How is technology revolutionizing payment reconciliation for retailers? – IT News Africa | Business Technology … – IT News Africa

Mastercard and Glovo Deliver Food Aid in Africa
Angola’s National Bank Upgrades with SAP Innovations
Fighting Fraud and Financial Crimes in the Generative AI age
Maximizing profits with Trading View: strategies for effective technical analysis
Avoid Valentine’s Day Debt with Tips from Pearl Cele
Securing Your Public Sector Organization from Cyber Attacks: A Proactive Approach
How To Ensure Business Continuity? Invest In DDoS Protection
5 Simple Tweaks to Secure Your Router Against Cyberattacks
Global Strategic Alliance to Deliver Comprehensive Cyber Resiliency
Why is Endpoint Protection So Important?
Dell Empowers Modern Workplaces with AI Innovations
AI’s Impact on Content Accuracy: A News Revolution
Lenovo’s New Integrated Edge AI Solutions for Telco
AI and ML Use Cases in Telco Service Operations
How can generative AI influence this year’s elections?
Alepo and Italtel Forge Alliance to Propel 5G Mobile Private Network Solutions
Telecom Namibia Partners with Qvantel for Digital Transformation
Yellow Card unveils Rapid Cross-Border Transactions
PRYSMIAN LAUNCHES INNOVATIVE BREAKTHROUGH!!
How is technology revolutionizing payment reconciliation for retailers?
Dakar Academy Announces New Digital Partnership to Enhance Science Teaching
SigenStor : The AI 5-in-1 energy storage system
Mastercard and Glovo Deliver Food Aid in Africa
Securing Your Public Sector Organization from Cyber Attacks: A Proactive Approach
How To Ensure Business Continuity? Invest In DDoS Protection
2024, The Year of Elections & Politically Motivated DDoS Attacks
As retailers expand into mid-market and beyond, the manual reconciliation of payments becomes increasingly complex and costly. With hundreds of thousands of transactions daily, relying on spreadsheets for reconciliation delays insights into the previous month and raises questions about data accuracy and acceptability.
The sheer volume of transactions, coupled with a multitude of value-added service (VAS) plugins, introduces layers of complexity and the potential for costly human errors. Automation emerges as the most viable solution to reconcile at scale and ensure accuracy.
Automated payments reconciliation offers transformative benefits for retailers:
1. Cost Savings: Previously handled by large teams, automation reduces the need for manpower, allowing businesses to reallocate resources to more value-added tasks. One business saw its reconciliation team shrink from over 100 to just 12, with the rest redirected to roles enhancing business value.
2. Immediacy and Speed: Technology’s hallmark trait of accelerating processes applies here too. Automated reconciliation provides a single, accurate view of transactions the next morning, empowering quicker decision-making and problem resolution.
3. Accuracy: Automation eliminates human error, providing assurance that the data reflects the truth. This eradicates the typical 1 to 3% margin of error associated with manual reconciliation.
4. Automating Fees and Commissions: The complexity of transaction types and tender methods necessitates sophisticated automation. From various payment methods to intricate VAS scenarios, automation ensures accurate reconciliation and facilitates seamless settlement instructions with banks.
5. The Automated Future: The era of spreadsheets is fading. Automated reconciliation not only expedites problem-solving in complex ecosystems but also ensures data integrity, crucial for informed decision-making in today’s competitive landscape.
In this fast-paced environment, retailers must weigh the costs of manual processes against the tangible benefits of investing in automation software. With robust data governance and compliance measures in place, automated reconciliation emerges as a strategic imperative for retailers aiming to thrive in an increasingly digitized marketplace.
By Graham Bradford, Senior Product Manager at Ecentric.
© IT News Africa | All rights reserved.

source

About The Author

admin

See author's posts