Expectation meets reality:
The value earned by sellers is not the same as the expectations of his online dreams. The first thought that came to his mind was that the market had made a mistake in payment. Are you sure you get the right amount from the market? Are you sure you record all your orders and related payments? If not, do you know where you need to add and where you need to cut?
Why do revenue counts continue to be a pain point for traders?
- It’s a tedious, arduous task, especially in the event of a high sales volume
- Including a large list of fees such as service tax, listing fee, filing fee, 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
- 2-3 months the product returns the window time after collection to customers
- Standard policy changes
Importance of E-commerce Payment Reconciliation
An important factor in determining financial life is payment reconciliation, eg using two sets of records to ensure that the calculations are accurate and consistent, thus reaching profit/loss values.
As technology has improved many aspects of doing business, books, and registers used to maintain accounts have provided computer software such as Tally, etc. for payment reconciliation.
Automatic market reconciliation, you get the following benefits:
1) Minimize losses due to returns:
There is no doubt that return is a worrying aspect of e-commerce. With most policies, keeping track of returns and associated costs becomes a herculean task. However, with advanced dashboards and reports, you can call tracking situations such as:
Markets do not charge a commission for the sale of returned products. Merchants can apply for refunds on the market under the Merchant Protection Program if they receive a damaged refund from an asset partner. In some cases, the customer asks for a refund after sending the same amount received by the seller. In this case, the market pulls the money in the next payment cycle.
2) Estimate the cost of investment in each market:
A business is only profitable if its revenues are higher than what you originally paid out. Even an e-commerce channel will take time to generate a profit. But with different market payment cycles, it becomes very important to know that you are getting the value of what you are using. For example, marketers are part of marketing campaigns. Therefore the analysis of the cash report will show that the amount issued is less than the selling price of the goods sold. With Reconciliation software, you know the amount stuck in each shipping cycle.
3) Pay Tax Debts on time:
Tax liabilities can be calculated based on the invoice sent to the market. These tax invoices are produced at the end of the month or sometimes at the end of the quarter. The same TDS for invoices require payment to the tax office before the 6th of each month. The reconciliation report should always indicate that the money will be refunded to the seller if the seller claims a refund.
What are the options available for Payment Reconciliation traders?
There is no personal record, depending on the vendor's market panel:
This applies to retailers who sell in 1-2 online markets and sell limited products. The panel of major retailers of commerce firms is usually sufficient for a few retailers 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.
Top E-commerce Payment Reconciliation Software:
With the growth of the e-commerce sector in India, the demand for certain e-commerce products and services has also increased. Vendors who sell on multiple e-commerce sites and receive a higher 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 and others. to help keep track of payments from various markets, paid / unpaid order figures, and unreasonable/additional deductions.
New technological innovations that offer reconciliation solutions alone have emerged. Then there is the ERP and Accounting software Tally used by Chartered Accountants nationwide.
Manual record keeping:
If you do not wish or cannot afford to use paid software, keeping a manual record is your safest bet. Many retailers use spreadsheets such as Microsoft Excel to keep payment reconciliation records.
Use formulas and functions such as Pivot Table & VLOOKUP in excel sheet to enter order details and track market payments.
Personalized transaction management and account reporting are one of the most time-consuming processes. Our technical solution is automated, makes transactions standard in the market, and gives you a comprehensive summary.
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