Streamline E-commerce Payments with Stripe:
Looking for a trusted payment gateway for your online store? Stripe, a leading processor for credit cards, debit cards, digital wallets, and bank transfers, is a popular choice for businesses of all sizes. Large e-commerce businesses leverage Stripe’s secure platform to facilitate recurring payments, giving their customers a familiar and trusted checkout experience.
Minimize Reconciliation Headaches:
While Stripe simplifies payments, managing transaction fees and taxes can become a challenge, especially with high daily volumes. Even minor discrepancies can lead to losses. Automating reconciliation streamlines this process, saving your finance team valuable time and ensuring accuracy.
Cointab Reconciliation:
Effortless Accuracy:
Cointab Reconciliation automates the entire Stripe reconciliation process. It calculates fees, taxes, and settlements, then compares them to your invoices, highlighting both reconciled and unreconciled transactions for easy review.
Essential Reports for Seamless Verification:
Stripe Payment Gateway Charges Verification:
Gain a clear view of all Stripe fees and taxes associated with your transactions.
Stripe Payment Report:
This report provides a detailed breakdown of each transaction, including date, amount, tax, payment method, and issuing bank details.
Stripe Rate Card:
Stay informed about current fee and tax structures with easy access to your Stripe rate card information.
Result:
Effortless Analysis of Stripe Transactions:
Managing online payments can be a complex dance, especially with fluctuating fees and taxes. Cointab Reconciliation simplifies Stripe reconciliation by providing a crystal-clear breakdown of key metrics for each transaction. This empowers your finance team to analyze fees, taxes, settlement amounts, and more, all within a user-friendly interface. Imagine the time saved and the peace of mind gained by having complete visibility into your Stripe transactions!
Reconciliation Statuses – Deep Dive into Accuracy:
Fee Accuracy:
Fee Correctly Charged:
Transactions where the software-calculated fee matches the invoice amount, signifying perfect alignment.
Fee Overcharged:
Orders identified for potential overcharges compared to the invoice. Catch these discrepancies before they impact your bottom line!
Fee Undercharged:
Orders with potential undercharges based on the software’s fee calculation. Ensure you’re collecting the proper fees and avoid revenue leakage.
Tax Accuracy:
Tax Correctly Charged:
Transactions where the calculated tax (18% GST on fee) aligns with the invoice amount, reflecting accurate tax application.
Tax Overcharged:
Orders flagged for potential tax overcharges based on the software’s calculation. Identify and potentially recover any excess tax paid.
Tax Undercharged:
Orders with potential tax undercharges identified by the software. Ensure compliance and avoid future tax liabilities.
Settlement Amount:
Settlement Amount Match:
Transactions where the software-calculated settlement amount (amount collected – fee – tax) matches the Stripe report, confirming accurate settlements.
Settlement Amount Mismatch:
Orders requiring further investigation due to discrepancies between the calculated and reported settlement amounts. Don’t let discrepancies go unnoticed – investigate and rectify them promptly.
Settlement UTR not present:
Transactions lacking a UTR number (payment identification for bank transfers) may indicate incomplete settlements. Identify and address any potential settlement issues before they snowball.
Bank Settlement:
Settled in Bank Account:
Transactions where the order amount matches in both the bank statement and Stripe report, confirming successful settlement and a healthy cash flow.
Not Settled in Bank Account:
Orders requiring investigation due to mismatches between the bank statement and Stripe report, potentially indicating unsettled transactions. Resolve these discrepancies to ensure your funds are properly accounted for.
Actionable Insights for
Enhanced Financial Control:
Cointab Reconciliation goes beyond just reporting. The highlighted overcharged and undercharged transactions empower your finance team to:
Dispute Overcharges with Confidence:
Easily identify and dispute potential overcharges with Stripe using the reconciliation results. Back your claims with concrete data for a smoother resolution process.
Recover Funds Efficiently:
Reclaim any overpaid amounts from Stripe based on the software’s analysis. Improve your cash flow and prevent unnecessary losses.
Focus on Strategic Initiatives: Eliminate tedious manual reconciliation tasks and free up your finance team’s valuable time. Empower them to focus on strategic initiatives that drive business growth.
Effortless Accuracy, Maximum Control:
Cointab Reconciliation automates the entire process, eliminating manual effort and ensuring accuracy in your Stripe reconciliation. This empowers your finance team to gain valuable insights, improve financial control, maximize profits, and ultimately achieve long-term financial success. Don’t let manual reconciliation hold you back – embrace automation and unlock the full potential of your Stripe transactions!
Stripe is an online payment processing company. It accepts credit and debit cards payments, digital wallets, and bank transfers. As Stripe is a trusted platform by many users to process their payments, many large e-commerce businesses opt for Stripe as their payment gateway partner to facilitate online recurring payments on their website. Having a payment gateway partner that a majority of users are familiar with helps them make purchases without any issues.
To partner with Stripe as a payment gateway partner a certain fee and tax has to be paid to them for each payment processed. Since a huge volume of transactions is processed every day, the fee and tax amount charged could be incorrect for a few of the transactions. In order to avoid making a loss it is necessary to reconcile these transactions.
When reconciling data manually a lot of effort and time is spent by the finance team. To simplify this task an automated reconciliation system can be used. Cointab Reconciliation is one such software that can automate the reconciliation process completely to generate accurate results. It calculates the fees, tax and settlement amount and reconciles it with the invoice to display reconciled and unreconciled transactions with ease.
The transaction date, payment amount, tax percentage, mode of payment, issuing bank details etc. are displayed in this report
Stripe Rate Card
Stripe rate cards consist of the validity dates, fee and tax percentages etc.
To partner with Stripe as a payment gateway partner a certain fee and tax has to be paid to them for each payment processed. Since a huge volume of transactions is processed every day, the fee and tax amount charged could be incorrect for a few of the transactions. In order to avoid making a loss it is necessary to reconcile these transactions.
When reconciling data manually a lot of effort and time is spent by the finance team. To simplify this task an automated reconciliation system can be used. Cointab Reconciliation is one such software that can automate the reconciliation process completely to generate accurate results. It calculates the fees, tax and settlement amount and reconciles it with the invoice to display reconciled and unreconciled transactions with ease.
Reports Required Stripe Payment Gateway Charges Verification
Stripe Payment ReportThe transaction date, payment amount, tax percentage, mode of payment, issuing bank details etc. are displayed in this report
Stripe Rate Card
Stripe rate cards consist of the validity dates, fee and tax percentages etc.
Result:
Fee Correctly Charged
For these transactions, the fee calculated by the software matches with fee amount in the invoice.
Fee Overcharged
These are the orders for which the fee calculated by the software is lesser than the fee amount in the invoice
Fee Undercharged
On these orders, the fee calculated by the software is more than the fee amount in the invoice.
Tax Correctly Charged
For these orders, the tax amount charged in the invoice matches the tax amount calculated by the software. The tax amount is calculated as 18% GST on the fee.
Tax Overcharged
These are the orders for which the tax amount calculated by the software is more than the tax amount in the invoice. The tax amount calculation is as given above.
Tax Undercharged
These are the orders for which the tax amount calculated by the software is lesser than the tax amount in the invoice. The tax amount calculation is as given above.
Settlement Amount Match
Settlement Amount = Amount Collected from Customer – Fee Charge – Tax Charge
With the help of the given formula, the software calculates the settlement amount and reconciles the amount with the Stripe report. These are orders for which the settlement amount calculated matches with the settlement amount report.
Settlement Amount Mismatch
Using the same formula, the software calculates the settlement amount and compares it with the Stripe report. These are the orders for which the settlement amount calculated matches with the settlement amount in the Stripe report.
Settlement UTR not present
UTR number is the ID used to identify payments transacted to the bank. Shown here are the orders of which the settlement UTR is not found which defines these orders as not transacted. Settled in Bank Account
These are the transactions for which the order amount matches in the bank statement and the Stripe report. It means transactions are correctly settled in your bank account.
Not Settled in Bank account
For these transactions, the amounts in the bank statement do not match with the amount in the stripe report which means these transactions are not settled in your bank account.
Cointab Reconciliation presents the reconciliation output in an easy-to-interpret format which enables analysis of each transaction. With the help of the results, the finance can verify the fees, taxes, settlement amount etc without much effort. The results highlight the overcharged and undercharged transactions so that managers can analyze these transactions more closely. If the business has been overcharged on any order then they raise a dispute using the results and claim that overpaid amount from Stripe. With Cointab reconciliation get ready to analyze accurate results without any manual effort.
For these transactions, the fee calculated by the software matches with fee amount in the invoice.
Fee Overcharged
These are the orders for which the fee calculated by the software is lesser than the fee amount in the invoice
Fee Undercharged
On these orders, the fee calculated by the software is more than the fee amount in the invoice.
Tax Correctly Charged
For these orders, the tax amount charged in the invoice matches the tax amount calculated by the software. The tax amount is calculated as 18% GST on the fee.
Tax Overcharged
These are the orders for which the tax amount calculated by the software is more than the tax amount in the invoice. The tax amount calculation is as given above.
Tax Undercharged
These are the orders for which the tax amount calculated by the software is lesser than the tax amount in the invoice. The tax amount calculation is as given above.
Settlement Amount Match
Settlement Amount = Amount Collected from Customer – Fee Charge – Tax Charge
With the help of the given formula, the software calculates the settlement amount and reconciles the amount with the Stripe report. These are orders for which the settlement amount calculated matches with the settlement amount report.
Settlement Amount Mismatch
Using the same formula, the software calculates the settlement amount and compares it with the Stripe report. These are the orders for which the settlement amount calculated matches with the settlement amount in the Stripe report.
Settlement UTR not present
UTR number is the ID used to identify payments transacted to the bank. Shown here are the orders of which the settlement UTR is not found which defines these orders as not transacted. Settled in Bank Account
These are the transactions for which the order amount matches in the bank statement and the Stripe report. It means transactions are correctly settled in your bank account.
Not Settled in Bank account
For these transactions, the amounts in the bank statement do not match with the amount in the stripe report which means these transactions are not settled in your bank account.
Cointab Reconciliation presents the reconciliation output in an easy-to-interpret format which enables analysis of each transaction. With the help of the results, the finance can verify the fees, taxes, settlement amount etc without much effort. The results highlight the overcharged and undercharged transactions so that managers can analyze these transactions more closely. If the business has been overcharged on any order then they raise a dispute using the results and claim that overpaid amount from Stripe. With Cointab reconciliation get ready to analyze accurate results without any manual effort.
