Introduction to Mastercard real-time feed
If your organization uses Mastercard corporate cards, Fyle's real-time feed is the best way to manage transactions from these cards.
Once a Mastercard card is connected to the real-time feed, any transaction made on the card instantaneously flows into the corresponding employee's Fyle account. If the employee has opted in for text messages, they even receive a text message as soon as they swipe the card, allowing them to respond with the receipt or any other details for the expense.
This feature eliminates any need for waiting. Your employees can code their expenses as soon as they make them!
Eligibility for Mastercard real-time feed
You can set up Mastercard real-time feed in your account if:
Your employees are using credit cards from Mastercard network, issued by any US or Canada bank.
Your default currency in Fyle is USD or CAD.
You are on a pricing plan that supports Mastercard real-time feed.
Get access to Mastercard real-time feed
To set up Mastercard real-time feed for your organization's Fyle account, use the following steps:
Navigate to Admin Settings > Cards > Corporate Cards.
Find the Enable Mastercard Real-Time Feed toggle and enable it.
Connect cards to Mastercard real-time feed
There are 2 ways in which you or your employees can connect Mastercard credit cards to the real-time feed:
Employee directly connects their card:
This is the suggested method for connecting any Mastercard card to the real-time feed.
Your employees can directly add their own cards from their Settings page.
You can find the steps here.
Admin creates the card through bank statement upload, then the employee connects it:
You can create and assign new card in Fyle using the statement upload feature. You can find the steps here.
Once assigned to the employee, the employee can view the card in their Settings page and connect it to the real-time feed.
Remind employees to connect cards to Mastercard real-time feed
In case you have assigned Mastercard cards to your employees but they have not connected it to the real-time feed yet, you will see an option to send an email reminder to such employees.
On your admin dashboard, find the Send Reminders section.
Find the Cards Connectable to Mastercard Real-time feed reminder.
Click on the reminder. Customise the email and send it to the employees.
It is recommended to send reminders to your employees to ensure they can start receiving and coding their expenses in real-time.
How transactions flow in from Mastercard real-time feed
If you are using the real-time feed for your Mastercard cards, it's recommended to read this section to understand the behaviour of transactions flowing in from the real-time feed.
Authorization: The transaction is created as soon as the employee swipes their card.
The transaction is created in Fyle using the authorization amount.
The transaction is created in Pending status. (This means that while the bank has authorized the amount, the final settlement is still pending.)
If the employee has opted in for text messages, they will receive a text message.
Settlement: The transaction is marked as posted when the bank settles it.
This usually happens 24-48 hours after the card is swiped, but can take up to 14 days.
The transaction status changes to Posted in Fyle. (This means that the bank has settled the final amount.)
In case the settlement amount is different than the initial authorization amount, the transaction amount is updated in Fyle. (The authorization and settlement amounts vary in many cases. For example, when you add a tip at a restaurant after the card is swiped.)
FAQs on Mastercard real-time feed
What is transaction status?
There are 2 possible statuses for a credit card transaction in Fyle. You can view the status under the Transaction Status column on any transaction.
Pending: The transaction has been authorized by the bank, at the time of the card being swiped. However, the transaction has not been settled by the bank yet.
Posted: The transaction has been settled by the bank and added to your bank statement.
One of our employees made an expense at a gas station but it shows up as a $1 expense in their Fyle account. What does this mean?
Gas stations usually authorize transactions using a placeholder $1 amount and update the actual amount in the final settlement. Thus, the corresponding expense temporarily shows up as a $1 expense in Fyle. Don't worry, the expense will automatically update to the correct amount when it is settled by your bank.
How are refund transactions handled?
Any refund transaction is directly added to Fyle as a Posted transaction with a credit amount. Employees will not receive any text messages for refund transactions.
Can employees connect Mastercard personal cards to real-time feed?
No, personal cards are not supported on real-time feed.
Can employees connect Mastercard debit cards to real-time feed?
Yes, employees can connect debit cards.
However, PIN based transactions will not be captured in Fyle. Employees are recommended to avoid using a PIN when making purchases that they want to capture in Fyle.
Does real-time feed work for transactions made outside US or Canada?
Yes, if the Mastercard card is from a US or Canada bank.
However, any foreign fees (additional charges) will not be captured in Fyle.
One of our employees made an expense at Home Depot, but it is only partially present in their account. Why is this happening?
A few merchants like Home Depot, Amazon, Lowes, etc. might split purchases into multiple settlements. For example, for a $100 purchase at Home Depot might appear as 3 charges of $25, $30, $45 in the credit card statement.
Each one of these settlements appears in Fyle as soon as the bank makes the settlement. If you're seeing only the partial expense, it may be because some of the settlements are still pending from the bank.
You can read more about this here.
One of our employees using Mastercard real-time feed is leaving the organization. Will their card be disconnected from the feed?
No, the card will not be disconnected and any transactions will keep flowing into the employee's disabled account. It is recommended for you or the employee to manually disconnect the card from the real-time feed before they leave the organization.