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How can you analyze e-commerce transactions for Payment Systems reconciliation?

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If you run an online business, you need to keep track of your e-commerce transactions and reconcile them with your Payment Systems accounts. This can help you monitor your cash flow, detect errors, fraud, or discrepancies, and optimize your payment performance. However, analyzing e-commerce transactions for Payment Systems reconciliation can be challenging, especially if you use multiple Payment Systems providers, currencies, or platforms. In this article, we will show you how to analyze e-commerce transactions for Payment Systems reconciliation in six steps.

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Eli Ilonga

Business Development - FinTech - FTIP?
Héctor Tadeo Garza Suárez

Finance Treasury Manager @ Innovasport | Cash Management

1 1. Gather your data sources

The first step is to gather all the data sources that you need to analyze your e-commerce transactions. These may include your Payment Systems reports, your e-commerce platform reports, your bank statements, your accounting software, and any other relevant information. You should make sure that your data sources are accurate, complete, and consistent, and that they cover the same time period and currency.

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Eli Ilonga

Business Development - FinTech - FTIP?
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Analysing e-commerce transactions for payment systems reconciliation involves several steps to ensure accuracy and consistency by using the below strategies: ? Data Collection ? Data Cleaning ? Matching Transactions ? Reconciliation ? Identifying Discrepancies ? Root Cause Analysis ? Documentation and Reporting ? Automation and Monitoring ? Regular Review

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Héctor Tadeo Garza Suárez

Finance Treasury Manager @ Innovasport | Cash Management
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Gather Data Sources: Collect relevant data from Payment Systems, e-commerce reports, bank statements, and accounting records. Ensure accuracy and consistency. Match Transactions: Pair e-commerce transactions with bank statements to identify discrepancies. Identify Discrepancies: Look for mismatches in amounts, dates, or customer info due to refunds or errors. Investigate and Resolve: Determine causes of discrepancies and adjust records accordingly. Report Findings: Document reconciliation details and resolutions. Record-Keeping: Maintain records for audits and analysis. Process Improvement: Enhance payment systems based on reconciliation insights.

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Mohamed Abdallah

B2B Marketing Expert | Fintech Trends Enthusiast | E-Payments Expert | B2B Content Creator and Brand Builder | Brand Communication | Communications Strategist & Consultant.
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Consider automating reconciliation tasks using reconciliation software, accounting integrations, or custom scripts to streamline the process and reduce manual effort.

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Mohamed Abdallah

B2B Marketing Expert | Fintech Trends Enthusiast | E-Payments Expert | B2B Content Creator and Brand Builder | Brand Communication | Communications Strategist & Consultant.
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Compare transaction records from your e-commerce platform, payment gateway, and financial records to identify discrepancies or inconsistencies.

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2 2. Match your transactions

The next step is to match your e-commerce transactions with your Payment Systems transactions. This means that you should compare the transaction details, such as the date, amount, currency, customer, and status, and identify any matches or mismatches. You can use tools like Excel, Google Sheets, or specialized software to automate this process and save time. You should also check for any duplicates, refunds, chargebacks, or fees that may affect your reconciliation.

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Héctor Tadeo Garza Suárez

Finance Treasury Manager @ Innovasport | Cash Management
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- Match Details: Compare e-commerce and Payment Systems transactions by date, amount, currency, customer, status. - Use Tools: Automate with Excel/Google Sheets. - Check Issues: Look for duplicates, refunds, chargebacks, fees.

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3 3. Investigate any discrepancies

The third step is to investigate any discrepancies that you find between your e-commerce transactions and your Payment Systems transactions. These may be caused by human errors, technical issues, delays, fraud, or other reasons. You should try to find the root cause of the discrepancy and resolve it as soon as possible. You may need to contact your Payment Systems provider, your e-commerce platform, your bank, or your customer to clarify or correct the issue.

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Héctor Tadeo Garza Suárez

Finance Treasury Manager @ Innovasport | Cash Management
(已编辑)
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- Investigate Discrepancies: Examine mismatches between e-commerce and Payment Systems records. - Determine Causes: Identify reasons like errors, delays, or fraud. - Resolve Issues: Correct discrepancies, possibly contacting providers or customers for resolution.

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4 4. Record your adjustments

The fourth step is to record any adjustments that you make to your e-commerce transactions or your Payment Systems transactions as a result of your investigation. These may include adding, deleting, modifying, or transferring transactions to reflect the actual situation. You should document your adjustments and keep a record of the reasons and evidence for each adjustment. You should also update your accounting software and your bank statements accordingly.

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Héctor Tadeo Garza Suárez

Finance Treasury Manager @ Innovasport | Cash Management
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- Record Adjustments: Log changes made to transactions after investigation. - Document Reasons: Note why each adjustment was necessary. - Update Records: Reflect changes in accounting software and bank statements.

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5 5. Calculate your balance

The fifth step is to calculate your balance between your e-commerce transactions and your Payment Systems transactions after making all the adjustments. This means that you should sum up all the transactions that match and subtract any transactions that do not match. You should also consider any fees, taxes, exchange rates, or other factors that may affect your balance. Your balance should ideally be zero, meaning that your e-commerce transactions and your Payment Systems transactions are fully reconciled.

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Héctor Tadeo Garza Suárez

Finance Treasury Manager @ Innovasport | Cash Management
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- Sum Matching Transactions: Add up all transactions that align between systems. - Subtract Mismatches: Deduct any discrepancies. Account for Fees/Taxes: Include fees, taxes, and exchange rates in calculations. - Aim for Zero Balance: The goal is a zero balance, indicating full reconciliation.

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6 6. Review your results

The final step is to review your results and evaluate your Payment Systems reconciliation performance. This means that you should analyze the frequency, magnitude, and type of discrepancies that you encountered and how you resolved them. You should also identify any patterns, trends, or opportunities for improvement in your Payment Systems reconciliation process. You should use metrics like reconciliation rate, error rate, time to reconcile, and cost to reconcile to measure your performance and set your goals.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you analyze e-commerce transactions for Payment Systems reconciliation?

1

2

3

4

5

6

7

1 1. Gather your data sources

2 2. Match your transactions

3 3. Investigate any discrepancies

4 4. Record your adjustments

5 5. Calculate your balance

6 6. Review your results

7 Here’s what else to consider

Payment Systems

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How can you analyze e-commerce transactions for Payment Systems reconciliation?

1

2

3

4

5

6

7

1 1. Gather your data sources

2 2. Match your transactions

3 3. Investigate any discrepancies

4 4. Record your adjustments

5 5. Calculate your balance

6 6. Review your results

7 Here’s what else to consider

Payment Systems

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