Matcher™ simplifies POS transaction reconciliation

Matcher™ simplifies POS transaction reconciliation by automating and streamlining the process for omni-channel retailers. In the fast-paced world of modern commerce, retailers face significant challenges in managing transactions across multiple platforms. Traditionally, manual verification was both time-consuming and prone to errors when reconciling these transactions. Nevertheless, Matcher™ tackles these issues directly, providing a robust solution that saves time and enhances the accuracy and efficiency of financial operations. Matcher™ automatically matches POS tickets with payment notifications, aligning sales records and payments perfectly. Therefore, it simplifies the daily workload for store managers and improves the overall financial management process.

Context and problem

Managing transactions across various sales channels, such as physical stores and online platforms, presents significant challenges for modern retailers. The introduction of mobility with mobile POS (mPOS) systems disrupts the traditional exclusive pairing of cash registers and payment terminals. This shift has significantly changed the cash closing process. Retailers need a solution that integrates their POS and payment systems, but such a solution is not available on the market.

Ensuring that recorded data in POS systems, such as CEGID, matches actual payments is time-consuming and prone to errors. Manual verification involves comparing POS tickets generated by retail software with payment notifications from systems installed on payment terminals, such as Adyen. Consequently, daily reconciliation is essential for maintaining financial accuracy and operational efficiency​.

Effective POS reconciliation prevents accounting errors, secures business deposits, and identifies unauthorized transactions. This process involves key steps like comparing internal records with bank statements, identifying unmatched transactions, verifying funds, contacting banks for errors, and maintaining balanced books. Moreover, automation streamlines this process, reducing manual errors and enhancing efficiency. This is where Matcher™ by NORBr comes in, offering a unique and comprehensive solution that seamlessly integrates POS and payment systems, filling a crucial gap in the market.

The Matcher™ solution

The Matcher™ by NORBr automates this reconciliation process, enhancing efficiency and accuracy. Here’s a detailed look at how Matcher™ works:

1. Day 1: POS transaction initiation
   • A customer makes a purchase, generating a POS ticket in the retailer’s system (e.g., CEGID).
   • Simultaneously, a payment notification is sent from the payment partner (e.g., Adyen).
2. Day 2: Data reception and initial reconciliation
   • NORBr receives batched CEGID files overnight and real-time Adyen notifications.
   • The Matcher™ attempts an automatic reconciliation using criteria like transaction ID, date, amount, payment method etc.
   • Matcher™ automatically matches and marks as reconciled any transactions that meet all criteria.
3. Day 3: Manual reconciliation for unmatched transactions
   • For transactions that are not automatically matched (due to discrepancies in data or timing), the Matcher™ provides tools for manual reconciliation.
   • Store managers or accountants review unmatched transactions in the Matcher™ interface.
   • They can manually match transactions, providing reasons for any adjustments (e.g., “Manual Operation”).

Scenario: Managing a MOTO transaction

• Day 1: A customer initiates a Mail Order/Telephone Order (MOTO) transaction. Adyen processes the payment and sends a notification, but the POS ticket is not yet created.
• Day 2: The store clerk enters the corresponding POS ticket in CEGID.
• Day 3: Matcher™ analyzes data from CEGID and Adyen to perform automatic reconciliation. If the predefined criteria (ID, date, amount, payment method, etc.) match, it completes the reconciliation automatically.

However, when the data do not match directly, or if information is missing, the system allows for manual intervention. The responsible personnel can access Matcher™ to examine discrepancies, make manual adjustments, and add missing information to finalize the reconciliation.

Match later and withdraw

Match later: When immediate reconciliation is not possible due to missing information or other discrepancies, users can select the “Match Later” option. This feature temporarily sets aside the transaction, allowing additional time to gather necessary data or resolve issues. The transaction remains flagged for follow-up, ensuring it is not overlooked.

Withdraw: In cases where a transaction cannot be reconciled due to irreconcilable differences or errors, users can choose to “Withdraw” the transaction. This action removes the transaction from the active reconciliation queue while retaining it in the system for record-keeping and audits. Withdrawn transactions are categorized and documented, providing a clear trail for future reference.

Matcher™ maintains comprehensive logs of all reconciliation activities. Each action, whether automatic or manual, is recorded with detailed timestamps, user information, and action descriptions. These logs provide transparency and traceability, essential for audits and internal reviews. They help in tracking the entire reconciliation process, identifying patterns, and pinpointing any issues that need attention. 

Benefits for users

By automating the matching of POS tickets with payment notifications, Matcher™ significantly reduces the time and effort required for manual reconciliation, thereby minimizing errors and improving accuracy. This automation enhances operational efficiency and ensures that sales records and payments align perfectly, leading to more reliable financial data.

Additionally, Matcher™ provides a comprehensive view of transaction statuses through detailed logs and a customizable dashboard. These features support better decision-making, facilitate audits, and enhance overall financial transparency. The tool’s capability to handle various reconciliation scenarios, including delayed and irreconcilable transactions, ensures that all financial activities are accounted for and managed effectively.

Persona-specific benefits

Cashiers:

• Simplified Processes: Matcher™ reduces the manual workload by automating the initial reconciliation, allowing cashiers to focus on customer service and other critical tasks.
• Error Reduction: Automated matching minimizes human errors, ensuring that transactions are recorded accurately.

Store Managers:

• Accurate Financial Records: Managers can rely on precise financial data, which is crucial for daily operations and end-of-day reports.
• Ease of Use: The intuitive interface and visible logos (payment partners) help managers quickly understand and navigate the system, even with high turnover among cashiers.

Accounting Teams:

• Efficient Reconciliation: Matcher™ streamlines the reconciliation process, reducing the time accountants spend on manual checks and verifications.
• Audit Support: Comprehensive logs and detailed transaction records simplify the audit process, providing clear and traceable financial data.
• Customizable Reports: The ability to generate and export customizable reports enhances the efficiency of financial analysis and reporting.

Chief Financial Officers (CFOs):

• Enhanced Financial Oversight: CFOs gain a clear and comprehensive view of financial health across all sales channels, aiding in strategic decision-making.
• Improved Compliance: The detailed logs and audit trails ensure compliance with financial regulations and standards.

By addressing the diverse needs of various stakeholders, Matcher™ enhances the overall efficiency and reliability of financial management in omni-channel retail environments.

Client collaboration and feedback

The development of Matcher™ was a collaborative effort with our clients, specifically tailored to meet their unique needs. Jocelyn, Head of Payment at a major retailer, explains:

“We decided to progress towards a solution that integrates our POS and payment systems, as no such solution was available on the market. Our collaboration with NORBr has been crucial in this endeavor. The NORBr team perfectly understood our business needs and the data sets and rules we provided. Their expertise allowed us to rely on their recommendations for the user interface and the implementation of an easy-to-use workflow for the end user. This project may seem simple in theory, but its implementation is complex due to the variety of special cases we encounter in real situations. What stands out from this development phase is the team’s adaptability to the unexpected.“

Jocelyn further emphasizes the seamless nature of this collaboration, noting that :

“The NORBr team not only brought their payment expertise but also the necessary adaptability and responsiveness, ensuring the success of the Matcher™ project. The introduction of mobility with the mPOS system disrupted our traditional processes, and NORBr’s solution has been instrumental in addressing these challenges.“

By integrating Matcher™, the client aims to launch a user-friendly tool that manages essential payment-related tasks efficiently. Jocelyn believes that:

“Matcher™ is destined to become the reference in all internal workflows associated with payment.“

Conclusion

Matcher™ from NORBr transforms the management of omni-channel transactions by making the reconciliation process more efficient and reliable. This automation enhances financial management, significantly reduces administrative workload, and improves the overall customer experience.

The Matcher™ is integrated not only in NORBr Insights but also in our white-label PaaS payment infrastructure, NORBr Infra. 

NORBr Insights is a platform designed for digital merchants and retailers seeking a unified view of their payment data. It connects seamlessly with payment service providers and other systems to provide customizable dashboards, data exports, and insightful analytics.

NORBr Infra  is a state-of-the-art Payment Infrastructure as a Service (PaaS) that offers a comprehensive, scalable, and flexible solution for managing payment processes. It is designed to revolutionize the payment industry by providing rapid partner integration, advanced orchestration, smart checkout, dynamic routing, and efficient transaction reconciliation through its innovative tools like the Matcher™.