Freecharge is a very well-known payment gateway in India. It has various functionalities such as bill payments, recharges, UPI and card payments. It makes it easier to carry out online payments anywhere and at any time. Hence many companies partner with Freecharge to accept payments as a payment gateway partner. It is very useful it enables customers to make online payments on the website and makes your products more accessible to them.
To partner with Freecharge as a payment gateway, you have to pay fee for every payment processed. Freecharge collects the order payment from the customer and then subtracts the fee, tax and other charges and then finally deposits the remaining amount in your bank account. However, sometimes the fee amount calculated might be wrong or you could be overcharged. When this happens regularly you end up incurring a huge loss.
Our software can resolve these problems for you as it helps you verify all the charges at a single place. Our software automates the Freecharge Payment Gateway Fee Verification process. You can automatically load files to the system in various formats. It also cleans the data of any inaccuracies and transforms it to produce a result. Your finance teams can view the result to analyse and track the fee payments.
The transaction amount, transaction date, fee and tax percentage, mode of payment, and issuing bank are all available in this report
The fee and tax percentage and its validity dates are available in the Freecharge rate card.
The software uses the rates given by Freecharge in the rate card to calculate the expected fee, tax and settlement amount. The software highlights the orders on which any charges are overcharged. You can track all charge payments made to Freecharge and claim an extra amount charged by them.
The calculated fee amount matches the fee charged by Freecharge in the invoice.
Shown Here, the calculated fee amount is lesser than the fee charged by Freecharge in the invoice.
For these orders, the calculated fee amount is more than the fee charged by Freecharge in the invoice.
The tax amount calculated by the software is equal to the tax amount recorded in the Freecharge report. The tax amount is considered as 18% GST on the fee.
When the tax amount calculated by the software is less than the tax amount recorded in the Freecharge report it is displayed here. The tax amount is calculated as 18% GST on the fee.
Shown here are the orders for which the tax amount calculated by the software is more than the tax amount recorded in the Freecharge report
Amount Collected from Customer – Fee Charge – Tax Charge is used to calculate the settlement amount. The calculated settlement amount matches the settlement amount paid by Freecharge.
Amount Collected from Customer – Fee Charge – Tax Charge is used to calculate the settlement amount. The calculated settlement amount does not match the settlement amount paid by Freecharge
When the UTR is not present for transactions then these transactions are considered as not completed as they cannot be identified without UTR
These transactions are recorded in both the bank statement and the Freecharge reports and the amount is matching on both the reports. It means that these transactions are considered settled in the bank
Shown here are the transactions that are not present in the bank’s statement but they are present in the Freecharge report. It means that these transactions are not settled in bank.
Our software simplifies the reconciliation process as it automates data load and accepts a multiple file types including CSV, XML, XLXS, etc. via an integrated API. It automatically cleans the data and gets rid of duplicates,inconsistencies etc. The software applies the business rules and logic criteria that are specific to your organisation. Then the final reconciliation result is produced. Other software can import this output in a variety of file formats, such as CSV, XML, and PDF. You can set this process to run once a month whenever it’s convenient for you. As shown the software completely automates the Freecharge payment gateway fee verification process. You will be able to easily track every fee and tax charge levied. This will help you avoid paying an extra amount as the software carries out accurate calculation and reconciliation.