Chase is an electronic payment gateway in the US that processes payments for businesses that accept debit, credit or gift cards from their customers. They reduce payment fraud and manage chargebacks.
You may rely on Cointab Reconciliation to help you keep track of the fees imposed by Chase and other financial data as doing so manually can be time-consuming and error-prone, which can result in bigger losses.
The Chase invoice is compared to the ERP reports, bank statements, and website reports by Cointab’s automatic reconciliation software to determine whether there has been any overcharging. It streamlines the charges verification procedure for your business, improving the efficiency of your finance team’s operations. For a simple fee charges verification process, choose Cointab Reconciliation.
Reports required for Chase payment gateway charges verification:
Chase payment report
This report shows from which payment mode the payment has been done through Chase payment gateway.
Chase rate card
The fee, Percentage charged and rate charged come under rate card.
Fee correctly charged
The fee is calculated with the help of the rate card which denotes that in this case the fee is correctly charged in both the rate card as well as the Chase settlement report.
Here, it is shown that the fee is charged more in the Chase reports compared to the calculated amount.
In this case, the fee is charged less in the Chase reports compared to the calculated amount.
Tax correctly charged
The tax present in the payment report matches with the tax amount calculated.
In this case, the tax present in the payment report is recorded more in comparison to the amount calculated.
Here, the tax present in the payment report is calculated less than the amount calculated.
Settlement amount match
The settlement amount is derived when the fee and tax is deducted from the total amount. The settlement amount calculated should match the Chase settlement report, and in this case they match.
(settlement amount = total amount – fees – tax)
Settlement amount mismatch
The tax and fees are deducted from the total amount which gives us the settlement amount. The settlement amount calculated should match the Chase settlement report, and in this case they do not match.
Settled in bank reconciliation
These transactions are settled in the Chase settlement report as well as the bank account.
Not settled in bank reconciliation
In this case, the transactions are present only in the Chase settlement report and not settled in the bank.
To streamline the reconciliation process with ease and efficiency, Cointab Reconciliation is always available for you. It makes the procedure easier by quickly comparing the above mentioned reports. You can work more efficiently and deliver error-free output because of its automation. Furthermore, data loading and processing are seamless, providing you with a complete overview of all your transactional activities.
Use Cointab Reconciliation to simplify your operations, ensure precision, and enhance the entire reconciliation process. Start using Cointab Reconciliation now to take the first step toward financial efficiency. Don’t wait.