Magicpin is a site that provides a single platform to discover restaurants, clothing shops and nightclubs. Plus, it delivers food, medicine, groceries and much more. Hence, many shopkeepers want to list their shops/ restaurants on Magicpin. Now, when you list your store/restaurant on Magicpin you have to reconcile the orders placed through Magicpin and the respective payment amount. Otherwise, if the amount received is incorrect you end up making a loss or recording an inaccurate profit. Plus, certain charges like Commission, Packing and Discount are also supposed to be paid to or collected by Magicpin on every order processed. So, it is necessary to verify if the amount charged is correct or not. This way you avoid overpaying any charge. Hence Magicpin Orders and Charges Reconciliation is a very important process.
But since this process is time-consuming and lengthy, many companies are unable to devote the necessary time and effort to this process. Now, with our automated reconciliation software, this is the issue is solved. The software can conduct the Magicpin Orders and Charges Reconciliation Process at the click of a button. Plus, it presents the result in such a format that you can easily analyse which orders are right, if the payment amount is correct and how much amount is overcharged or uncharged.
It contains a record of all the orders placed on the Magicpin site, the Magicpin payout and coupon information.
This is a record of the order details collected from the POS end.
This contains the commission rate to be charged on orders placed on Magicpin.
This shows all the orders that have been settled by Magicpin in the bank.
The POS orders are reconciled with Magicpin orders so verify which orders Magicpin has collected and paid the correct amount.
Reconciled with Magicpin
These orders have been reconciled because the POS and Magicpin reports show that the orders and amounts are the same in both reports.
Less Payment Received from Magicpin
The sum paid for these orders exceeds what Magicpin was expected to pay. It indicates that less money was recorded in the POS report than what was reported in the Magicpin report.
More Payment Received from Magicpin
The amount paid on these orders is more than what was supposed to be paid by Magicpin. It means that the amount recorded in the POS report is lesser than the amount recorded in the Magicpin report.
Payment Pending from Magicpin
These are the orders for which Magicpin has not yet made payment. The POS report has these orders, but the Magicpin report does not.
Order State Cancelled- Magicpin Status Missing
The status of these orders is listed as cancelled in POS and Urbanpiper, but these orders are not present in the Magicpin report.
Expected Commission = (Swiggy Platform Service Fee Chargeable On x Commission Rate) + Call Center Service Fees + Merchant Cancellation Charges.
The system uses the above-given formula to calculate the commission charged on every order.
Commission Correctly Charged
These are the orders on which the commission amount charged by Magicpin matches the calculated amount. So, the commission charged on these orders is correct.
On these orders, the commission charged by Magicpin is more than the amount calculated by the system. It means, that you have overpaid the commission on these orders.
The commission charged by Magcipin is lesser than the amount calculated by the system. So you have underpaid the commission on these orders.
Commission Not Charged
Shown here are the orders on which the commission is still not charged by Magicpin.
Commission Not Verified
The commission charged on these orders is still not verified due to missing information.
Correctly Charged Discount
After verifying the discount code and the discount constraints, it is seen that on these orders the discount charged is correct.
More Discount is Given
These are transactions where the software has verified the discount code and its restrictions and concluded that the organization was charged more than what was decided upon. To enable the firm to review these orders, this bucket has been highlighted.
Less Discount Given
In these transactions, the software verifies the discount code and its restrictions and determines that the firm was charged less than the agreed-upon amount to provide the discount.
Discount Not Given
On these orders, as the discount code is not applied by the customer the discount is considered as not given
Discount Not Verified
The discount given on these orders cannot be verified due to missing information.
Packing Charged Matched with Urbanpiper
The Packing Charge recorded in Urbanpiper and the actual amount collected by Magicpin are the same for these orders. So, all the orders on which the packing charge collected is correct are displayed here.
More Packing Charge Recorded in Urbanpiper
On these orders, the packing charge amount recorded in Urbanpiper is more than the packing charge collected by Magicpin. Hence, an extra amount of packing charge was collected by Magicpin.
Less Packing Charge Recorded in Urbanpiper
The packing charge recorded in Urbanpiper is lesser than the packing charge collected by Magicpin on these orders. So, the packing charge collected is lesser than the expected amount.
As Shown Above, our system conducts the Magicpin Orders and Charges Reconciliation process for your company easily. It shows you on which orders payment received is correct. Plus, it verifies the Discount, Commission and Packing Charges. It shows you exactly how much amount is underpaid or overpaid. This way you can keep track of the Magicpin Orders and Charges and avoid any unnecessary losses.