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.
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.
To verify Authorize.net Payment Gateway charges, the following reports are required:
Authorize.net Payment Report
This report records the transaction date, payment amount, tax percentage, mode of payment, and issuing bank details.
Authorize.net Rate Card
This document notes the validity dates, applicable percentage of tax and fee charged by Authorize.net.
The reconciliation results are displayed below:
Correctly Charged Fees
Transactions where the software-calculated fee matches the fee amount in the invoice.
Overcharged Fees
All the Transactions where the software-calculated fee is less than the fee amount in the invoice.
Undercharged Fees
When the fee amount in the invoice is less than the software-calculated fee.
Matching Settlement Amount
Transactions in which the settlement amount calculated by the software matches the settlement amount in the Authorize.net report.
Mismatching Settlement Amount
The settlement amount calculated by the software does not match the settlement amount in the Authorize.net report.
Missing Settlement UTR
Transactions for which a UTR number is not found, indicating that the payments were not transacted to the bank.
Settled in Bank Account
Transactions where the order amount in the Authorize.net report matches the amount in the bank statement, indicating correct settlement.
Not Settled in Bank Account
When the transaction amount in the bank statement does not match the amount in the Authorize.net report.
Cointab Reconciliation simplifies and automates the financial reconciliation process for maximum efficiency. It eliminates the need for manual handling of data loading, linking, and cleaning by providing a comprehensive reconciliation result. This allows businesses to easily identify overcharged amounts and the specific orders on which they occurred. By utilizing this information, businesses can claim the overcharged amount through a dispute with Authorize.net. With Cointab Reconciliation, the entire verification process of Authorize.net charges can be automated, saving time and effort.
