Opayo, UK’s most trusted payments provider, helps businesses grow and accept payments from customers, fast and securely online. Formerly known as Sage Pay, it is a payments processing service owned by Elavon. It takes Chip & PIN card payments in-store and also on-site with a wide range of standalone and integrated terminals.
Opayo charges certain fees and taxes to use their service. Since multiple fees and charges are deducted from the payments frequently, It results in the reconciliation of multiple charges and taxes, which can result in excess manual work for the finance department. Hence, employing automated software will help to further simplify the reconciliation process.
Cointab reconciliation software can help to reconcile transactions efficiently and it reports if the charges and taxes are overcharged or undercharged in an automated manner.
Total transactions and from which mode the transactions are carried out are displayed in this report.
It entails the payment mode and the fee, percentage, which are charged.
The fees charged by Opayo match with the calculation done using Rate Card.
The fees charged by Opayo are seen to be more than the calculation done using Rate Card.
The fees charged by Opayo are seen to be less than the calculation done using Rate Card.
The tax recorded in the Payment Report matches the amount calculated as per GST guidelines.
The tax recorded in the Payment Report is seen to be more than the amount calculated as per GST guidelines.
The tax recorded in the Payment Report is seen to be less than the amount calculated as per GST guidelines.
In the Settlement report, UTR is not present.
After deducting the fees and taxes the settlement mentioned in the report is matching with the amount calculated.
(Settlement Amount = Total Amount – Fees – Tax)
After deducting the fees and taxes the settlement mentioned in the report is not matching with the amount calculated.
The UTR present in the settlement Report should also reflect in the Bank Statement.
In this transaction, UTR is present in the settlement report but is missing in the bank statement.
Utilizing automated software like Cointab Reconciliation Software helps to reconcile the fees and taxes that are being transacted to Opayo. In case the charges are seen to be overcharged or undercharged by Opayo, the results obtained after reconciliation will help the business to raise a claim with Opayo. Opayo Payment charges verification can be automated with the help of software in the most efficient manner, which will further help to save the valuable effort and time of the business.