Myntra, a leading Indian e-commerce platform, empowers sellers with a vast customer base and streamlined operations. From hassle-free shipping and advertising to centralized catalog management and customer supply chain solutions, Myntra offers a comprehensive range of benefits for its sellers.
However, managing the associated fees for these services can become challenging, especially with high daily sales volumes. Tracking individual orders and their corresponding fees, coupled with the need to verify them against Myntra’s charges, can be a time-consuming and error-prone process.
Cointab- Your Automated Reconciliation Solution
Cointab simplifies Myntra fee verification by automating the entire process. Sellers simply upload their data, and Cointab’s system takes care of the rest. Cointab’s intelligent algorithms systematically allocate the data, perform necessary calculations, and then present the results in a clear and user-friendly format. This side-by-side comparison not only highlights any discrepancies between the seller’s calculations and Myntra’s charges, but also eliminates the need for manual data manipulation and error-prone spreadsheets. Cointab empowers Myntra sellers to move beyond tedious data entry and focus on analyzing the results.
The Rate card is as below
An Example of Cointab’s rate card
Myntra provides sellers with a tool to check shipping costs. This tool shows two things: the actual shipping fee Myntra charged the seller and an estimated fee based on Myntra’s internal rates. By comparing these, sellers can identify any discrepancies and potentially resolve them with Myntra.
Essential Reports for Reconciliation
PG Forward Settlement Report:
This report provides a comprehensive breakdown of charges associated with successful Myntra deliveries within a specific month.
- Logistics Fee: The cost associated with order fulfillment and delivery.
- Commission Charges: The percentage-based fee levied by Myntra for facilitating the sale.
- Settlement Amount: The final net amount deposited into the seller’s account after deducting logistics fees and commission charges.
- UTR (Unique Transaction Reference): A unique identifier for each transaction, aiding in easy verification with bank statements.
PG Reversal Settlement Report :
This report focuses on canceled and exchanged orders, detailing the associated fees:
- Logistics Fee: The cost incurred for processing canceled or exchanged orders, if applicable.
- Commission Charges: The commission levied by Myntra on canceled or exchanged orders, subject to Myntra’s policies.
- Settlement Amount: The final net amount refunded to the customer (including shipping cost, if applicable) after deducting applicable logistics fees and commission charges.
- UTR (Unique Transaction Reference): A unique identifier for each cancellation or exchange transaction, facilitating verification with bank statements.
Streamlined Myntra Fee Verification:
Cointab automates the verification process for these key Myntra fees:
- Fixed Fee
- Shipping Fee
- Pick & Pack Fee
- Commission Fee
- Payment Gateway Fee
Detailed Fee Breakdown:
Cointab provides a clear breakdown of each fee, helping sellers understand their costs:
- Fixed Fee: This fee varies based on order value and client category (PPMP or FBA). It’s fully refundable for returned orders (reflected in the Reversal PG Settlement Report).
- Shipping Fee: This fee is determined by order zone, client category (PPMP or FBA), and order level. Unlike the fixed fee, shipping fees are not refundable for returned orders.
- Commission Fee: This fee, charged on every order, has no fixed rate or percentage. It varies based on category and brand. It’s refundable for returned orders (reflected in the Reversal PG Settlement Report).
- Pick & Pack Fee: This fee applies solely to FBM clients and is not refundable for returned orders.
- Payment Gateway Fee: This fee is a fixed 2% of the order value or a minimum of Rs.20, whichever is higher.
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Following is the Output
Total Fees:
Cointab presents a clear overview of the total amount charged by Myntra, including commission fees, shipping fees, fixed fees, and payment gateway fees.
Fee Accuracy Analysis:
Cointab goes beyond simply displaying totals. It categorizes your fees into three key sections:
- Correctly Charged Fees: This section highlights orders where the fees calculated by Cointab perfectly match Myntra’s charges, providing peace of mind for these transactions.
- Overcharged Fees: Cointab identifies potential discrepancies by highlighting orders where Myntra might have charged you more than the expected fee based on the agreed-upon rate card. This empowers you to investigate and potentially dispute these overcharges with Myntra.
- Undercharged Fees: While less frequent, Cointab also identifies instances where you might have been undercharged by Myntra. This allows you to ensure you’re receiving the full amount you deserve for each sale.
Granular Fee Breakdown:
For each category (shipping fee, fixed fee, commission fee, and payment gateway fee), Cointab provides a line-by-line breakdown. This detailed analysis empowers you to easily pinpoint discrepancies and understand the specific fees involved.
Effortless Fee Management Starts with Cointab
Cointab goes beyond simply automating data entry and empowers you to take control of your Myntra fees. Its intelligent algorithms analyze the data against Myntra’s latest fee structure, ensuring accurate fee calculations for every single order. This empowers you to gain a crystal-clear understanding of your Myntra fees and identify any discrepancies between the fees you expect to be charged and the fees Myntra actually charges.
Unlock a world of benefits With Cointab.
Step into the future of reconciliation. Fill out the form to request your demo now!
