In complex scenarios, especially in the e-commerce industry, many often blindly trust the marketplace’s payment practices and get trapped easily.
In today’s e-commerce scenario, checking the glitches in the marketplace’s payment system is crucial. Having an effective mechanism or a sturdy system that handles all your payment reconciliation, is quite necessary for the emerging seller.
In certain cases, keeping track of the individual product, operating out of the warehouse, that has been accounted, is difficult as marketplaces like Amazon or Flipkart may reach out to sellers rapidly. However, the payment may be received only according to the particular sales channel’s payment cycle. The marketplace pays the seller a lump sum amount at the end of the cycle, as these payment cycles are subject to change, which ultimately reflects the transactions, concluded within the period of that cycle. It also reduces certain commissions, service charges, taxes and penalties according to specific cases.
We in business, value everyone’s money and leaving ‘no scope of doubt’ is our forte. Therefore, keeping a record of every payment and cancellation, to claim for your refunds, is a must.
The two useful strategies for payment reconciliation
a). Marketplace Seller Panel
Your seller dashboard, in every marketplace will have a record of the products that you have sold and received payments. Therefore, if you are only listing in a single marketplace, then seller panel is perhaps the easiest way to keep track of your payments.
b). Excel Sheets
Excel has been the accountant’s best friend for ages, and it is an extremely flexible tool to devise singular payment reconciliation method. Data can be exported from multiple sources and can be visualized in lots of creative ways within excel. The fact that you can write code and design specialized functions to do your tasks means that, you get an exceeding control over data storage and analysis.
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