Windcave is a global Ecommerce payment gateway that retails transactions and offers end-to-end payment, guaranteeing that your transactions are secure, easy, and safe everywhere you go.
Manually keeping track of your financial activities might be time-consuming and challenging, but it is very necessary to avoid being charged an amount that will ultimately result in significant losses. You can rely on Cointab at this point to verify the validity of your transactions with Windcave.
Cointab Reconciliation software helps to automate the process of verifying your fees and taxs and in understanding where you have been exactly undercharged or overcharged. The results obtained after the transaction will help the business to raise a claim with Windcave in case of any discrepancies.
Reports required for Windcave payment gateway charges verification:
Windcave payment report
This report states from which payment mode the transaction has been carried out and the report of the total transaction.
Windcave rate card
The rate card consists of the fee, percentage charged and the payment mode used.
Result:
Fee correctly charged
The fee charged by Windcave correctly matches with the fee present in the rate card.
Fee overcharged
The fee is calculated using the values in the rate card and here the transactions show that Windcave has charged more than the calculated amount.
Fee undercharged
The fee charged by Windcave is seen to be less than the fee calculated with the help of a rate card.
Tax correctly charged
According to the GST guidelines the tax in the payment report matches with the tax amount calculated.
Tax overcharged
The tax in the payment report is seen more in the comparison to the tax amount calculated using the GST guidelines.
Tax undercharged
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 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 Windcave, 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 Windcave, and in this case they do not match.
Settled in bank reconciliation
These transactions are found in bank statements as well as the Windcave settlement report.
Not settled in bank reconciliation
In this case, the transactions are found in the Windcave settlement reports but not found in the bank statement.
Our software will automate this process, enhancing the effectiveness of your financial team and reducing the amount of human effort and errors that would be made manually. Our software’s detailed insights enables your company to submit a claim in the event of any overcharging or undercharging. The software ensures accurate and reliable financial data that will ultimately lead to better informative business decisions.
