C O I N T A B
Simplifying the complex, and providing merchants with a customer journey that is future-proof is 2Checkout passion.This popular payment platform provides a secure and streamlined checkout process, making it easy for customers to make purchases with confidence.It helps small businesses accept online credit card payments, for physical and digital goods in 200 countries. It supports multiple currencies, making it a versatile solution for customers all over the world.

When you partner with 2Checkout, as a payment gateway platform it charges certain fees and taxes. After the deduction of fees and charges the remaining amount is transacted to 2Checkout. During this transaction, some miscalculations might take place, the case may be that the fees and taxes might either be overcharged or undercharged. Manually reconciling those transactions can be a time-consuming process at the end of the finance Department. 

Reports Required for 2Checkout Payment Gateway Charges Verification:

2Checkout payment report:
Total transactions and from which mode the transactions are carried out are displayed in this report.

2Checkout Rate card:
It entails the payment mode and the fee, percentage, which are charged.

Results:

Fee correctly charged:
The fees charged in the 2Checkout report match with the charged amount calculated using Rate Card.

Fee overcharged:
The fees charged in the 2Checkout report are seen to be more than the charged amount calculated using Rate Card.

Fee undercharged:
The fees charged in the 2Checkout report are seen to be less than the charged amount calculated using Rate Card.

Tax-correctly charged:
The tax recorded in the Payment Report matches the tax amount calculated as per GST guidelines

Tax- overcharged:
The tax recorded in the Payment Report is seen to be more than the tax amount calculated as per GST guidelines.

Tax- undercharged:
The tax recorded in the Payment Report is seen to be less than the tax amount calculated as per GST guidelines.

Settlement UTR not present:
In the Payment report for these transactions, UTR is not present.

Settlement amount match:
The settlement amount is the total amount from which tax and fees are deducted. The settlement amount calculated  Should match the settlement amount received from the 2Checkout report then it is said that the settlement amount matches. 
(Settlement Amount  = Total Amount – Fees – Tax)

Settlement amount mismatch:
The settlement amount refers to the total amount from which tax and fees are deducted. If the settlement amount calculated does not match the settlement amount received from the 2Checkout report, it is said that the settlement amount is mismatched. 

Settled in bank account:
The UTR present in the settlement Report is found in the Banks statement for this transaction.

Not settled in bank account:
The UTR present in the settlement Report is not found in the Banks statement for these transactions.

Adapting to automated software helps to seamlessly reconcile transactions. Cointab reconciliation software will verify the transaction in a matter of minutes and helps you to get rid of human error. If there are any discrepancies the software will pinpoint the miscalculation, which will help you to make a claim in case you have been either overcharged or undercharged.

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