People who change their minds are often called 'aggressive', 'emotional', 'unpredictable', or 'indecisive'. But what is the name of e-commerce companies that change their policies regularly?
There is no name for the current firms, but there are indeed examples of firms that fit the definition at Flipkart, Amazon, Meesho, all of which fit the bill. And their evolving thinking makes e-commerce payment reconciliation a tough nut to crack for traders. Why not? It is not easy to keep track of orders, refunds, various taxes and duties, penalties and cancellations and accept last-minute policy changes to calculate the final payment due.
The reasons why it is not a walk in the park are:
- It’s a tedious, arduous task, especially in the event of a high sales volume
- Including a large list of fees and expenses such as service tax, listing fees, filing fees, fees, which can change at any time
- The rating card varies from product category to product category, from market to market
- Lack of transparency at the end of the market with improper/incorrect penalties thrown in
- The 2-3 month product returns window time after collection to consumers
- Standard policy changes
- The general disregard for merchant payments at all levels of e-commerce companies
What are the seller's options?
- Indian Online Seller spoke to many retailers and asked them to share a track record to keep track of payments from markets. We found three ways:
- Traders who do not follow payments and put their faith in the markets
- Vendors who keep their records manually (handwritten or spreadsheets)
- Merchants who use e-commerce software or specialized reconciliation software
Option 1 - No personal record, rely on vendor panels in the market
This applies to retailers who sell in 1-2 online markets and sell limited products. The panel of retailers of large e-commerce firms is usually sufficient for a few vendors as it provides all the order details, all return details, weekly payment reports, and all expected fees. Market places also send regular alerts via SMS ’and emails.
“I first tracked the payment from eBay and they arrived without any problems. So I stopped following them! ”Says Sanchit Goyal, an online retailer who sells on eBay and Amazon.
He adds,
“Sometimes I do random tests even though I know it's not the best way to do things. At Amazon, I still don't understand, their payment panel so I don't track individual payments but I've heard from suppliers that they are fine.”
According to Goyal, eBay payments are common and easy to calculate. And according to a few retailer reviews, Amazon is considered to be much better than other markets when it comes to making the right payments.
Option 2 - Best Ecommerce Payment Reconciliation Software
With the growth of the e-commerce industry in India, the demand for e-commerce products and services has also increased. Vendors who sell on multiple e-commerce sites and receive a high number of orders each month choose to opt-out of their services including payment reconciliation on multiple channel orders and start-up firms such as Ecombooks. Third-party eCommerce service providers help track payments from various markets, paid / unpaid order figures, and unreasonable/additional deductions.
New technological innovations that offer a reconciliation solution in themselves have also expanded. This software made by retailers or independent developers is far from flawless. But their effort to help retailers address the fundamental issues associated with calculating the final required amount from the market is worth mentioning
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