Atom is a payment gateway that supplies a large range of payment facilities to customers. It makes various payment methods such as UPI, debit card, credit card, net banking etc. available to customers that visit your website. It processes payments quickly and efficiently which is why many companies want to partner with Atom as a payment gateway partner. But to partner with Atom, a certain amount must be paid on every payment. The fee is charges paid are generally shown in the invoice. However, in case of fee miscalculation, the fee might be overcharged on some orders. As this keeps happening, you incur losses over time. Using our software you can easily do Atom Payment Gateway Fee Verification. It verifies the fee amount, tax and settlement amount paid. The software is fully automated. It loads the data and accepts various file formats. Then it cleans the data getting rid of duplicates and inconsistencies. The software transforms the data by applying logic conditions to generate the reconciliation result. You can easily analyse the result and track the fees paid with the help of our reconciliation result.
Reports Used for Atom Payment Gateway Fee Verification
Atom Payment Report
This report consists of each order and its respective transaction amount, transaction date, fee and tax percentage, mode of payment, and issuing bank.
Atom Rate Card
The Atom rate card consists of every order, the respective fee and tax percentage and validity dates
Atom Charges Verification Result
Fee – Correctly Charged
These are the orders on which the software’s fee calculation and Atom’s fee are in line. In other words, the Atom report’s recorded amount matches the estimated fee amount.
Fee – Overcharged
The fee charged in this case for these orders does not match the fee amount determined by the software. It demonstrates that the fee charge is more than anticipated for these orders.
Fee – Undercharged
For these orders, the fee charged differs from the amount estimated by the software and is less than the amount calculated.
Tax – Correctly Charged
Shown here are the orders for which Atom has correctly charged the appropriate amount of tax as per the terms of the contract. The GST is charged as 18% on fee.
Tax – Overcharged
These are the orders when the tax amount charged by Atom is more than the tax amount determined by the software, resulting in an overcharge of tax. The tax is calculated using the GST rate of 18% on the fee.
Tax – Undercharged
These are the orders for which Atom charges a lower tax rate than the software anticipated. This implies that the tax on these orders is not appropriately charged. The tax calculation is as previously stated.
Settlement Amount Match
Settlement Amount = Amount Collected from Customer – Fee Charge – Tax Charge
The software calculates the settlement amount using the formula given above. In this bucket the orders for which the settlement amount in the invoice is more than the amount calculated by the amount is shown.
Settlement Amount Mismatch
These are the orders where Atom charges a lower tax amount than what the software calculates. Thus, the tax is not properly charged on these orders. As the tax is calculated as previously stated.
Settlement UTR not present
The transaction ID for payments made to the bank is called a UTR. However, if the UTR for these settlements cannot be identified, it indicates that transactions were issued. These orders are shown by the software in this bucket.
Settled in Bank Account
Shown here are the orders for which the amount is recorded in the bank statement match with the amount recorded in the invoice. So these payments have been settled in your bank account by Atom.
Not Settled in Bank Account
As stated previously, the software uses the Atom report and the Bank statement to check the settled amount. It lists the orders for which the amount that must be settled in the bank is missing from the bank statement.
Our software streamlines the reconciliation process by automating data loading as it accepts many file formats via an integrated API, including CSV, XML, XLXS, etc. It automatically gets rid of duplicates, inconsistencies, and other errors. After which the business logic conditions can be applied by the software.The reconciliation result is then generated.The result can be imported to other softwares in various file formats such as CSV, XML, and PDF. You can also schedule reconciliation process to run once every month automatically. As demonstrated, the software fully automates the process of verifying the Atom payment gateway fee. You will be able to conveniently keep track of any imposed fees and taxes. By doing this, you can prevent having to pay an amount for fee or tax on any orders.
