Stripe is well-known as a payment gateway around the world. Many people trust Stripe and hence use it to make online payments. Stripe helps users make payments through credit cards, debit cards, online wallets etc. Businesses that sell online or in marketplaces use Stripe to handle online payments made by customers. With Stripe providing a seamless and secure way to make payments, buyers feel more comfortable making payments thereby increasing sales and overall customer satisfaction.
As an e-commerce business, you rely on Stripe as a payment gateway to process various transactions. However, it is necessary to check the payments that are finally received from Stripe as it is possible the wrong amount is paid to you. Since hundreds of purchases might be made on your website daily, it gets difficult to verify every single transaction. Hence it has become necessary to use an automated reconciliation software to simplify the process.
Cointab Reconciliation is an automated software that reconciles transactions from various reports to help identify if payments have been incorrectly made to your business. In the Stripe reconciliation process, the software reconciles the Stripe report with the website, ERP and bank reports to determine if Stripe has deposited any incorrect amount in your bank account or if Stripe has missed out on any payment.
Reports Required for Stripe Reconciliation
Stripe Settlement Report
The transactions processed through the Stripe payment gateway and their details are recorded in this report.
Stripe Return Report
For the RTO transactions processed through the Stripe payment gateway and their details are recorded in this report.
Website Report
The orders placed through your website and their details are recorded in this report.
ERP Report
The transactions recorded in the ERP system are shown in this report.
Bank Statement
It shows the details of payments sent by Stripe that are reflected in your bank statement.
Stripe Payment Gateway Reconciliation Results
Stripe with Website Reconciliation
Found in Shopify Order Summary
These are the orders which are present in the website report and the Stripe Report.
Not Found in Shopify Order Summary
These transactions are present in the Stripe report but not found in the website report.
Found Reconciled with Shopify Order Summary
These are the transactions for which the amounts match in the website report and Stripe report
Less Amount Recorded in Shopify Order
Summary
For these orders, the amount recorded in the website report is less than in the Stripe report.
More Amount Recorded in the Shopify Order Summary
On these orders, the amount recorded in the website report is more than the amount recorded in the Stripe report.
Website with Stripe Reconciliation
Found and Reconciled Stripe Transactions
These are the transactions for which match in both the website and the Stripe Report.
Less Amount Recorded in Stripe
The amount recorded in the Stripe report is lesser than the amount recorded in the website report.
More Amount Recorded in Stripe
For these transactions, the amount recorded in the Stripe report is more than the amount recorded in the website report
Cancelled PayPal Transactions
These transactions are recorded in the website report but these orders were cancelled by the customer as recorded in the Stripe report
Stripe Reconciliation with ERP
Found and Reconciled with ERP
These transactions match in both the Stripe report and in the ERP reports
Less Amount Recorded in ERP
On these transactions, the amount recorded in the ERP report is lesser than the amount recorded in the Stripe report
More Amount Recorded in ERP
For these transactions, the amount recorded in the ERP report is more than the amount recorded in the Stripe report.
Not Found in ERP
These are the transactions that are recorded in the Stripe report but not found in the ERP report.
ERP with Stripe Reconciliation
Found and Reconciled with Stripe
These are those transactions that match in both ERP and Stripe reports.
Less Amount Recorded in Stripe
For these transactions, the amount recorded in the Stripe report is less than the amount recorded in the ERP report.
More Amount Recorded in Stripe
On these transactions, the amount recorded in the Stripe report is more as compared to the amount recorded in the ERP report.
Not Found in Stripe
These are the transactions that are recorded in the ERP report but are not present in the Stripe report.
Stripe with Bank Reconciliation
Found in Bank Statement
These transactions are recorded in the Stripe report and in the bank statement. This means that payments for these orders are received.
Not Found in Bank Statement
These are the transactions that are recorded in the Stripe report but not found in the bank statement. This means that payments for these orders have not been received.
Bank with Stripe Reconciliation
Found and Reconciled Stripe Transactions
These transactions match in the Stripe report and Bank Statement. It means that payments have been correctly received from Stripe for these orders.
More Amount Recorded in Stripe
For these transactions, the amount recorded in the Stripe report is more than the amount recorded in the Bank Statement. It means that Stripe has paid you a lesser amount than it was supposed to.
Less Amount Recorded in Stripe
Shown here are the orders for which the amount recorded in the Stripe report is less than the amount recorded in the bank statement. It means that Stripe has paid an extra amount to your bank account.
Not Found in Stripe Transactions
These transactions are recorded in the bank statement but are not found in the Stripe report.
As seen above, Cointab Reconciliation completely automates the Stripe reconciliation process and saves the time and effort put in by the finance team. With various customisations, users can get the reconciliation results by applying their business rules. The results are displayed in an easy-to-interpret format so that managers can easily analyse transactions and closely monitor transactions for which a lesser amount is paid. In these cases, your business can use the results to raise disputes with Stripe can claim the unpaid amount. With the help of Cointab reconciliation automate the Stripe payment gateway reconciliation process so that your business can improve its overall finance efficiency.
