First Data Corporation is a financial services company headquartered in Georgia, United States. They have united to create a global leader in payments and financial technology, serving thousands of financial institutions and millions of merchants and businesses.
Many businesses partner with First Data as it is a well-established payment gateway provider. When your business partners with First Data, the volume of transactions that take place is infinite. There might be instances of miscalculations taking place during these transactions. In order to verify if the transactions are accurate or not, automated software can be used.
Cointab reconciliation software can reconcile multiple transactions with ease and efficiency. The transactions can also be verified manually, but it can result in a tiresome process for your financial department. Use Cointab Reconciliation software in this era of automation and save your team valuable time by focusing on more crucial work.
Many businesses partner with First Data as it is a well-established payment gateway provider. When your business partners with First Data, the volume of transactions that take place is infinite. There might be instances of miscalculations taking place during these transactions. In order to verify if the transactions are accurate or not, automated software can be used.
Cointab reconciliation software can reconcile multiple transactions with ease and efficiency. The transactions can also be verified manually, but it can result in a tiresome process for your financial department. Use Cointab Reconciliation software in this era of automation and save your team valuable time by focusing on more crucial work.
First Data Payment Gateway Reconciliation Results:
First Data settlement reports:
The reports include the orders for which payments have been paid by customers.First Data refund reports:
The above reports consist of the amount that has been refunded to the customers by the payment gateway.Website reports:
The website reports include the orders that have been placed by customers through the website.ERP reports:
It is the internal report of the company where the information is placed item-wise.Bank Statement:
These include the reports of transactions in which the bank has received payment via the payment gateway.First Data with Website Reconciliation:
Found and Reconciled with Website Report:
These transactions are found and reconciled in the First Data settlement reports and the website report.Less Amount Recorded in Website Report:
The amount recorded on the website report is less than the First Data settlement report.More Amount Recorded in Website Report:
The amount recorded on the website report is more than the First Data settlement report.Not Found in the Website Report:
These transactions are not found in the website report but are recorded on the First Data settlement report.Website with First Data Reconciliation:
Found and Reconciled with First Data Settlement Report Transactions:
The transactions are found and reconciled on First Data reports as well as on the website report.Less Amount Recorded in First Data Settlement Report:
The amount recorded on the First Data report is seen to be less than the website report.More Amount Recorded in First Data Settlement Report:
The amount recorded on the First Data report is more than the website report.Cancelled Transactions:
These are the orders that have been cancelled by the customers and are recorded on the website report but have not been recorded on the First Data settlement report.First Data Reconciliation with ERP:
Found and Reconciled with ERP Reports:
These transactions have been found and reconciled on the First Data report as well as on the ERP report.Less Amount Recorded in ERP Reports:
The amount recorded on the ERP report is less than the First Data report.More Amount recorded in ERP Reports:
The amount recorded on the ERP report is more than the First Data report.Not Found in ERP Reports:
The transactions are missing on the ERP reports, but are found on the First Data report.ERP Reports with First Data reconciliation:
Found and Reconciled with First Data Settlement Report:
The transactions are found and reconciled on the ERP reports and also on the First Data settlement reports.Less Amount Recorded in First Data Settlement Report:
The amount recorded on First Data settlement reports is seen to be less as compared to ERP reports.More Amount Recorded in First Data Settlement Report:
The amount recorded on First Data settlement reports is seen to be more than on ERP reports.Not Found in Settlement Report:
The transactions are recorded on ERP reports but not on First Data settlement reports.Cancelled Transactions:
The transactions are recorded on the ERP reports, but these orders were cancelled by the customers and hence were not recorded in First Data settlement reports.First Data with Bank reconciliation:
Found in Bank statement:
The transactions are found on bank statements and on First Data settlement reports.Not found in Bank statement:
These transactions are found on First Data settlement reports, but not on the bank statements.Bank Reconciliation with First Data:
Found and Reconciled with First Data Settlement Report:
The transactions are found and reconciled on the bank statement and the First Data settlement reports.More Amount Recorded in First Data Settlement Report:
The amount recorded on First Data settlement reports is seen to be more as compared to the bank statement.Less Amount Recorded in First Data Settlement Report:
The amount recorded on First Data settlement reports is noticed to be less than the amount on the bank statement.Not Found in First Data Settlement Report:
The transactions are not found on First Data settlement reports but are present on the bank statement.Cointab Reconciliation Software saves the valuable time of your business by providing the results with minimum time and effort. The software allows you to upload data in your preferred format using APIs, SFTP, emails, etc. Building a custom workflow designed as per the client’s requirements. After the completion of the reconciliation process, the client can view the results in a 360-degree view. Cointab Reconciliation software helps you to increase the efficiency of your business and lets you focus more on the strategic decisions of your organisation.
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