Can payment reconciliation software be customized for different payment workflows?

Yes. The customized platform will have the ability to accommodate business-specific matching, approval, settlement, exceptions, and accounting rules rather than requiring all transactions to fit within the same rules.

Can payment reconciliation software reconcile transactions when payment and settlement amounts differ?

Yes. The software can account for legitimate differences caused by processing fees, taxes, refunds, chargebacks, currency conversion, or settlement adjustments. Instead of treating every amount difference as an exception, reconciliation rules can identify expected deductions and reconcile the net settlement against the original transactions. Unexpected differences can then be sent for review.

Can existing reconciliation rules be migrated into new software?

Yes, reconciliation could be introduced as a stand-alone service integrated with existing payment, accounting, ERP, billing, and banking systems. This avoids replacing efficient systems while creating opportunities for targeted legacy system modernization.

Can payment reconciliation software support different rules for different entities?

In multi-entity setups, different matching criteria, different currencies, different approval procedures, and different accounting standards can be used, yet still retain a single system administrator.

Can users configure reconciliation rules without changing the code?

A rule engine that is configurable would permit authorized personnel to create and update rules for amount tolerances, match fields, priorities, and exceptions without requiring a software upgrade.

Can payment reconciliation software work with large historical datasets?

Yes. Historically collected data can be brought in and processed in batches. The data must go through the process of validation, de-duplication, mapping, and reconciliation status before being used for reporting and machine learning purposes.