/Payment Reconciliation For E-Commerce:Be smart, Save costs, Save time!

Payment Reconciliation For E-Commerce:Be smart, Save costs, Save time!


Payment reconciliation for e-commerce

From groceries to fashion apparel, our generation of ‘smart shoppers’ & ‘Tech-savvy’ retailers leverage digital mediums to maximize the benefits. E-Commerce is now as much a part of our lives as the mobile phone or home delivery of food. With speed and convenience trumping traditional aspects of pre-digitalization retail, the dependence on online marketplaces is on a rising trajectory. Brands realize that a seamless Omnichannel experience is critical in the modern digital era by providing a fluid set of choices for customer satisfaction. It fosters customer relations & brand loyalty through improved user experience while simplifying logistics and sales for brands.

An Omnichannel experience ensures that customers have the same experience irrespective of their choice of channel. It offers customers a wide selection of products with clarity on inventory availability. Once a customer makes a choice, it ensures a smooth check-out, and shares an instant pick up trigger to the logistics partner with automatic messaging to the customer on the status. In parallel, it shoots off an email to the customer highlighting how she has earned/spent loyalty points across the different channels. In today’s fast moving world, growth in sales translates to growth in returns. Brands with poor Omnichannel logistics processes & divergent payment transactions will end up losing customers. Online goes hand in hand with offline, and vice versa; Brands which engage better and are flexible to change, emerge more successful.

Hence, going omnichannel instead of staying multichannel is similar to dodging a bullet in the long run. For stores who are omnichannel but still seeing dropping sales, this is a result of retailers unable to analyze and track data. Let’s take the example of a large retailer, a leading global footwear brand with digital footprints of customers across multiple mediums. Customers may shop from the website, app or through marketplaces like Amazon or Flipkart. Alternatively, they can shop directly from stores or use hyperlocal apps like Swiggy or Dunzo to shop. Imagine trying to compile data across these different channels with their unique payment modes, currencies, discounts, shipping fees, payment gateway fees, margins, commissions etc. The finance team would be on their wits’ end. Without automated payment reconciliation, it is impossible to account for and track these transactions.

Let’s take an example of a customer walking into a store seeking a shoe currently not available in the store inventory. This (Accepting store) accepts payment but forwards it to another store (Executing store) to instead deliver the shoe to the customer residence. Calculation of the different commissions, payment gateway fees, logistics costs, shipping fees, etc. for thousands of such transactions is tedious and error prone. From a business perspective, the use of an Omnichannel automated payment reconciliation tool is imperative for a company seeking to save large amounts of stocks & costs.

Payment reconciliation helps brands keep track of detailed reports to get a sense of financial health. Reconciliation prevents overdrafts, bounces checks, overcharged fees and shows patterns of financial trends such as cash inflow & outflow. Such a solution reduces the strain on the finance department to ensure an automated, updated & detailed report of real time costs & inventory. Simplifying this process to reconcile payments is just one click & an easy login away. Vinculum’s Omnichannel Payment Reconciliation tool is an AWS cloud based system that generates accurate, simplified & detailed reports within minutes. The data is updated in real time, thus ensuring a way to make sales & reconciling payments simple, efficient and hassle free. It resolves all the above-mentioned intricacies and identifies order wise profitability as well as a break-up of the charges.

“Vinculum was recommended to us by a friend for payment reconciliation of Amazon and Flipkart and must say that its services really stand up to the expectations. We are using the panel provided on a regular basis for several types of collated reports which is a plus point apart from the reconciliation claim amount that we are receiving. We are more than happy with the quick resolution of every query that we raise as the SPOCs assigned to us always readily assists us. At times our issues have been taken care of even on their off days, which is really appreciable as we are a seven days working company. So overall, we would highly recommend Vinculum to anyone who is looking for a reconciliation service” says one of our valuable customers, Mayank Chauhan from UBON.

So, it makes your life easy, as a business overall; but as a finance department? Let’s just say your magic wand could be 3 weeks away!

To know more about Vinculum, visit www.vinculumgroup.com

Disclaimer: Content Produced by ET Edge

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