Authorize.net is a widely-used payment gateway worldwide that offers various financial payment services to consumers. It enables consumers to make payments through trusted and secure channels, such as debit cards, credit cards, and QR codes. Many businesses choose to partner with Authorize.net as a payment gateway provider to offer their customers a secure, reliable, and convenient way to make payments.
To use Authorize.net’s services as a payment gateway partner, a certain fee must be paid. This fee, along with taxes is deducted from the amount paid by the customer for each order processed. The remaining amount is then credited to the business’s account.
However, miscalculations charges may occur in the fee or tax charged to the business, resulting in a loss over time. To prevent this, automated reconciliation software like Cointab Reconciliation is needed. It automates various tasks in the reconciliation process, saving time and effort that would otherwise be spent manually reconciling data. The software loads data in any input format, links and reconciles it using custom rules defined by the user, and generates a comprehensive result.
The resulting report shows reconciled transactions with highlights for amount mismatches, making it easier for the finance team to track overcharged or uncharged amounts. They can view the difference amount and all related details in a 360-degree view.