Article
Payments

The gateway paradox of payment reconciliation: finance’s Bermuda Triangle

Great news! You’ve seen the numbers. And your business is growing. Fast. And the next step is to spend some time and money to finesse your processes and get the information you need to make better decisions to scale that growth.

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1 min read

Great news! You’ve seen the numbers. And your business is growing. Fast.

And the next step is to spend some time and money to finesse your processes and get the information you need to make better decisions to scale that growth. 

Especially when it comes to improving how you process payments. Whether you use portals or just a “pay now” button, it’s becoming nearly impossible for an online business to succeed without a payment gateway, a cloud-based software that connects a customer to a merchant. A payment gateway captures the customer’s payment information, ensures the funds are available and transfers the requisite funds to the merchant’s bank account. 

So you shop around and find the perfect payment gateway provider for your company. And because you're making your customers’ lives easier, you’ll sell even more, grow faster and become more profitable. 

You’re saving so much time and selling so much more! Revenue is up and you expect to grow exponentially faster and bigger.

Somehow you have a sinking feeling, a sixth sense, that a new problem is on the horizon.

Payment gateways aren’t foolproof. Data can be mistakenly entered, badly read, or moved to the wrong day. Oversight is still necessary.

Change–whether more staff or software or some other adjustments–is also necessary. But your payment gateway is working great. It’s easier for customers to buy and pay for your products, so you’re pulling in $1000 a day rather than $700. 

But eventually, the payment reconciliation problems are impossible to ignore.

Because the more efficient your payment processing gets, the more transactions need to be reconciled. And if the number of transactions per day increases from 100 to 500, that's a payment reconciliation nightmare.

Soon, your accounting team is overburdened with unreconciled transactions until you have to start diverting time, money and labor just to catch up. And those are resources that could have been spent on packaging items, shipping orders on time, marketing to more customers, or setting objectives that can grow your business.

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Neeraja Viswanathan

I've worked as a writer for years in many capacities (journalist, book author, content, copywriting, etc) after I left a gig as a litigator on Wall Street. I moved back to the Bay Area (where I grew up) from Manhattan few years ago and am still mourning the lack of good 24-hr bodegas in walking distance. Since then, a lot of my career has been developing content for tech companies in a creative and engaging way for non-tech, B2B and B2C audiences.

I'm a film geek who loves classic film as well as action and suspense movies and truly nerd out about book-to-film movie adaptations. I also read pretty fanatically. Although, I am hardcore about actual paper books, I cannot deny that I devour ebooks at a much faster rate and my taste is usually history, biographies, mysteries and fashion/art.

In my copious free time I create art (color pencil), horseback ride on the weekends, work on mystery novels and my Infamous Women of History Series on Amazon. I also manage a staff of one dog and two cats. 🐶🐱

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The gateway paradox of payment reconciliation: finance’s Bermuda Triangle

Payments

1 min read

Great news! You’ve seen the numbers. And your business is growing. Fast.

And the next step is to spend some time and money to finesse your processes and get the information you need to make better decisions to scale that growth. 

Especially when it comes to improving how you process payments. Whether you use portals or just a “pay now” button, it’s becoming nearly impossible for an online business to succeed without a payment gateway, a cloud-based software that connects a customer to a merchant. A payment gateway captures the customer’s payment information, ensures the funds are available and transfers the requisite funds to the merchant’s bank account. 

So you shop around and find the perfect payment gateway provider for your company. And because you're making your customers’ lives easier, you’ll sell even more, grow faster and become more profitable. 

You’re saving so much time and selling so much more! Revenue is up and you expect to grow exponentially faster and bigger.

Somehow you have a sinking feeling, a sixth sense, that a new problem is on the horizon.

Payment gateways aren’t foolproof. Data can be mistakenly entered, badly read, or moved to the wrong day. Oversight is still necessary.

Change–whether more staff or software or some other adjustments–is also necessary. But your payment gateway is working great. It’s easier for customers to buy and pay for your products, so you’re pulling in $1000 a day rather than $700. 

But eventually, the payment reconciliation problems are impossible to ignore.

Because the more efficient your payment processing gets, the more transactions need to be reconciled. And if the number of transactions per day increases from 100 to 500, that's a payment reconciliation nightmare.

Soon, your accounting team is overburdened with unreconciled transactions until you have to start diverting time, money and labor just to catch up. And those are resources that could have been spent on packaging items, shipping orders on time, marketing to more customers, or setting objectives that can grow your business.

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