It is wonderful that you are doing great business online. However, if you are not doing the payment reconciliation, then you are losing your hard earn profits without knowing it. If you are doing the reconciliation just by stating the payment entries against the orders, then you are doing it the wrong
Managing the reconciliation of payments in Offline business is easy as there are no returns involved. What you sell is what you get paid for. There are hardly any returns, maybe you offer replacements instead. But the process is relatively straightforward. However, you can not apply this same method to online business.
In online business, if you ship 100 orders one day, you are likely to get 10 orders return the other day. Then after a few days, more returns keep on coming. This process keeps on compounding for each day. You never get a real picture on how many orders you have actually delivered. You never get to know, how many actually got paid and if they got paid, then how many were paid properly.
What is the correct way to do payment reconciliation for an online business? OMSGuru’s Payment Reconciliation is the correct way!
You verify the individual payment heads like commission fees, shipping fees, fixed fees, pick and pack fees, cancellation fees, storage fees, weight handling fees and much more for each order against the channel rules. If there is a mismatch, then you raise the issue with the channel for this.
Performing this manually is error prone and also you may miss out on timely reporting of the issue to the channel. You need an automated system that offers reconciliation on your behalf and gives you a problem report.
OMSGuru helps you do the payment reconciliation in an automated fashion. The only things needed are the product dimensions, weight and category commission rates and once this is provided, the reconciliation is performed automatically by checking all the individual payment heads for each order.
OMSGuru aims to help you plug the leakages that you are unaware of and boost your profit. We eventually, strive for your work simplification and your growth altogether.
Over 400 Cr GMV Orders get processed, managed and reconciled each month. Whether you sold your first item on Flipkart or you’re an Amazon veteran, OMS Guru can make your life easier.
Please fill in the details below to have one of our experts give you a personalize demo of our solution and then you can see for yourself how OMSGuru (Order management System Software) can help scale your business to new heights.