Reconciliation can be a painful process in any money matters. This is especially crucial when you set up a platform for your customers to get refunded, have credit system, timely subscription payment and more. Missing out any values will cause you sleepless nights worth a month. More dramatically, you will end up not getting it balanced.
To make sure the reconciliation done smoothly, you need a reliable and smooth system to support you.
How adopting a payment gateway will help with reconciliation?
Other than providing array of payment options to customers, payment gateway should be able to automate things for businesses especially when keeping the payment record neatly soon after it is reported successful, pending or even failed. It is basically how a payment gateway can help you reconcile much easier.
1. Merchant portal as a single source of reporting
Let’s recall the old days where we need to find all the numeric documents to be calculated and redo the calculation all over again since some items are unmatched? With great interface in merchant portal, any owner and accountant of a company can comprehend the payment record easily. In modern, neat and simple visual aid, you will be able to recheck the transactions at the same portal and further key in the items that you miss out in your own account sheet.
2. Focus in more than one method of payment
Having a payment gateway usually lets people to pay you in more than one way. You need to handle your customer’s cash transaction, multiple online banking transactions (Maybank, CIMB, RHB and more), card transactions, Paypal and more. By only referring to the same portal, you can track all those transaction report at once.
3. Automation in transaction reconciliation
Many payment channels offered in MOLPay are able to automate transaction reconciliation. It is in fact important when handling heavy-volume transactions, such as when handling mass payment in refund and more.
4. Secure reporting system
MOLPay merchant portal is SSL certified and secure from any payment fraud or interference. You will never lose your document or ledger sheet when you only focus on one platform.
Before you know the existence of a payment gateway, you might find it hard to do all the calculation from different accounts and track them all by yourself. Everything can get easier with technology. Sometimes, when you complement the tech well in everything you do, there are so much you can save; time, money, nature and yourself!
To find out more about payment gateway for your business, contact MOLPay. We are very happy to assist you.