-Easy comparison with bank deposit records

How the Payment Type Breakup Report Works

Report Structure

The Payment Type Breakup Report presents a clear, organised view of your payment data with the following elements:

Column Headings and Organisation

The report includes these essential columns:

-Date: Transaction date

-Total Amount: Sum of all payments received

-Payment Type Columns: Individual columns for each payment method (Cash, Credit Card, EFTPOS, etc.)

I find this daily breakdown particularly valuable. Banking systems often split deposits across different days. With organised data, you can easily match your POS records with bank deposits despite timing differences. 

The Reconciliation Process Made Simple

The Payment Type Breakup Report makes reconciling your sales with bank deposits significantly more efficient.

Here's a step-by-step approach:

Generate Your Report

Select your desired date range to view payment activities during that period comprehensively.

Compare with Bank Statements

Match the payment type totals from your report with the corresponding deposits in your bank statement.

Pay special attention to:

-Credit card batch totals

-Cash deposit amounts

-EFTPOS settlements

-Third-party processor deposits

Identify and Investigate Discrepancies

When differences appear between your report and bank statement:

-Look at transaction fees deducted by payment processors. They often do not match what you think they should be.

-Verify all refunds and chargebacks

-Ensure all sales are in your POS system. It is a worry if they do not.

Check for timing differences in deposits.

The most important thing is that payment providers have held up in their settlements. After being processed through your POS system, it can sometimes take up to 3 business days for the money to settle in your bank account. This is particularly problematic if you or your customer are not in the major banks. 

Public holidays can be a problem.

I hate this one. Different systems close at different times. For example, some payment providers batch out at 11:00 PM, and transactions after will be counted on the next day.

Manual payment processing: Sometimes, a transaction is flagged, and then it needs to be processed manually rather than automatically. If so, you will see a delay.

It is for these reasons most professions do not perform daily reconciliations. 

Leveraging POS Reconciliation Data for Business Growth

Leveraging Data for Business Growth

The Payment Type Breakup Report delivers value beyond essential reconciliation by providing actionable business intelligence.

Tracking Payment Trends

By analysing your payment data over time, you can identify valuable trends in customer payment preferences. This information helps you:

-Adjust your payment acceptance methods based on the charges levied.

-Forecast cash flow more accurately

Implementing Your Payment Reconciliation Strategy

To maximise the benefits of the Payment Type Breakup Report, consider these implementation steps:

Establish a Regular Reconciliation Schedule

Set a consistent schedule for reconciliation activities. I suggest daily or weekly. You do not want to leave it too far away. It gets hard to find out what someone did three weeks ago on Tuesday.

Integrate with Your Financial Systems

Connect your POS data with the bank records when possible for maximum efficiency.

Ready to Transform Your Financial Management?

Our clients use our Payment Type Breakup Report to save time and report discrepancies in their financial records.

Industry Insights

The Payment Times Reporting Scheme started in January 2021 and offers valuable insights into payment practices across Australian industries. According to the official Australian government source here, while primarily focusing on how large businesses pay small suppliers, the data reveals ssential trends relevant to retailers:

-Standard payment terms average around 30 days across most industries -Education and training businesses pay approximately 65% of invoices within their standard payment period -Long payment times (over 30 days) significantly impact small business cash flow and growth potential

Conclusion

This tool is handy for effectively managing and reconciling your POS Software with the bank.

Just another example of how our POS System gives you something you can use.

Written by:

Bernard Zimmermann is the founding director at POS Solutions, a leading point-of-sale system company with 45 years of industry experience. He consults to various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.