Payoneer is a payment gateway company in New York that offers quick and affordable services locally and internationally. It is a top payment platform that collaborates with businesses, SMBs, marketplaces, and freelancers to address payment-related issues.
Keeping track of such a heavy number of transactions can be a little risky as the fear of the amount being wrong and especially overcharged will always remain. To be sure about your transactions with Payoneer, use cointab’s automated software.
Our software seamlessly compares and matches data from all your crucial platforms like the website reports, ERP and bank statements ensuring that your financial information is always precise and error-free. With our automated process, we avoid manual errors and incase of any discrepancies you can raise a dispute with Payoneer.
Payoneer payment report
This report shows from which payment mode the payment has been done and the total transaction report.
Payoneer rate card
The rate card consists of percentage charges, fee and the payment mode.
Fee correctly charged
The fee charged by Payoneer matches with the fee given in the rate card.
The fee is calculated using the values in the rate card and here the transactions show that Payoneer has charged more than the calculated amount.
Here, the fee charged by Payoneer is less compared to the fee that we got from the rate card.
Tax correctly charged
The tax present in the payment report matches with the tax amount calculated according to the GST guidelines.
Here, the tax present in the payment report is seen more than the tax amount calculated using the GST guidelines.
In this case, the tax in the payment report is seen less compared to the tax amount calculated using the GST guidelines.
Settlement UTR not present
For these transactions the UTR is not present in the payment report.
Settlement amount match
The Tax and fees is deducted from the total amount which gives us the settlement amount. The settlement amount calculated should match the Payoneer settlement report, and in this case they match.
(settlement amount = total amount – fees – tax)
Settlement amount mismatch
Here, the settlement amount is the total amount from which the fees and tax are deducted. The settlement amount calculated should match the settlement report given by Payoneer, and in this case they do not match.
Settled in bank reconciliation
These transactions are found in bank statements as well as the Payoneer settlement report.
Not settled in bank reconciliation
In this case, the transactions are found in the Payoneer settlement reports but not found in the bank statement.
In conclusion, Cointabs automated software efficiently reconciles your given data by verifying the above mentioned reports. By automating this process it ensures accurate and updated data that reduces the possibility of any discrepancies. We understand the importance of having a strong financial system and hence we do that difficult part of reconciling the finances for you while your company can focus more on growing the business.