Businesses have huge amount of financial transactions. Tasks such as signing lot of cheques, depositing huge amounts in bank etc. could go unchecked at any point of time. Chances are that your business might get gravely affected by these accumulations. Reconciliation is the right solution for such problems; however it’s a complex and lengthy process. The need for an expert to do the job to simplify it and provide a fool-proof solution is necessary.
With digital push increased credit card transactions for on-line shopping, Airline and Travel portal bookings, manual reconciliation is impossible and thus, to move sales over the web the need of a system that can reconcile online transactions and detect prevalent discrepancies can avert huge loses.
Credit Card Reconciliation
What is Credit Card Reconciliation?
When credit card statements arrive they have to be checked with the internal systems of the bank or organizations. Credit card reconciliation is a process that verifies data between credit card statements and internal record systems of the company. An automated software reconciliation process tries to find discrepancies if any and take measures to correct it before it’s too late. Some of the top most concerns in such transactions are –
- Entire sale-realization in the bank in due time
- Statutory Financial Audit requirements
- Ability to identify FOREX losses and gains
- Tight fail-safe chargeback management system
Application of Reconciliation Software-
Innovation is the savior of all times and it rings true for crucial solutions such as reconciliation. Automated Reconciliation imports data from ERP or general ledger systems and also from credit card statements while the automated software then compares transaction details between these sources. The task is to identify if there are any discrepancies and if any alert the system before it’s too late.
Airlines majorly need reconciliation as the need to reconcile online sales, payment advices and bank collections on a daily basis at transaction level to plug revenue leakages is an important task. With current trends of Airline wanting to shift online from offline, direct business channels provided by portals to airlines that wish to make this shift. This lowers costs as compared to travel agents, convenience and reaching target customers more effectively. Also the cost of sales is further reduced by achieving seamless integration amid all systems involved.
Credit Card Reconciliation (CCR) helps in many ways than one to keep the accounting error-free. It helps maintain several ledgers according to books of accounts. It helps in monitoring of exchange rates and commission, also gives a detailed audit trail to manage the chargeback. It also helps in regularizing audit requirements.
ez consultants’ Credit Card Reconciliation Solutions-
ez consultants’ goes to the root of the need of an credit card reconciliation need. Our automated software solution brings in the following benefits-
- Increased Revenue Realization- The systems streamlined and automated processes raise various alerts for discrepancies leading to receiving due remittance.
- Chargeback Management System- Due to CCR, the system’s chargeback and tight chargeback management provides tremendous economic value.
- Focus on core business- Due to the high capability of the system fewer resources are required and thus you can concentrate on your core business without any distractions or worries.
- Choice to choose- Customization is the core of all our solutions and it extends to CCR too. As per your need we provide partial model, extended functionality, or full-service, wherein all three models are an optimal solution to your requirements in CCR