The internet has grown rapidly and spread wide and far in the past decade. Today, a large portion of global trade has moved over the World Wide Web amounting to billions of transactions. Given the size of this captive audience and challenges of the traditional brick and mortar stores businesses are now consciously shifting a large chunk of their business online. In all of these transactions, credit card payment is by far the most popular method of payment for the online purchases.
Yet, the most important part of this business model is how does you as a e-tailer get your money. Given the sheer volume of transactions, complexity of systems involved, multiple currencies, charge back’s and charge back reversal cases merchants are often challenged to ensure they get their due money in time.
Aerosoft Systems Pvt. Ltd. has developed the "Credit Card Reconciliation" (CCR) System. The web-based solution automates the entire reconciliation process making it extremely easy and effective for you as a merchant. It reconciles each transaction at all the three touch points involved i.e. online portal, payment gateway and the designated bank account by ensuring the net payable by the gateway is deposited in the bank.
Our Credit Card Reconciliation System:
- ensures that there is a three way matching
- Sale (Portal) - Remittance (PG) Reconciliation: A transaction level match is made between each of the sale transaction’s gross amount against the gross remittance amount.
- Remittance (PG) - Collection (Bank) Reconciliation: Match the net receivable amount with the actual amount deposited in the designated Bank account(s) for the given period.
- verifies deductions that include commissions, refunds, chargeback's etc.
- handles multiple currencies as well as multiple bank accounts
- stores details of the entire life cycle of a transaction
- aids in reviewing chargeback’s as well as defending them
- has inbuilt basic fraud monitoring capabilities
Once the solution is adopted by a merchant it frees expensive resources that spend hour’s manually reconciling transactions. These resources can now focus on the critical part of business i.e. reviewing the exceptions raised. The system performs a powerful analysis on the data analyzing trends that are prevalent which can help you work on the relationships with the banks, payment gateway thus optimizing costs.
The system accepts standard file formats from different sources that are then processed through the reconciliation engine. Once processing is complete, it gives you an option to generate Trial balances as well as General Ledger entries that can be further integrated with any other system.
Partnering with us gives you numerous benefits,
- Substantially lower total cost of ownership
- High level of data security (compliant with requisite norms)
- Compliance with regulatory audit requirements
- On demand support for resolving complex exceptions
- Anytime Anywhere Access
- Lower Implementation/Deployment time
- Competitive pricing
Our experience and expertise with this system has grown over the years. We have successfully differentiated ourselves by upholding our business ethics and delivering quality in everything that we do. We truly believe that the Credit Card Reconciliation System will be a source of competitive advantage to all merchants adopting it.
Please contact us for any other information that you need. We can also arrange for an online demonstration of the system should you prefer.