A payment gateway fee is applied whenever a customer uses a payment gateway, like a credit card or debit card, to complete their Myntra purchase. This fee is levied by Myntra and applies universally to all successfully processed orders, irrespective of the specific payment gateway employed by the customer. Myntra charges a payment gateway fee of either 2% of the order value or a flat Rs. 20, whichever is higher.
Manually calculating this fee for every order, with varying order amounts, can be a time-consuming task. Additionally, verifying these calculations against Myntra’s reports can further delay the process.
Cointab Streamlines the Process
Cointab offers a solution to streamline this process. Its automated system leverages a rate card accurately aligned with Myntra’s fee structure. This allows Cointab to automatically calculate the payment gateway fee for every single order, saving you valuable time and effort.
An example of Cointab’s rate card
Cointab’s system leverages a predefined rate card, similar to the example provided, to streamline the analysis of pick and pack fees for Myntra sellers. Upon receiving order data, the system automatically assigns the relevant fee based on the established rate card criteria. Subsequently, the system performs the necessary calculations to determine the expected fee for each order.
To facilitate reconciliation and potential dispute resolution, Cointab presents the following information in a clear and organized format:
- Myntra’s Reported Fee: This reflects the amount charged by Myntra as the pick-and-pack fee.
- Calculated Fee: This represents the fee determined by Cointab based on its predefined rate card.
- Discrepancy (if any): The system calculates the difference between Myntra’s reported fee and the calculated fee, highlighting any potential discrepancies.
The Results
Cointab presents a comprehensive breakdown of payment gateway fees for Myntra sellers, facilitating transparency and informed decision-making. The output includes the following details:
Total Payment Gateway Fee: This reflects the total amount charged by Myntra for payment gateway fees across all analyzed orders.
Correctly Charged Payment Gateway Fee: This displays the total amount of fees deemed accurate by Cointab, where the calculated fee matches the amount charged by Myntra.
Overcharged Payment Gateway Fee: This highlights a potential discrepancy by presenting the total amount by which Myntra’s charges might exceed the calculated fees across all orders.
Undercharged Payment Gateway Fee: This section indicates the total amount by which Myntra might have undercharged fees compared to Cointab’s calculations.
Lead the path to progress with Cointab
Cointab employs a well-defined rate card to streamline the process, guaranteeing accurate fee calculations for each order. Its comprehensive output presents a clear breakdown of Myntra’s reported fee, Cointab’s calculated fee, and any identified discrepancies, thereby highlighting potential instances of overcharged or undercharged scenarios. This facilitates efficient fee reconciliation, ultimately contributing to maximize your profitability on the Myntra platform. Get started with Cointab today!
Step into the future of reconciliation. Fill out the form to request your demo now!
Step into the future of reconciliation. Fill out the form to request your demo now!
