Leveraging a robust logistics network and cutting-edge AI automation, Ecom Express empowers businesses across India with a comprehensive suite of solutions, including door-to-door delivery, warehousing, courier tracking, and order management. This streamlined approach makes Ecom Express a perfect partner for companies seeking to optimize their delivery workflows. However, a unique challenge arises for Cash on Delivery (COD) orders, where Ecom Express acts as the final point of customer contact and collects payments directly from consumers. While this simplifies the customer experience, it necessitates a COD verification process to ensure the accuracy of collected amounts. Unidentified discrepancies can lead to substantial financial losses for businesses, underlining the critical need for a reliable COD verification system.
Capitalizing on Ecom Express’s extensive logistics network can streamline a company’s delivery operations. However, Cash on Delivery (COD) orders introduce a layer of complexity, as Ecom Express becomes responsible for collecting cash directly from customers. While convenient for consumers, this necessitates a robust COD verification process to safeguard against financial discrepancies.
Cointab addresses this challenge with its automated reconciliation system. This software seamlessly integrates the company’s Order Management Report with the Ecom Express COD remittance report. Utilizing intelligent algorithms, Cointab calculates and verifies the collected COD amounts for each order. The resulting output provides a clear and actionable breakdown, highlighting any instances where Ecom Express collected the correct amount, a lesser amount, or even an excess amount. This empowers businesses with granular visibility into their COD transactions, allowing them to promptly address discrepancies and ensure accurate cash flow management.
Essential Reports for Ecom Express COD Verification
Order Management System (OMS) Report:
This report serves as the central hub for all order details placed on the company’s website. It acts as a single source of truth, capturing crucial information for each order, including:
- Payment Type: This identifies whether the order was paid for via prepaid gateway (PG) or Cash on Delivery (COD).
- Order ID: This unique identifier allows for easy cross-referencing between reports.
- Order Amount: This specifies the total amount payable for each order.
COD Remittance Report:
Focused specifically on COD orders, this report provides details on the collection of cash payments by Ecom Express. Key information includes:
- Order ID: This matches the order ID in the OMS report, enabling seamless reconciliation.
- COD Collection Amount: This specifies the exact amount of cash collected for each COD order by Ecom Express.
Ecom Express COD Amount Verification Process
Cointab seamlessly reconciles these reports, comparing the expected COD amounts (from the OMS report) with the actual collected amounts (from the COD remittance report). This automated process eliminates the need for manual verification, saving businesses significant time and resources.
Results
Following the reconciliation process, Cointab presents the results in a clear and actionable table, categorized as follows:
Reconciled with COD Partners: This category represents orders where the expected amount in the OMS report matches the collected amount in the COD remittance report, indicating successful reconciliation.
Less Payment Received from COD Partners: Here, the software identifies discrepancies where Ecom Express collected a lower amount than expected. This is evident when the COD remittance report shows a lower amount compared to the OMS report.
More Payment Received from COD Partners: This category highlights orders where Ecom Express collected more than the expected COD amount. Cointab identifies this by comparing the higher amount in the COD remittance report with the OMS report.
No Payment Received from COD Partners: These orders might signify missing payments or un-generated invoices by Ecom Express. Cointab’s software flags these discrepancies, prompting companies to investigate further with Ecom Express.
This categorized breakdown empowers finance teams to quickly understand payment discrepancies and take appropriate action. This ensures accurate COD collection for Ecom Express transactions, leading to improved cash flow management for businesses.
Step into the future of reconciliation. Fill out the form to request your demo now!
