5 Challenges – One Solution
1. Managing multiple payment service provider simultaneously
With every payment partner that pays out money and provides settlement data tothe operator of the online shop, the complexity of the financial management rises. If you work with several PSPs, it becomes increasingly difficult to tell accurately whether individual payments have already been made and transferred to the retailer by the payment service provider. Instead of collating the data with expensive self-built solutions, it is more cost-effective to outsource the processes. With the automatic allocation of payments per shopping basket, the retailer knows immediately whether the money is still with the company, with the PSP or is already in its bank account. Transaction fees are recorded without input taxes and collated with the amounts paid out. What is significant here for the retailer is that payments and orders of the customer and PSP are not consolidated, but are entered at the individual transaction level, as consolidations lead to problems for the accounts department and the tax adviser.
2. You never lose sight of payments
If a retailer fails to keep track of its open receivables or does not react in time, this can become a major problem for young or small companies in particular. The company’s own liquidity is put at risk. Through the monitoring of the payment behaviour of the customers and the payment service providers, however the correctness of all of the figures for all individual and mass transactions can be secured, so that the company can remain solvent.
For credit management, nexnet offers individual solutions that can be tailored to the requirements of the company. In addition to the commercial dunning procedure, nexnet takes over the preparation and sending of dunning letters, the management of reminder fees, and the monitoring of payment behaviour. In the further course of the dunning procedure, an automated forwarding of claims to a preferred collection partner is also possible.
3. Accurate monthly closing statements with limited costs
Communication with one’s tax advisor is probably an area that could be simplified for most companies. PSP transactions in particular can lead to problems in this regard. Outsourcing can also deal with a major challenge here. Through the recording in accounts of all business transactions, the company thus receives a certifiable monthly closing statement in a very convenient way.
4. No problems with international transactions
Internationalization together with diverse currencies and tax rates can lead to major headaches for the accounting department. For companies with an international focus, nexnet processes and records all movements of money in all currencies with exchange rates that are accurate to the day. In doing so, it of course records sales and VAT using international tax rates. For companies based abroad, nexnet can prepare the accounting according to local GAAP.
5. Maximum security – with a constantly changing legal situation
Observing the statutory regulations and changes is very costly, especially as changes often arise here that affect credit management and accounting. This often necessitates an analysis and evaluation by expensive specialists such as lawyers and auditors. With outsourcing, part of the responsibility can be handed over to the service provider.