Elitesecom Order Management System OMS

If you are an e-commerce seller we know that you have to stay ahead of the curve. Being one step ahead is how a smart seller should sell and the profits are made. Let’s say you sell on ten different marketplaces and each of them has a different time cycle for releasing your payments. Are you going to process them all differently and go through the same process ten times, repeatedly? This will include checking on everything from disputed payments, overcharges, damages returns, gateway charges, and whatnot.

After that, dealing with the issue being raised is a different trail of tasks. For any e-commerce business, all of these factors play a vital role because this is what sets the line between going to a loss or earning profits. That’s where the e-commerce payment reconciliation comes in, with its regular optimization and tracking of trends and patterns, it ensures an automated process of reconciliations.

Let’s dive more into how an e-commerce payment reconciliation solution is capable of making it all seamless!

Why Do You Need Payment Reconciliation?

Imagine this scenario, let’s say you sell on different marketplaces. Platforms like Amazon, Flipkart, and Meesho release their payments in the settlement cycle of 7 days while Myntra has a cycle of 15 days and Blink-it repeats the payment in 10-15 days. When you do an e-commerce business everyday issues are inevitable like the difference between expected and received payments, overcharges by logistics, reverse packing or returns, the discrepancy in payments, problems with gateway charges, and operational leakages. The difference lies in how you deal with it. Let’s explore these possibilities.

Let’s say you have hired people and they maintain the records of everything. Now, how many Excel sheets are too many Excel sheets? And how much of the workforce will be required to do these collar jobs? Will they have the capacity to deal with each discrepancy that will be there regularly and every overcharge that will be charged and keep the follow-up from everywhere until it’s resolved? Imagining the extreme, they can do this.

However, the time it takes to get resolved will never be able to fit the timeline of different e-commerce marketplaces. By the time they can resolve something, the problem will become too old and there will be a fresh bundle to deal with. This will not go anywhere but, towards loss. And the room for human error seems inevitable in all of this. The fact is this is not a human cup of tea.

Why E-commerce Payment Reconciliation Matters for Businesses – Top Benefits

1. Automated Order Fulfillment: Accurate data is the cornerstone of selling. What has gone, and what is expected to come, and what is disputed, all these are portrayed by the numbers. If payment reconciliation is a kite then it is held by the string called reports of accurate numbers that makes your business fly. You can get all the numbers in the form of reports and optimization is done regularly if the right tool is used.

2. Faster Settlements:It was not a lie when we were told that time is money. Hence saving time in countering the disputes, and manually handling the overdue and awaited payments is what can be done easily. Just a few clicks away to know it all! Invest in the right automated payment reconciliation tool that gives you real-time information. For instance, a payment reconciliation tool that updates the information in just a few minutes and accesses the data, gives customized reports, just the way you want. It ensures the factor of transparency whenever you would like to raise an issue against any disputes like overcharges by logistics or discrepancies in the amount received from the marketplace

3. Standardize the Process:By standardizing and adopting a payment reconciliation system, not only will you unlock the accuracy, but it also will minimize the risk of financial and operational leakages as well as ensure financial integrity.

You will have recorded data with detailed financial insights that will project the charges in detail and it will be 10 times easier to identify the issue with the proven number by your side. The chances for human- error or fraudulent and financial leakages gradually diminish with the standardization. Brought by the regular real-time, automated reports which makes it very handy to analyze and strategize.

What are the Best Practices for Handling E-commerce Payment Reconciliations?

1. Automation: We live in the era of clicking the solutions and resolving disputes. The automation has the potential to solve operational issues in seconds with a few clicks. Automate most of your business operations by investing in the right technology. Your system can become capable of knowing every bit of difference between the expected and actual payment received, why it happened, each overcharge that is applied, and every inventory that went missing, and you can raise against the dispute in seconds, fitting to the time-crunch perfectly, that too for all the touchpoints that you are selling at. Isn’t it great? You can know the earliest when there’s a negative cash flow. The earlier it can be countered the lesser the potential of loss becomes. You can have it all in your control!

2. Regular Monitoring: When any problem occurs in the smooth functioning of your business, how do we recognize it? Most of the time, it is by observing the trends that happened in your business recently. Let’s take a look at an example, a reputed brand was receiving a lot of fake returns in the curtain of their buy one get one scheme. When the number intensified in a regular manner that’s when it was possible to stop the flow of loss. Now, imagine getting this as an automated report at the earliest. Does it solve it right away? The answer is yes! Be a step ahead of the numbers and to that, seamless payment reconciliation systems are the stairs that will help you to take that step ahead!

3. Review and Improve the Process:Problems like operational leakages are inevitable in the financial processes. One of the best practices to avoid and minimize the discrepancies is to review. To review the reports and improve the process by using an advanced e-commerce payment reconciliation tool.

There’s no point in monitoring and keeping a check if we are not getting the reports for analysis. Real-time custom data reports are very essential to identifying trends and optimizing the operations and performances.

Redefine E-commerce Payment Reconciliation Excellence!

It’s a necessity in the e-commerce business to evolve technologically and not get stuck in the loophole of constant issues. Handling e-commerce payment reconciliation is like solving several puzzles, say 10 at one time in the limited time given to you. The only way that a human would do it is by solving it one by one. An advanced payment reconciliation tool will solve it all for you and support you by giving accurate reports, even finding the parts of the puzzles that are missing in detail.

Be a part of the payment reconciliation revolution and unlock customer satisfaction with the best strategies. Don’t settle for the ordinary, when you can unleash e-commerce excellence with efficient and amazing tools like ElitesEcom. It’s time to embrace smart selling and unleash the full potential of your business.