Moneris, a leading Canadian payment gateway provider, empowers businesses to accept electronic transactions securely and efficiently. However, managing associated fees is crucial for maintaining healthy profit margins. Manually tracking these fees can be a cumbersome and error-prone process. This comprehensive guide explores how automated software, like Cointab Reconciliation, streamlines verification and reconciliation for Moneris payment gateway charges.
The Critical Role of Moneris Payment Verification
Accurate financial records are the lifeblood of any business. Unidentified discrepancies in Moneris charges can lead to significant financial losses. These discrepancies can manifest as overpaying for fees, underpaying taxes, or even missing out on earned revenue. Regular verification ensures you’re paying the exact fees outlined in your negotiated rate card with Moneris.
Essential Reports for Verifying Moneris Charges
To effectively verify Moneris charges, you’ll need access to two key reports:
Moneris Payment Report:
This report provides a detailed breakdown of all transactions processed through your Moneris gateway. It categorizes transactions by payment methods, such as debit cards, credit cards, UPI (Unified Payments Interface), and more. This report also details the total transaction amount for each payment type.
Moneris Rate Card:
This document outlines the specific fees and percentages charged for each supported payment method. The rate card serves as the benchmark for verifying the accuracy of fees applied to your transactions.
Results:
Understanding Your Reconciliation Results
Cointab Reconciliation automates the verification process, delivering in-depth results categorized as follows:
Fees Correctly Charged:
This category identifies transactions where the fees levied by Moneris perfectly match the amount calculated using your rate card.
Fees Overcharged/Undercharged:
Discrepancies are highlighted in this section. Here, you’ll find transactions where Moneris fees deviate from the calculations based on your rate card. This aids in identifying potential billing errors or misinterpretations of the rate card.
Tax Accuracy:
Cointab Reconciliation verifies the taxes charged against the Goods and Services Tax (GST) guidelines in India. This section flags transactions with overcharges, undercharges, or correctly calculated taxes.
Settlement UTR (Unique Transaction Reference) Status:
The settlement UTR is a critical reference number for each transaction. This section identifies transactions missing UTRs in the Moneris report, which can be crucial for dispute resolution or record-keeping purposes.
Settlement Amount Match/Mismatch:
The settlement amount refers to the final amount deposited into your bank account after deducting fees and taxes from the total transaction value. This section verifies if the settlement amount matches the figure displayed in the Moneris report. Any discrepancies here warrant further investigation.
Bank Account Settlement:
Cointab Reconciliation facilitates reconciliation between the Moneris report and your bank statements. This section confirms whether settled amounts appear on both documents, ensuring transparency and completeness of your financial records.
Benefits of Leveraging Automated Reconciliation Software
Cointab Reconciliation simplifies and streamlines the verification process by offering the following advantages:
Effortless Data Upload and Customizable Workflows:
The software allows for efficient data upload from your Moneris account. You can further customize the verification process to align with your specific business needs and financial reporting requirements.
Comprehensive and User-Friendly Results:
Cointab Reconciliation presents clear and actionable insights into discrepancies and potential issues. The easy-to-analyse reports empower you to make informed decisions regarding your Moneris charges.
Significant Time and Resource Savings:
Automating the verification process frees up your valuable team resources. They can dedicate their time to more strategic tasks while Cointab handles the tedious and error-prone manual verification.
Experience the Efficiency of Cointab Reconciliation
By automating Moneris payment verification with Cointab, businesses gain a multitude of benefits:
Enhanced Accuracy:
Eliminate the risk of human error inherent in manual calculations. Cointab ensures precise verification based on your rate card and GST guidelines.
Cost and Time Savings:
Streamline the reconciliation process and minimize the manpower required for manual verification, leading to significant cost savings.
Actionable Insights:
Gain valuable insights into historical trends and identify areas for potential negotiation with Moneris to optimize your payment processing costs.
Taking Control of Your Moneris Finances
Don’t let discrepancies in Moneris charges erode your profits. Take control of your finances and ensure accurate processing with Cointab Reconciliation. Try it today and experience the difference!