Payment Reconciliation for E-Commerce: Be smart, Save costs, Save time

 The advent of the digital era has led the masses from every domain to leverage its potential to the max. So why should new-age consumers and tech-savvy retailers be left behind? Like others, they too now utilize the advantages of digital media to increase their benefits, be it maximizing profits or getting the best value for money. This new age of E-commerce has filtered to the mainstream essentials of our lives, and rightly so. E-commerce brings about a sense of speed and convenience which wasn't so earlier in the traditional way of trading. 

Hence, E-commerce marketing and wholesale have seen a rapid rise in recent years. The availability of seamless Omnichannel experience has enabled the brands to cater to the consumers with many choices to satiate their expectations. This improved user experience has resulted in better customer relations. It has led to increased brand loyalty and ensured convenient logistical processes.

Whatever be the channels that a customer looks into, they get the same shopping experience in each of them. This Omnichannel experience provides customers with choices for a vast selection of products, as they are well aware of the product's availability beforehand. It works in such a way that once a customer makes a purchase, they are immediately ensured smooth check-out and are notified about each part of the logistics process, right from product pickup and dispatch to receiving their products in the end. The customers also get extra benefits in loyalty points spent or earned by shopping with the brand across different channels. This ensures the customer comes back to the brand repeatedly through any media according to their ease. 

As such, brands that don't provide well-organized Omnichannel processes lose out on customers due lack of a seamless shopping experience across channels. In this digital age, brands must engage with customers through both Online and Offline modes to retain customers and remain competitive.

One thing of utmost importance for any brand once it goes Omnichannel is to keep analyzing and tracking its data generated regularly, the lack of which might result in a drop in sales. For large retailers utilizing the Omnichannel process, its customer touch points, without a doubt, would be across multiple channels. Their customers would be shopping from any media, be it through their website, apps, or other online marketplaces. Or they might even go and purchase directly from the physical stores. 

The data generated from all the different channels would indeed comprise payment modes, shipping charges, and other logistical charges, and without a doubt, would be massive in numbers. Herein lies the importance of automated payment reconciliation. Without it, the process of taking into account all the transactions happening and tracking them would be nigh impossible. 

A physical store may have a specific product unavailable at its disposal for a particular customer looking for the same. But it accepts payment from the customer with the promise of delivering the product directly to his residence. Suppose such transactions are happening in very high numbers. In that case, accounting for all the charges ranging from commission to logistics to shipping for all such transactions becomes difficult and highly prone to errors. 

Herein lies the importance of using Omnichannel automated payment reconciliation tool, as not only does it seamlessly calculate all the expenses but also helps in saving significant amounts of costs.

Brands use payment reconciliation to maintain specific data and gain info on their financial health. Overdraft bounced cheques and overpriced fees are all prevented via reconciliation, displaying patterns of economic movements like cash inflow and outflows. The financial department of the brand is relieved of much of the strain by employing payment reconciliation which ensures an automated, up-to-date, and complete report on real-time expenses and inventories. 

Via Vinculum's Omnichannel Payment Reconciliation tool, you can simplify the payment reconciliation process by just clicking a button and logging in. This AWS cloud-based system delivers accurate, streamlined, and thorough reports in minutes. It updates data in real-time while guaranteeing that sales and payment reconciliation are fast, straightforward, and accessible. It handles all the complexities above and recognizes order-by-order profitability and charges breakups.

The brands using the Omnichannel Payment Reconciliation tool testify to the practical and quick services they have experienced, and they highly recommend this to everyone. And rightly so, as not only does the Payment Reconciliation eases out the challenges of day-to-day business but also helps in increasing savings.