Myntra is one of India’s biggest e-commerce marketplaces. Myntra provides an easy and hassle-free shopping experience to customers. This is the reason the reach of Myntra is so big. Sellers selling on Myntra have a lot of benefits due to this. They don’t have to spend as much on shipping or advertising or building reach by themselves. Myntra allows sellers to manage their stores with cataloguing support and also provides a well-organized customer supply chain management.
Selling on Myntra involves some charges by them for providing such impeccable services. These charges and fees are justifiable, but when sellers sell so many products daily, it becomes very difficult to keep a track of the orders and their charges. It becomes even more difficult when you need to compare these charges and verify them to the amounts Myntra has charged. As there are so many transactions Myntra can also make a mistake as and some technical errors can also occur. So how can a seller be assured that they are receiving the right bills and are being charged correctly?
The Solution is a system created by Cointab. This system Is made for verifying such charges. All a seller needs to do is upload the data that needs verifying. The system takes all the data and allocates it systematically, then it does the necessary calculations and displays them side by side and also shows errors or differences if any. This helps a seller save precious time on this laborious work of data handling. They can directly skip to the part of the analysis and get their financial team to get the errors resolved with Myntra if any.
The Reconciliation Process:
Reports Required for Reconciliation
- PG Forward Settlement Report
It includes the logistics fee, commission charges, settlement amount, and UTR of all delivered orders in a month.
- PG Reversal Settlement Report
It includes the logistics fee, commission charges, settlement amount, and UTR of all canceled and exchanged orders in a month.
Rates card created by Cointab for the Reconciliation
- Fixed Fee rate card
According to the fee structure of Myntra, fixed fee and unique rate type columns are created. Using this unique rate type, it is linked to settlement reports to verify fixed fee charges. This rate card is based on the rate card provided by Myntra for their charges.
- Shipping Fee & Pick Pack Fee Rate card
According to the fee structure of Myntra, shipping fee, pick pack fee and unique rate type columns are created. Using this unique rate type, it is linked to settlement reports to verify these charges.
Myntra Fees Verification:
There are five fees charged by Myntra.
These fees are verified in the Forward and Reversal Settlement Reports.
All the logistics and commission verification of both PG forward Settlement report and PG Reversal Settlement Reports. If Myntra revises its fee charges from time to time, The System updates the fees based on the timeline.
The shipping fee and fixed fee, payment gateway fee, and commission fee are verified based on the fee structure given by Myntra. If there are fewer or more fees than the expected fee based on the Myntra fee rate card then it will be highlighted.
Fixed Fee
This fee is applied respectively to order value and client category (Either PPMP or FBA). It is completely refundable for return orders in the Reversal PG Settlement Report
Shipping Fee
This fee is applied respectively to Zonal and client categories (Either PPMP or FBA) and the Level of every order. It is not refundable for return orders in the Reversal PG Settlement Report.
Commission Fee
This Fee is charged for every order. There is no fixed percentage or rate for this fee. It is charged differently based on categories and brand names. It is completely refundable for return orders in the Reversal PG Settlement Report
Pick & Pack Fee
This fee applies only to the FBM category of clients. It is not refundable for return orders in the Reversal PG Settlement Report.
Payment Gateway Fee
This Fee is charged as 2% on the order value or Rs.20 whichever is higher.
These fees are calculated for every Order and summarized together making it easy to read. The summarized output is very easy to read and can be viewed below.
The Output Shows:
Total Fees
The output first shows the total amount of fees charged by Myntra as per their reports. It shows the total commission fee, shipping fee, fixed fee, and payment gateway fee.
Correctly Charged Fee
- The Output shows all the number of orders where the fee is correctly charged as per the Myntra rate card. This means that the calculated fee and the fee charged by Myntra are the same.
Overcharged Fee
- The Output then shows all the number of orders and the total amount that is Overcharged. This means that the calculated fee is lower than the fee charged by Myntra.
Undercharged Fee
- The Output then shows all the number of orders and the total amount that is Undercharged. This means that the calculated fee is higher than the fee charged by Myntra.
The System shows a line item for each of the fees separately. Shipping fee, Fixed fee, Commission fee, and Payment Gateway fee. This makes it easier for sellers to read and analyze the data accurately.
To See each of the Myntra Fees Verification in detail, Click Here
To See the Marketplace reconciliation process, Click Here
