Your restaurant may be losing out on payments from third-party aggregators without verifying the payouts you receive against actual sales. Here’s how you can reconcile payments within seconds!
Restaurants are constantly looking for ways to improve their bottom line but when it comes to numbers, it is critical to have a 360-degree view across all your channels. Without monitoring payments, especially bulk payments such as those made by food delivery apps, you might be allowing errors and discrepancies to erode your already razor-thin margins. By identifying payment errors accurately and getting them resolved by delivery apps, you could save a lot of money! Here’s how.
Most restaurants today are listed on food delivery apps. For all orders served online, food delivery apps pay a lump sum every week and send payout sheets listing all transactions carried out in a week. However, sometimes order payments go missing due to errors.
Food delivery giants such as Zomato and Swiggy process over 1.5 million orders every single day. Given the scale at which they operate, there are bound to be a few mistakes in their payouts. Several of our restaurant partners have come across these discrepancies and expressed concerns about their already tight margins suffering drops they cannot afford. This is exactly why monitoring and verifying the payments you receive from food aggregators is important.
In order to isolate transactions that a restaurant was not paid for, you need to read awfully long payout sheets and tally them against your actual sales figure. One of our restaurant partners, The Pizza Bakery, was spending 3-5 hours of weekly manual effort doing this to ensure that they were being paid fairly. Such an amount of manual effort on a regular basis can be extremely tedious, time-taking, and error-prone. A fast-moving restaurant can not afford to spend the kind of time and money needed to conduct this exercise manually on a weekly basis.
We, at UrbanPiper, built a tool to automate the entire verification process for restaurants. With the online order reconciliation tool, all a restaurant needs to do is upload the payout sheets they received from an aggregator. Our tool will compare the sheets to the sales reports of the restaurant already prepared by HUB and Prime. This way, any missing or incorrect orders can be easily identified and marked out.
Once the payment verification has been done, the tool clearly indicates orders as ‘missing’ or ‘complete.’ Additionally, it allows restaurants to track the status of these orders until the issue has been resolved.
Here's a quick introduction to the Reconciliation Tool!
As your orders increase, so do the chances of discrepancies between what you’re paid and what you were owed. With our new Reconciliation feature, you immediately know whenever there is a problem.
The feature can pinpoint revenue leaks within seconds and mark the respective orders as missing or inconsistent. It also allows you to keep tabs on the status of these missing or inconsistent orders until they have been resolved.
We’re offering the tool for free across India for a few days to existing users of Prime POS and/or Hub.
Get started here.