Ecom Express provides logistical solutions to companies. Along with which they offer dozens of facilities. These facilities include door-to-door delivery, warehousing, courier tracking and order management. Ecom express stands out as it uses AI and automation in its operations and the facilities that it offers. Plus, it is available in many cities across India. It is a great solution for a company that has delivery management problems or just does not have enough resources to deliver each product to consumers.
As Ecom Express delivers each product to the consumer’s doorstep, it becomes the last point of customer contact. Hence, if the customer chooses the cash-on-delivery (COD) option for payment, Then Ecom Express is in charge of collecting the cash on delivery payments from the customers. Since the responsibility of payment collection falls into a third party’s hands, it is important for companies to verify if the payment amount collected is correct or not. Because if these payments are left unchecked, the company might not even get paid for orders they fulfill. This might accumulate and lead to a huge loss.
So, Cointab provides a solution to this problem with its automated reconciliation system. It is able to verify if the correct amount of payments is collected or if the amount received for Ecom Express is less or more than the required amount. The software does this by reconciling the Order Management Report with the Ecom Express COD remittance report and making the necessary calculations, which are displayed in the output given below.
This report contains information on the type of payment (PG or COD), the order ID and the order amount of all the orders placed on the company’s site.
This report contains information on the collection of COD payments and the order ID.
The process starts with the software reconciling the Order Management System report with the Ecom Express COD remittance report. After that, the necessary calculations are made by the software, which is then displayed in the table given below.
Reconciled with COD Partners:
Here the order amounts match in the OMS report and in the COD remittance report. Hence, these payments are said to be reconciled.
Less Payment Received From COD Partners
These order payments collected are less than the required amount. As the amount in the COD remittance report is lesser than the amount in the OMS report.
More Payment Received From COD Partners
For the order payments shown here the amount collected is more than the required amount. As the amount in the COD remittance report is more than the amount in the OMS report.
No Payment Received From COD Partners
These order payments were not even found in the COD remittance reports. This gets highlighted so that companies can check with Ecom Express.
As you can see, the software displays the results of the verification process efficiently. This result is provided by the software in such a way that it is easy to understand and analyze. The finance teams can then use this data to track the payments collected easily.
Hence, if you want to make your company’s COD payments verification process simpler, then Cointab would be a great solution!