Twid is a leading technology company that converts existing reward points into digital currency. By partnering with Point Issuers, Merchants, and Acquirers—ranging from startups to large established businesses—Twid maximizes the value and usability of loyalty points. Traditionally, loyalty points earned from credit/debit cards, retail and online brands, and travel programs have had limited visibility and usage. Twid revolutionizes this by transforming reward points into a fully fungible currency, enabling users to spend them on anything, anywhere.
When discussing major payment gateways like Twid, occasional issues may arise when converting loyalty points into currency. Given Twid’s large customer base and high transaction volume, miscalculations can occur. This makes reconciliation crucial. In today’s world, manual reconciliation is impractical due to the long hours of tedious labor it requires. Therefore, automated reconciliation is essential. Cointab Reconciliation offers an effective solution for verifying transactions accurately.
Cointab Reconciliation software is an advanced automated solution designed to streamline the verification of high volumes of transactions efficiently. With minimal resource usage and time investment, it informs you that all loyalty points from various sources are accurately accounted for and converted into currency or not. The software also identifies and highlights any underpayments or overpayments, simplifying the reconciliation process and helping you avoid any further financial losses.
Twid with Website Reconciliation
Identified and Reconciled Transactions:
These transactions are present in both the Twid settlement report and your website report.
Higher Amounts in Website Report:
The website report shows a greater amount compared to the Twid settlement report.
Lower Amounts in Website Report:
The website report indicates a lesser amount compared to the Twid settlement report.
Not Found in Twid Settlement Report:
These transactions are listed only in the Twid settlement report and do not appear in your website report.
Website with Twid Reconciliation:
Transactions Found and Reconciled:
These transactions are listed in both the Twid settlement report and your website report.
Lower Amount in Twid Report:
The Twid settlement report shows a lower amount compared to the website report.
Higher Amount in Twid Report:
The Twid settlement report displays a higher amount compared to the website report.
Customer-Canceled Transactions:
These transactions, canceled by the customer, are recorded only in the website report and not reflected in the Twid settlement report.
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We have got the perfect reconciliation solution for you!
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Twid Reconciliation with ERP
Transactions Found and Reconciled:
These transactions are listed in both the Twid settlement report and your ERP report.
Higher Amounts in ERP Report:
The ERP report shows a higher amount compared to the Twid settlement report.
Lower Amounts in ERP Report:
The ERP report displays a lower amount compared to the Twid settlement report.
Transactions Not Found in ERP Report:
These transactions are only present in the Twid settlement report and are missing from your ERP reports.
ERP with Twid Reconciliation:
Transactions Found and Reconciled:
These transactions are listed in both the Twid settlement report and your ERP report.
Lower Amounts from Twid:
The Twid settlement report shows a lower amount compared to the ERP report.
Higher Amounts from Twid:
The Twid settlement report displays a higher amount compared to the ERP report.
Transactions Missing from Twid:
These transactions are recorded only in your ERP report and do not appear in the Twid settlement report.
Canceled Transactions:
These transactions, which have been canceled, are reflected only in the ERP report and are not included in the Twid settlement reports.
Twid with Bank Reconciliation
Transactions Successfully Processed:
These transactions appear in both your bank account and the Twid settlement report, confirming they have been successfully settled.
Transactions Pending in Bank Account:
These transactions are listed only in the Twid settlement report and have not yet appeared in your bank account.
Bank Reconciliation with Twid
Reconciled Transactions in Twid:
These transactions are visible in both your bank account and the Twid settlement report.
Higher Amount Recorded in Twid:
The Twid settlement report shows a higher amount compared to your bank statement.
Lower Amount Recorded in Twid:
The Twid settlement report indicates a lower amount compared to your bank statement.
Transactions Not Found in Twid:
These transactions are present only in your bank reports and are missing from the Twid settlement report.
Cointab Reconciliation ensures that all transactions are accurately processed, minimizing errors and preventing financial losses. Its advanced software streamlines the verification of high volumes of transactions, making it an indispensable tool for businesses like Twid. By leveraging Cointab’s capabilities, Twid can continue to revolutionize the value and usability of loyalty points, enhancing their appeal for consumers and businesses alike.
Ready to take your reconciliation process to the next level? Discover how Cointab Reconciliation can streamline your transaction verification and safeguard your financial accuracy. Contact us today to learn more and schedule a demo!
