E-commerce is a transaction-intensive industry with high demands for control and efficiency in work processes. All transactions carried out via the web must be reconciled in detail, as the bank and website can almost never be closed at the same time. This leads to differences between bank and website which may cause difficulties. Two types of flows are also extra transaction-intensive. Card payments and direct payments.
Adra Match Accounts gives you:
- Control over each individual transaction
- Report on everything that does not match
- Report on the difference between deposits and registered sales at transaction level
- Report on fees charged
- Details of size of receivables compared to payer
- Details on which orders went wrong
At the end of each day, a lump sum of all card payments made over the web during a specific day will be paid into the bank. The entire lump sum has to be matched against all purchases logged that day. Only the redeemer has details of which transactions the amount in the bank consists of. It is also this information that has to be reconciled against purchases logged. A reconciliation or secure matching is impossible to perform without detailed information from the redeemer. Without them, you will never know for sure if the difference is due to delayed bank deposits or something else.
When matching transactions, the redeemer’s transaction ID must be taken into account. Different companies use different redeemer companies to make payments for purchases logged. Some take the fee directly from the gross amount, while others deposit the entire amount in the bank and then invoice the fee.
Direct Payments mean that all customers can make their payments via their own bank. As beneficiary, you have to open an account for each bank, giving rise to many accounts at various banks. Any direct payment is a transaction on your statement with a unique ID. Direct payments can cause the Accounts Department to be flooded with multi-page statements from a variety of banks. The reconciliation itself is relatively simple, but very transaction-intensive.