For businesses, it is essential to efficiently manage credit card payment reconciliation between their payment processors and financial systems. This ensures that payments collected through multiple channels are accurately reflected in their internal accounting and ERP systems. While critical for financial transparency, this process is often cumbersome for many organizations. It typically involves manual tasks to transfer information from various payment systems into financial and ERP systems.
In most cases, this means manually downloading files, generating reports at payment terminals, keying in data, and coding transactions to General Ledger (GL) accounts. These manual processes—collecting data from each terminal and payment channel, coding transactions to the correct GL accounts, and formatting files for import into accounting and ERP systems—are not only time-consuming but also prone to human error. They can be interrupted by human factors such as availability or unforeseen situations and are limited to operating only when staff are present.
Datatel’s FinGear Automatic Payment Processing Reconciliation solution is specifically designed to streamline and automate these workflows. By eliminating time-consuming manual tasks, FinGear significantly enhances efficiency, reduces operational risk, and brings predictability to the reconciliation process. Automation minimizes errors, ensures uninterrupted operation, and frees up staff to focus on higher-value activities. Additionally, FinGear delivers substantial savings in both time and resources, empowering businesses to optimize their financial operations.
FinGear leverages Global Payments’ existing technology alongside Datatel’s advanced financial data enrichment and transformation capabilities. This powerful combination enables businesses to minimize the risks and inefficiencies associated with manual reconciliation of critical financial activities while achieving greater accuracy, reliability, and cost efficiency.
