Streamlining Multi-Merchant Payment, Settlement, and Reconciliation

Businesses that accept payments from multiple merchant accounts need a way to streamline the payment, settlement and reconciliation processes. This can be done with the help of a cloud ERP solution like Acumatica. Without automation and dedicated workflows, it can be costly to deal with a multi-merchant environment.

Acumatica’s Automatic Payment, Settlement & Reconciliation Module

Acumatica has developed a solution that automates multi-merchant processes like payment collection. At the same time, Acumatica ensures accurate inventory management by automatically updating listings when items sell out or get discounted prices. This approach means your eCommerce business will be less likely to miss out on orders to stock outs.

Acumatica’s Automatic Payment, Settlement & Reconciliation (“PSR”) module automatically reconciles bank deposits with associated payment files from credit card processors, Amazon and eBay. It matches these payments/deposits in Acumatica. PSR saves hours daily by automating complex processes required for closing invoices and keeping up to date on all fees related to banks or other organizations that may charge interest rates on loans extended in the payment process.

Improve Efficiency

The PSR dramatically reduces the time it takes to settle and reconcile eCommerce-related payments. In many cases, an eCommerce retailer will need to allocate the equivalent of a full-time employee (FTE) to reconcile these payments. This process can be reduced from hours to minutes with the PSR module, freeing valuable resources for other tasks. Acumatica PSR users have found it to be a boon for business, as the module improves their efficiency and profitability.

Reduce Errors and Costs

As businesses become more complex, the need for accurate and up-to-date financial information has never been greater. Traditionally, this task has fallen to accounting personnel, who have been responsible for manually entering data into accounting systems. However, this process is often time-consuming and prone to error. By using Acumatica’s PSR application, your accounting team can automate the data entry process, reducing the chances of errors and freeing up time.

In addition, PSR integrates seamlessly with Acumatica’s overall ERP solution, including sales operations, warehouse management, and order management—providing a single source of truth for all your business’s financial information. This capability drives further improvements in efficiency and cost reduction.

Evaluate and Reduce Bank Processing Fees

ERP software can be a great tool for evaluating the cost of bank and processor fees. Acumatica, for example, provides a detailed breakdown of merchant fees so you can see exactly where your money is going. This information can help determine whether or not you are getting the best possible deal on your processing fees. Additionally, transaction costs can be evaluated to find more favorable alternatives. By understanding the full cost of bank and processor fees, you can make informed decisions about pricing your products or services to maintain profit margins.

Close the Books More Quickly with Automated Processes

Properly closing the books at the end an accounting period requires significant effort. PSR automates many of the tasks involved in this process, making it much quicker and easier to achieve accurate results. The module provides users with instant access to exceptions, eliminating the need to review every transaction manually. This can save a significant amount of time, especially for businesses with large volumes of transactions. As a result, Acumatica can help users close their books much quicker and improve the accuracy of their financial statements.

The Acumatica ERP system is designed to help multi-merchant businesses streamline their operations and improve their bottom lines. If you’re looking for a way to simplify your multi-merchant payment process, Acumatica is the right ERP solution for you.