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In the retail environment, retailers depend on the faultless functioning of their point of sale (POS) systems, the processing of debit or credit card transactions using a reliable switching service and correct settlement from the relevant banks to receive accurate payments. The correct functioning of the above system pillars should be monitored through a critical financial reconciliation protocol, championed within finance, to ensure the retailer successfully receives the tendered amounts due for each transaction from the shoppers’ bank.
Traditionally, finance teams have relied on software like Microsoft Excel to perform these reconciliations that serve to compare the data of the retailer’s POS system, to the information provided by the switch and the bank settlement. The objective of the reconciliation process is to ensure:
For many retailers, the process itself is the most resource-hungry step in getting to point three above. Herein lies the real opportunity for automating the process of the reconciliation and achieving the resulting efficiencies in the finance team.
The software delivers confirmation of transactions accurately processed and settled by 3rd parties and provides granular details of transactions that have failed in processing and/or settlement. Store and back-office staff can then dedicate their allocated reconciliation time to these “failed” transactions (or reconciling items) to successfully resolve them.
It is suitable for the reconciliation of:
Its features include:
Current research estimates Drift (the difference between what should be in the retailer bank account versus the actual settlement) to be in the range of 1% – 3% of turnover, translating to financially significant values that often cannot be resolved through reconciliation and then being written off. Designed to target Drift of 0%, the software pinpoints discrepancies to a level of minutiae, presently absent in most manual reconciliations.
Businesses that are interested in this product are invited to reach out to Ecentric Payment Systems or to read more on its product page on Ecentric’s website.
Contact information for our team is as follows:
Telephone: +27 21 681 9600
Email: az.oc.cirtnece@selas
Web: ecentric.co.za
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