The E-commerce market is undoubtedly a great platform for products and marketers to reach a wider audience and increase their market share. Although there are many opportunities, synchronizing payments from these markets poses a major challenge. Many retailers end up losing out due to problems with the payment system and additional costs.
Payment reconciliation from multiple markets means keeping track of debts and ensuring that you are not overcharged or overpaid. While it can be a huge undertaking, a good place to start would be to understand the general downturns that markets are making.
Commission - Fees charged on the markets sold. The structure of the commission varies in different markets, be it a percentage or a fee. The key is to discuss and document all the factors to ensure that your pricing strategy is right and you are not overcharged.
Closure Fees - Fees charged for each product sold to prevent copyright infringement. It is part of the various components of the commission that are charged above and beyond the commission.
Shipping Costs - As the name suggests, these fees cover the maintenance and storage, and shipping services provided by the market.
Discounts - To stay competitive you need to give discounts indefinitely and these discounts are adjusted at the seller's payment.
Sales and Other Taxes - Market places have now begun to collect sales tax which is also adjusted by paying merchant fees.
Improving Payment Reconciliation Performance
Clearly, with so many reductions in place, adapting payments from markets can be tedious, complex, and challenging. Before we talk about accepting reconciliation strategies, some key take includes:
Read and understand service level agreements including good print, often billing is only seen by retailers when billed. The ambiguity makes the situation worse and your pricing strategy becomes much weaker.
At the risk of sounding unwanted, understand and be fully aware of all market fees including fines, fees, business sponsorship fees. This will help you to identify the drawbacks generated by the market.
Understand Tax Structure and How It is Calculated.
Now, when it comes to payment reconciliation management - many off-the-shelf payment methods help you track and manage payments. However, it is important to know that your home appliances need to be trained to make sure they understand how to make the best use of this tool and invest in installation and upgrades. Another practical and easy-to-buy option from an experienced retailer that will give you access to reconciliation experts and advanced tools, help you improve efficiency, and drive cost savings.
The business of the economy is vulnerable and demanding, and payment reconciliation is a critical task. It is therefore important to work with the right vendor to ensure that you have access to skilled and knowledgeable services.
Ecombooks is a full-time solution that offers a wide range of e-commerce payment reconciliation services. Tell us about your challenges and we can help you deal with them, facilitate payment reconciliation in all markets and make a profit.
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