Cred is an app used to pay Credit card bills as we all know. Cred offers its users a top-notch experience when it comes to easily pay their bills and also offers multiple offers and rewards while doing so. Due to this Cred has quite a large user base. Cred utilizes this user base by offering sellers a marketplace on its platform. By doing so Cred offers sellers a great reach to sell their products. Cred also offers various other services as a marketplace which are of great use to sellers to sell their products and grow their business.
For offering such services, Cred charges sellers some fees for every order a seller sells using its marketplace. Cred deducts these charges from the net sale of the product and then settles the amount with the seller. Since a business sells several products daily, keeping track of and verifying these charges and payments becomes a hassle. This process is very important to a business to know the charges are levied correctly and payments are done accurately.
A solution created by Cointab can be quite useful in this situation. Because of how fast and easily this system handles all of these data management and handling responsibilities. The system calculates, verifies, and systematically displays the results once the data has been uploaded. This outcome is very simple to read and comprehend. Then, all that is required of a corporation is to analyze this data and correct any errors or discrepancies.
At first, we take the Cred Payment and refund files and create a master file containing data from these two files. We then look up the data in the client’s OMS that needs verification. The system takes the amount and calculates the net amount from the payments and refunds. The system then reconciles the data and shows the differences in the net transaction amounts from the OMS and Cred reports respectively.
Here we verify the charges charged by Cred with the charges expected to be charged by them. Calculation of these charges is done by the system based on the rates provided by Cred. Which is mentioned in the contract discussed between the seller and Cred. After this calculation, the calculated fees are compared with the fees charged by Cred and displayed.
This is the overall process Cointab does to reconcile a company’s data. As per the results, we can see how easy to read and use this system can be. If you want to automate your Cred Reconciliation and make this process of verification and reconciliation easy, Contact Us.
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