Cashfree has become a global payment processing solution offering a convenient solution for online transactions. Features like UPI payments, payout management, and recurring billing simplify accepting payments. They provide a comprehensive suite of features for a smooth payment experience, Cashfree fosters a frictionless customer experience by providing an extensive suite of payment options. Integration with credit cards, debit cards, popular wallets (UPI, Netbanking), and even BNPL (Buy Now, Pay Later) services caters to a wider customer base, minimizing cart abandonment due to limited payment choices. This flexibility translates to increased conversion rates and overall customer satisfaction.
Effortless Payment Collection: Accept payments through various channels like UPI, credit cards, and debit cards, ensuring a convenient checkout experience for your customers.
Efficient Payout Management: Streamline the disbursement of funds to vendors, partners, or employees with Cashfree’s efficient payout solutions.
Recurring Payment Automation: Simplify recurring billing cycles for subscriptions or memberships, boosting customer convenience and revenue predictability.
However, to use Cashfree’s services, a set fee and tax on each transaction must be paid. Managing the associated fees and taxes can quickly become a complex and time-consuming task. Manually tracking these charges across every transaction is a time-consuming and error-prone process. This can lead to:
Undetected Costs: Inaccurate calculations or missed fees can turn out to be the bigger problem in further transaction
Resources: Your finance team spends valuable time on manual reconciliation instead of focusing on strategic initiatives.
Lack of Transparency: Difficulty in gaining a clear understanding of your overall financial picture due to inconsistent data.
Introducing Cointab: Your Automated Cashfree Reconciliation Partner
Cointab’s automated reconciliation software offers a comprehensive solution which is designed to streamline Cashfree reconciliation for businesses.
Envision a scenario where transaction verification occurs seamlessly in the background, alleviating your team’s burden of manual reconciliation. Cointab acts as your trusted Cashfree reconciliation partner, scrutinizing each transaction with unparalleled accuracy. This translates to enhanced operational efficiency and empowers your team to dedicate their expertise to strategic value creation. This ensures the complete integrity of your financial data, empowering you to make data-driven decisions with unwavering confidence. Cointab’s automated approach ushers in a new era of efficiency, accuracy, and peace of mind.
Key benefits of using Cointab for Cashfree reconciliation:
Effortless Reconciliation: Eliminate manual work and save valuable time by automating the reconciliation process.
Maximize Profits: Identify discrepancies in fees or taxes, preventing overcharges and boosting your profits.
Enhanced Visibility: Gain a comprehensive overview of all Cashfree transactions with clear insights into fees, taxes, and settlements, facilitating informed financial decision-making.
Empower your finance team with Cointab's automated reconciliation. Get started today!
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Cashfree Payment Report: Unveiling Transaction Details
Transaction Amount: The total sum collected from your customer through the transactions. This report gives deeper insight into the transactions.
Transaction Date & Time: This shows the precise timestamp of the transactions.
Fee & Tax Breakdown: A clear percentage breakdown of the fees and taxes applied to the transaction.
Payment Method: This report consists of the payment methods used by the customers (e.g., debit card, credit card, UPI).
Issuing Bank: Information about the bank that issued the customer’s payment method.
Cashfree Rate Card: Staying Informed on Fee & Tax Structures
- Fee & Tax Percentages: Specific percentage charges for various transaction types, ensuring you’re aware of the latest pricing structure.
- Validity Dates: Crucial information to guarantee you’re referencing the most recent fee and tax structure, eliminating discrepancies due to outdated information.
Cashfree Payment Gateway Charges Verification Result:
Fee Verification:
Correctly Charged Fee: These transactions reflect fees that align with Cashfree’s charges, ensuring accurate application of the fee structure.
Overcharged Fee: This category highlights transactions where the deducted fees exceed the expected amount based on your Cashfree agreement. Further investigation might be necessary to rectify these discrepancies.
Undercharged Fee: Transactions listed here indicate fees that are lower than what should have been charged. While seemingly beneficial, it could signify potential errors in the fee calculation.
Tax Verification:
Correctly Charged Tax: These transactions reflect the appropriate application of Goods and Services Tax (GST) at the standard 18% rate on the associated fee.
Overcharged Tax: This category flags transactions where the deducted tax amount surpasses the calculated 18% GST on the fee. Addressing these discrepancies can help recover excess tax payments.
Undercharged Tax: Transactions listed here indicate a lower tax amount deducted than the calculated 18% GST on the fee. This might lead to tax liabilities in the future, requiring rectification.
Settlement Verification:
Settlement Amount Match: These transactions reflect a perfect alignment between the settlement amount reported by Cashfree and the amount calculated using the formula: Settlement Amount = Amount Collected from Customer – Fee Charge – Tax Charge.
Settlement Amount Mismatch: This category highlights discrepancies between the settlement amount reported by Cashfree and the software’s calculation. Further investigation is recommended to resolve these mismatches and ensure accurate settlements.
Transaction Completion Verification:
Settlement UTR not present: Transactions lacking a Unique Transaction Reference (UTR) number might signify incomplete transactions. A UTR acts as a unique identifier for each transaction within the banking system.
Settled in Bank Account: These transactions reflect successful settlements, with the final settlement amount recorded in Cashfree appearing in your corresponding bank account.
Not Settled in Bank Account: This category flags transactions where the expected settlement amount is missing from your bank statement, despite being reflected in the Cashfree report. Investigating these discrepancies can help identify any missing settlements.
While Cashfree offers a convenient payment solution for online transactions, managing fees and taxes can become a burden. Cointab’s automated Cashfree reconciliation software eliminates the need for manual calculations and spreadsheets, saving you valuable time and resources. Our software effectively verifies every transaction accurately and identifies any discrepancies in fees or taxes. This empowers you to maximize profits, gain a clear understanding of your financial picture, and ensure accurate settlements. Leverage Cointab today and experience the benefits of effortless Financial reconciliation!
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