Venmo is a payment gateway company situated in the US. It was developed to allow users to rapidly split debts and complete simple transactions. It enables you to connect your bank accounts, debit cards, and credit cards to their Venmo account.
Keeping a track of the fee charged by Venmo or any financial data using manual efforts can be time-consuming and prone to errors which can lead to greater losses, to prevent this you can rely on Cointab Reconciliation.
Cointab’s automated reconciliation software performs the entire reconciliation process with ease as it compares the ERP reports, Bank statements and website reports with the Venmo invoice to check the case of overcharging. It simplifies the verification process for your company’s charges, making it more efficient for your finance team to function. Choose Cointab Reconciliation for a hassle-free fee charges verification process.
This report shows from which payment mode the payment has been done through Venmo payment gateway.
Venmo rate card
The rate card consists of the fee, rate charged and the percentage charged.
Keeping a track of the fee charged by Venmo or any financial data using manual efforts can be time-consuming and prone to errors which can lead to greater losses, to prevent this you can rely on Cointab Reconciliation.
Cointab’s automated reconciliation software performs the entire reconciliation process with ease as it compares the ERP reports, Bank statements and website reports with the Venmo invoice to check the case of overcharging. It simplifies the verification process for your company’s charges, making it more efficient for your finance team to function. Choose Cointab Reconciliation for a hassle-free fee charges verification process.
Reports required for Venmo payment gateway charges verification:
Venmo payment reportThis report shows from which payment mode the payment has been done through Venmo payment gateway.
Venmo rate card
The rate card consists of the fee, rate charged and the percentage charged.
Result
Fee correctly charged
The fee charged present in the Venmo settlement report is also present in the rate card. The fee is calculated with the help of a rate card.
Fee overcharged
The fee is calculated with the help of a rate card and in this case it is shown that the fee is charged more in the payment reports compared to the calculated amount.
Fee undercharged
In this case, the fee calculated is less than the fee present in the rate card.
Tax correctly charged
The tax present in the payment report matches with the tax amount calculated.
Tax overcharged
In this case, the tax present in the payment report is charged more in comparison to the calculated value.
Tax undercharged
Here, the tax present in the payment report is undercharged in comparison to the calculated value.
Settlement amount match
The fees and tax is deducted from the total amount which gives us the settlement amount. The settlement amount calculated should match the Venmo settlement report, and here they match.
(settlement amount = total amount – fees – tax)
Settlement amount mismatch
The Tax and fees is deducted from the total amount which gives us the settlement amount. The settlement amount calculated should match the Venmo settlement report, and in this case they do not match.
Settled in bank reconciliation
These transactions are settled in the bank account along with the Venmo settlement reports.
Not settled in bank reconciliation
In this case, the transactions are present only in the Venmo settlement report and are not found in the bank report.
If you want to simplify the reconciliation procedure, Cointab Reconciliation is here for you. It easily compares the reports mentioned above, making the process simpler. Its automation will allow you to work with less manual labor and produce results that are error-free. Additionally, data processing and loading are smooth, giving you a comprehensive view of all your transactional actions. Utilize Cointab Reconciliation to streamline your processes, guarantee accuracy, and improve the charges verification procedure. Don’t wait, start using Cointab Reconciliation right away to take the first step towards financial efficiency.
Check out our other Payment gateway charges verification articles:
The fee charged present in the Venmo settlement report is also present in the rate card. The fee is calculated with the help of a rate card.
Fee overcharged
The fee is calculated with the help of a rate card and in this case it is shown that the fee is charged more in the payment reports compared to the calculated amount.
Fee undercharged
In this case, the fee calculated is less than the fee present in the rate card.
Tax correctly charged
The tax present in the payment report matches with the tax amount calculated.
Tax overcharged
In this case, the tax present in the payment report is charged more in comparison to the calculated value.
Tax undercharged
Here, the tax present in the payment report is undercharged in comparison to the calculated value.
Settlement amount match
The fees and tax is deducted from the total amount which gives us the settlement amount. The settlement amount calculated should match the Venmo settlement report, and here they match.
(settlement amount = total amount – fees – tax)
Settlement amount mismatch
The Tax and fees is deducted from the total amount which gives us the settlement amount. The settlement amount calculated should match the Venmo settlement report, and in this case they do not match.
Settled in bank reconciliation
These transactions are settled in the bank account along with the Venmo settlement reports.
Not settled in bank reconciliation
In this case, the transactions are present only in the Venmo settlement report and are not found in the bank report.
If you want to simplify the reconciliation procedure, Cointab Reconciliation is here for you. It easily compares the reports mentioned above, making the process simpler. Its automation will allow you to work with less manual labor and produce results that are error-free. Additionally, data processing and loading are smooth, giving you a comprehensive view of all your transactional actions. Utilize Cointab Reconciliation to streamline your processes, guarantee accuracy, and improve the charges verification procedure. Don’t wait, start using Cointab Reconciliation right away to take the first step towards financial efficiency.
Check out our other Payment gateway charges verification articles:
