Purplle has created a distinctive, highly personalized digital shopping experience for customers through its app through the creation of rich user personas, the option to trial makeup, and product recommendations based on personality, search phrases, and purchase behavior. A business will profit substantially from selling its beauty items on Purplle due to purple’s attractiveness and market reach. A vendor will be able to sell their items to a very big audience because purple is so popular with buyers, which is unquestionably helpful to the merchant. On the other hand, keeping records current and guaranteeing the highest level of accuracy in all transactions might be difficult. It might cause businesses to lose money despite their knowledge. As Purplle is a marketplace charges fees to the seller for availing of the many facilities and popularity of the marketplace. This fee is charged for every order sold via the marketplace. Verifying these fees is very tedious as the number of transactions taking place Is very vast. This problem can only be resolved precisely, which the technology developed by Cointab offers.
With the help of this automated reconciliation system, a seller may quickly and precisely record and analyze transactions. A seller can quickly identify mistakes, correct them, or file a dispute with Purplle to get the inaccuracies or underpayments addressed.
The Reports needed for Reconciliation are:
- Purplle Order Report
- Purplle Payment Report
- Rate card
- SKU Master
Purplle Order Report
All the transaction order details between the seller and the marketplace are recorded in this report.
Purplle Payment Report
The Payments done and the fees charged, for each order along with the UTR id which is used for bank reconciliation are recorded in this report.
Rate Card
The rate card consists of all the rates used to charge fees to the orders.
SKU Master
The SKU Master contains all the parameters of the item like weight, size, item price, etc based on which the rates are applied.
Fee Verification
For Fee verification, the system calculates the commission fee based on the rates applied to the item price and based on the parameter from the SKU master of each item. Then the system compares the fees calculated with the fees charged by Purplle and differentiates the amounts. The result is easy to analyze as it is organized and summarized in such a way.
The result is displayed as follows:
- Correctly Charged Fee
The Output then shows all the number of orders and the total amount that is correct. This means that the calculated fee and the fee charged by Purplle 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 Purplle.
- 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 Purplle.
Companies will no longer be able to remain competitive and relevant with inadequate reconciliation. Today’s business environment is becoming increasingly complex. Accurate verification is necessary for fast and accurate decision-making. The best way to achieve this is through Cointab’s reconciliation system.
