Payment Gateway Charges Reconciliation
Verify the fees and tax charged in the invoice issued by the payment gateway partner.
At Cointab, we specialize in payment gateway reconciliation, ensuring businesses maintain complete financial accuracy and control over transaction fees. With deep expertise in automating complex reconciliations, we help organizations validate every charge, eliminate revenue leakages, and streamline financial operations. Our technology-driven approach ensures that the fees deducted by payment service providers (PSPs) align with contractual agreements, enabling businesses to recover discrepancies and optimize cash flow.
Process Flow
01.
Data Collection
- Obtain transaction reports from payment gateways like Razorpay, PayU, Stripe, and PayPal.
- Gather settlement reports from banks and PSPs.
- Extract order and payment details from the business’s internal system (e-commerce platform, ERP, or accounting software).
- Reference industry reports and research studies to benchmark fee structures and trends.
02.
Data Standardization
- Convert reports from different gateways into a uniform format.
- Standardize key data points such as transaction ID, order ID, transaction amount, fee percentage, settlement date, and reference numbers.
- Compare charges with contractual agreements and industry standards.
03.
Reconciliation Process
- Match transactions: Cross-check payment gateway transactions with internal records.
- Verify fees charged: Compare actual fees deducted with agreed-upon rates.
- Identify discrepancies: Overcharged fees.
Missing or delayed settlements.
Incorrect deductions or double charges. - Audit chargeback and refund claims: Verify validity of refunds and disputes against actual customer claims.
04.
Discrepancy Resolution
- Generate reports highlighting mismatches and unexpected charges.
- Communicate issues with the payment gateway provider for resolution.
- Escalate overcharging or unauthorized deductions to regulatory bodies if required.
- Follow up on refunds, chargebacks, or incorrect deductions.
05.
Reporting & Final Settlement
- Generate a final reconciliation report with verified payments and fees.
- Confirm necessary adjustments with finance teams.
- Ensure accurate accounting for payment gateway transactions.
- Provide insights for renegotiating fee structures with payment providers.
Why Choose Cointab for Payment Gateway Reconciliation?
Unparalleled Accuracy
Our system eliminates manual errors, ensuring precise fee verification.
Cost Optimization
Identify overcharges and recover lost revenue effortlessly.
Regulatory Compliance
Ensure adherence to financial and payment industry regulations.
Automated Reconciliation
Save countless hours with seamless automation.
Real-Time Visibility
Get clear insights into payment gateway deductions and settlements.
Conclusion
Cointab’s automated payment gateway reconciliation solution is designed to provide businesses with unmatched financial transparency and control. By ensuring accurate fee deductions, detecting discrepancies, and optimizing reconciliation workflows, we empower organizations to make informed financial decisions while reducing operational overhead.
👉 Schedule a demo today and discover how Cointab can transform your tax reconciliation process!
