Payments technology company SafeCharge (LON: SCH) informed that it has today at ICE 2018, launched SafeCharge Reconciliation Manager, a new solution for businesses to automate the matching of transactions across all their payment service providers, merchant platforms and banks. By consolidating and automating the reconciliation process with SafeCharge Reconciliation Manager, businesses in any industry can benefit from increased control, reporting accuracy and retrieval of revenues from incorrect reconciliation.
Reconciliation of incoming payments against bank accounts is a complex process, made even more challenging when a business relies upon multiple payment providers, payment matching and fee-verifications. Transaction data which is not monitored properly can lead to lost revenues, customer disputes and audits picking up bookkeeping errors. To address this complexity, SafeCharge Reconciliation Manager automates and simplifies the monitoring process.
Guido Murguia, CFO at Caliente Interactive, a SafeCharge Reconciliation Manager user, explained:
By implementing SafeCharge’s Reconciliation Manager Solution, we have been able to recover significant revenues that would have otherwise been lost. Through careful monitoring of transactions across multiple payments providers, platforms and bank accounts, SafeCharge identified inconsistencies and addressed these outstanding transactions until all funds were reconciled. Through SafeCharge’s transparent and accurate reporting, we have a snapshot of our financial position at all times allowing us to have more control over fees, deposits, withdrawals, account balances and chargebacks.
SafeCharge Reconciliation Manager has been developed to automatically reconcile settlements across multiple providers with businesses bank accounts, ensuring that the correct amounts are received without delay. When a mismatched transaction is flagged, the SafeCharge Reconciliation team contacts the relevant provider and bank to immediately rectify the situation. For businesses, using SafeCharge Reconciliation Manager eliminates the need for extensive in-house finance resources, minimises financial loss exposure, and provides a single focal point that covers all financial aspects.
David Avgi, CEO, SafeCharge, commented:
For businesses with multiple payment partners, SafeCharge Reconciliation Manager is the ideal solution to streamline all reporting into a single unified overview, to ensure that all payments have been received correctly and that processing fees are in line with related service contracts. We are saving our customers thousands of dollars in revenue and putting them back in control of their payments.