Seamless Snapdeal Fee Reconciliation with Cointab
Seamless Snapdeal Fee Reconciliation with Cointab
The e-commerce landscape thrives on diverse marketplaces, each catering to a specific audience or offering unique features. Snapdeal, with its user-friendly interface, has emerged as a prominent player, attracting over 500,000 sellers to its platform.
Beyond facilitating online stores, Snapdeal provides valuable services such as cataloging and storage, streamlining inventory management for sellers. This comprehensive approach makes Snapdeal an attractive platform for both businesses and consumers seeking a seamless online shopping experience.
However, managing fees associated with a vast number of transactions across millions of sellers can lead to occasional discrepancies. These errors, whether human or technical, necessitate a robust reconciliation process for sellers to ensure accurate financial records.
Cointab: Your Automated Solution for Efficient Snapdeal Fee Reconciliation
Cointab’s automated reconciliation system empowers Snapdeal sellers to overcome these challenges by streamlining the process in several key ways.
- Effortless Data Handling: Cointab automates data extraction and cleaning, freeing up valuable time for sellers to focus on other aspects of their business.
- Accurate Reconciliation: Automated matching ensures a higher degree of accuracy compared to manual methods, minimizing the risk of errors and discrepancies in fee calculations.
- Actionable Insights: Cointab presents a clear overview of discrepancies in a user-friendly format. This allows your finance team to prioritize potential issues for investigation, expediting the process of resolving any overcharged or undercharged with Snapdeal.
The Reconciliation process involves the following:
Understanding Snapdeal fees can be a breeze with Cointab’s automated reconciliation system. Clears confusion surrounding charges like:
- Marketing Fee
- Closing Fee
- Payment Collection Fee
- Courier Fee
Cointab simplifies the process by leveraging its automated reconciliation system and pre-defined rate cards aligned with Snapdeal’s fee structure.
Here’s how it works:
Fee Verification: Cointab compares the fees charged by Snapdeal in their settlement report with the calculated fee based on the rate card. This ensures accuracy and identifies any potential discrepancies.
Since Snapdeal doesn’t offer individual fixed rates for each fee, Cointab employs a unique approach:
- Summation of Fees: Cointab combines all fees associated with each order for a comprehensive analysis.
- Verification against Benchmark: The total fee is then compared against a benchmark established by Snapdeal, which is either a flat commission percentage (22%) or a minimum deduction value of Rs. 75 (whichever is higher).
Cointab streamlines the process further by:
- Automating Calculations: Eliminating manual calculations and minimizing the risk of errors.
- Order-Level Verification: Verifying fees for each order individually, ensuring a granular view of potential discrepancies.
- Summarized Results: Presenting a clear and concise overview of the reconciliation process, facilitating easy analysis and identification of any issues.
The output reveals
Fee Correctly Charged:
This indicates orders where the fees calculated by Cointab perfectly match the fees charged by Snapdeal in their settlement report. You can rest assured that you’ve been billed accurately for these transactions.
Fee Overcharged:
This highlights potential discrepancies where Cointab identifies that Snapdeal might have charged you more than the expected fee based on the agreed-upon rate card. These discrepancies warrant further investigation and potential dispute resolution with Snapdeal.
Fee Undercharged:
This section identifies instances where Cointab calculates a higher fee than the amount charged by Snapdeal. While less common, these situations might indicate potential missed revenue on your end.