The increased use of the internet and the growing online payments businesses, many businesses are solely operating online. This was possible as more and more people became comfortable making payments online. But as businesses operate online, they need to verify every transaction made, whether a deposit or withdrawal. When customers want to withdraw money, you need to check that your payout gateway has sent the correct amount to the customer. This type of transaction mainly takes place in the gaming industry. Wherein customers want to withdraw the amount they put in at the start of the game or take out their winning amount. But sometimes the payout gateway partner might send the wrong amount to a player which might either lead to customer complaints on underpayments or loss for you on overpayments.
The payout gateway charges a fee on every transaction which also needs verification. But due to the number of transactions and the time and effort needed for reconciliation, it might be tough to check every payment. To solve this issue, you can use our automated reconciliation software for Website withdrawal orders reconciliation with the payout gateway. Our software automates the process for you and checks every withdrawal transaction. After it displays the result in a way that makes it easier for finance teams to analyze.
Reports required for Website Withdrawal Orders Reconciliation with Payout Gateway
Internal/Withdrawal Report
This report contains order IDs and details about each transaction in which a client withdrew money.
Payout Gateway Report
The details on all withdrawal transactions that the Payout Gateway has processed are recorded in this report.
Reconciliation Result
Internal /Withdrawal
The software first reconciles the company’s internal/withdrawal report against the Payout Gateway report. It displays the results in which it shows you how many in how many transactions the amount was withdrawn by the Payout Gateway is correct. If it is incorrect, it shows how much the amount is overpaid or underpaid.
Reconciled with Payment Gateway
These are the transactions which are found in both the Payout Gateway and the withdrawal report. Plus, the amount on these withdrawal transactions is the same in both reports.
Less Withdrawal Done Via Payment Gateway
On these transactions, the amount recorded in the internal/ withdrawal report is more than the amount recorded in the payment gateway. It means that the Payout Gateway has withdrawn a lesser amount than what was supposed to be withdrawn
More Withdrawal Done Via Payment Gateway
Shown here are the transactions on which the amount recorded in the withdrawal report is lesser than the amount recorded in the Payout Gateway report. This means that the Payout Gateway has withdrawn more than what was supposed to be withdrawn.
Missing Withdrawal in Payment Gateway
These are the transactions that are present in the internal/withdrawal report but not in the Payout Gateway report. So, these transactions were initiated by the customer but no payment was withdrawn by the Payout Gateway for them
Failed Withdrawal Missing in Payment Gateway
Displayed here are the transactions which are present in the internal/withdrawal report but not in the Payout Gateway report but they are also listed as failed. It means that these transactions were initiated by customers but no payment was withdrawn by the payment gateway. But since these transactions failed no problems occur.
Payout Gateway(Example Razorpay, Cashfree etc.)
The software compares the Payout Gateway report with the Internal/Withdrawal report to check if the withdrawal transactions are successfully processed to the right clients.
Found in Internal Withdrawal
These are the transactions which are present in the Internal report and the Payout Gateway report. It means that these withdrawal transactions are completed and the amount is withdrawn correctly.
Successful Payout Missing in Internal Withdrawal
Shown here are the transactions which are present in the Payout Gateway Report but not in the Internal Withdrawal report. This means that these transactions were completed but the amount is wrongly withdrawn as these transactions are not present in the Internal report.
Failed Payout Missing in Internal Report.
These withdrawal transactions are listed as failed in the Payout Gateway report and are also not found in the Internal report. It means that the amount on these transactions was wrongly withdrawn as these orders do not originate from the company’s internal report. But since these transactions were not completed, no issues occurred.
Payout Gateway Fee Verification
Our software can verify the fee charged by the payments gateway to process each withdrawal transaction. To do so it calculates the fee amount to be charged using the rates provided by your Payout Gatewaypartner in the business agreement. Then it reconciles the fee amount calculated with the fee amount charged in the Invoice by Payment Gateway.
Fee Correctly Charged
The fee amount calculated by the software is equal to the fee amount charged by your Payout Gateway Partner in the Invoice. So, the fee charged on these orders is correct.
Fee Overcharged
On these orders, the fee amount calculated is lesser than the fee amount charged by your Payout Gateway Partner. Hence the fee on these orders is overcharged.
Fee Undercharged
The fee charged on these transactions is lesser than the calculated amount. This means that the fee is undercharged on these orders
Tax Correctly Charged
The tax amount calculated by the software is the same as the tax amount charged by your Payout Gateway partner in the invoice. So, tax is correctly charged on these orders
Tax Overcharged
The tax charged on these transactions by your Payout Gateway partner is more than the amount calculated by the software. It means that tax is overcharged on these orders.
Tax Undercharged
Shown here are the transactions on which the tax charged by your Payout Gateway partner is lesser than the amount calculated by the software. It means that tax is undercharged on these orders.
As you can see above our software fully automates the process of withdrawal transaction verification for you. The result produced by the software shows you the transactions in withdrawals are conducted appropriately. Plus verifies the fees paid on each order. This way you can avoid having extra money withdrawn or overpaying the fee.
