Vamaship is a courier service aggregator that offers businesses logistical solutions. This means it acts as a platform that delivers products for e-commerce companies. It is able to do this with the help of its delivery partners located in different regions. It provides reduced rates for its delivery services, which is great for a developing e-commerce business. Surface and air delivery services are also available. It may be delivered both domestically and internationally. Vamaship also has a devoted customer support team, which is available around the clock. A few more features like tracking, documentation, and analytics are also made accessible by Vamaship. Vamaship is becoming more and more popular among expanding e-commerce businesses because of all these amenities.
Since Vamaship is the one delivering the products to the customers, they are then responsible for collecting cash on delivery payments from the customers. As Vamaship serves as the final point of contact for customers by delivering each product to their homes. Companies should check to see whether the payment amount obtained is accurate because payment collection is the duty of a third party. Because if these payments aren’t reviewed, the business could not even get paid for the orders it fulfills, which might add up to a significant loss.
With its automated reconciliation system, Cointab thus offers a solution to this issue. It can determine whether the right amount for payments is collected or whether the amount obtained for Ecom Express is less than or greater than what is needed. The software does this by doing the appropriate calculations, which are shown in the result presented below, and verifying the Order Management Report with the Vamaship COD remittance report.
This report includes details on all orders submitted on the company’s website, including the order ID, the order amount, the type of payment (PG or COD), and the payment method.
This report includes details on the order ID and COD payment collection.
The software initiates the process by comparing the Order Management System and Ecom Express COD remittance reports. The software subsequently does the necessary calculations, which are then shown in the table below.
Reconciled with COD Partners:
In this case, the order amounts in the OMS report and the COD remittance report are identical. Thus, it is stated that these orders’ payments have been reconciled.
Less Payment Received From COD Partners
These order payments that have been received fall short of the necessary amount. because the COD remittance report’s amount is lesser than the OMS report’s amount.
More Payment Received from COD partners
The amount received for the order payments represented here is greater than what is expected. Because the COD remittance report’s total exceeds the OMS report’s total.
No Payment Received From COD Partners
The COD Remittance reports did not contain these order payments. Hence, to allow the firm to check these orders with Vamaship, this is highlighted.
You can see that the software efficiently presents the outcomes of the verification procedure. The software provides this data in a form that makes it simple to comprehend and analyse. The finance teams may then immediately follow up with Vamaship about the payments that have been not collected or the lesser amount collected using this data.
Therefore, Cointab would be a perfect choice if you want to make it easier for your business to verify COD payments.