United Thinkers added reconciliation dashboards to its flagship gateway product, UniPay Gateway
New York, NY – (February 26, 2018): United Thinkers, a New-York based commercial open-source Payment Management Software provider, added the initial version of reconciliation dashboards logic to UniPay Gateway, its core gateway software product. The new logic represents a set of tools for reconciliation of financial transactions between the processing platform of a payment facilitator and the underlying acquirer/processor.
One of the most common problems, faced by payment facilitators, is the process of reconciliation of processed transactions between merchants and processors, or reconciliation of the volumes processed by merchants and the deposits made to them. In the process of reconciliation, not only payments, but also chargebacks and returns need to be taken into account. This requirement is one of the factors that significantly complicates the process of becoming a payment facilitator. Many businesses are struggling to implement a reasonable reconciliation procedure. The situation becomes even more complex if more than one payment processor is involved.
Another matter that further complicates reconciliation process and analytics (such as card types, interchanges for which transactions qualify as well as overall cost charged for transaction processing etc) around payment processing is that all the necessary information is rarely available in some unified report that can be compiled by the processor. The data often has to be extracted from different sources and then combined and restructured as necessary.
In view of these problems, which have been very relevant for enterprise-level UniPay Gateway users, United Thinkers expanded the existing logic of UniPay Gateway platform. A new overall architecture was developed, allowing clients to receive data from different sources in different formats and aggregate it in order to facilitate reconciliation process and visualize the results in the form of dashboards. Reconciliation dashboards provide an opportunity to clearly see the balance between processed transactions on gateway’s and acquirer’s ends and easily identify discrepancies, as well as their reasons. Beside that, the dashboards allow users to analyze data according to selected criteria, such as transaction types, processing costs etc.
“Addition of reconciliation dashboards to the existing UniPay logic is an important step, because it allowed us to, finally, standardize the reconciliation process within our platform. Now when we implement integrations with acquirers, we can ask for the reconciliation reports that enable our system to provide an aggregated view of reconciliation data in a simple and clear format” says United Thinkers president, Eugene Kipnis. “Currently, we keep working on remittance reconciliation dashboards that will allow us and our customers to gain a better insight into the merchant funding process”
The newly-added reconciliation dashboards are, in a way an extension of gateway functionality, implemented for the convenience of payment facilitators, and making UniPay platform one of the most robust and flexible modern tools, available to PayFacs.
The appeal of the UniPay Platform is the open-source nature, affordable cost, robust omni-channel feature set, as well as the advanced API’s and wide variety of Code Samples for easy integrations.
The components of UniPay are UniCharge, UniBill, and UniRead Modules (UniPayGateway.com):
UniPay Gateway platform has numerous APIs, its own EMV terminal solution, and mobile solution. It is integrated with all major processors and payment facilitation platforms in North America.
To receive more information, please contact [email protected]
About United Thinkers
United Thinkers is an enterprise software development company that specializes in payment gateway technology development. The UniPay Gateway is the company’s flagship product. For more information about payment processing vision of UniPay, please visit our blog at Paylosophy.com