Spoynt automates reconciliation for global payment operations

About Spoynt

Spoynt is payment gateway that enables businesses to accept payments across all devices and provides multiple payment methods and currency support for global operations.

Their key services include a comprehensive suite of payment services including online payment processing, mass payouts, recurring billing, transaction routing, mobile checkout options, fraud protection, and customizable payment experiences.

The challenge

Managing multiple payment solution providers (PSPs) and over 30 customers, Spoynt's team quickly recognized that manual reconciliation processes were no longer sustainable. Downloading payment data, reconciling transactions, verifying PSP settlement accuracy, and settling with clients consumed valuable time and resources.

Their finance team faced significant challenges:

• Multi-step manual reconciliation that was prone to human errors
• Increasing transaction volumes put pressure on existing manual systems
• Lack of visibility into payment flows and time delays affected decision-making and operational efficiency

The solution

Spoynt needed a platform that would automate reconciliations, including data import and standardization, while remaining flexible enough for their specific use-case. They now have fully automated reconciliations and settlements, with the ability to track business performance in real time, making Reiterate their main financial operating system.

"Reiterate's workflow feature has become an essential part of our reconciliation process," notes the Spoynt team. "Since integrating Reiterate, we've reduced manual tasks, gained better visibility into the process, and achieved faster results overall."

Centralized payments data

Reiterate has transformed Spoynt's operations by bringing all payment data into one platform, replacing fragmented manual processes with seamless automation.

• PSP data standardization: Reiterate unifies data from multiple payment service providers into a single standardized format, eliminating manual data manipulation that previously consumed hours of Spoynt's staff time.
• Currency conversion: With operations spanning multiple currencies, Reiterate's automatic currency conversion ensured accurate financial reporting and reconciliation across all Spoynt's global transactions without manual intervention.
• Reconciliation automation: What once took Spoynt's finance team several hours each week now happens automatically – transaction records are matched against provider statements with discrepancies flagged for review.

Fee and settlement workflows

Reiterate’s drag-and-drop workflow feature has automated complex fee verification and client settlement processes, eliminating time-consuming and error-prone manual flows.

• PSP fee and settlement validation: The workflows feature automatically verifies that all PSP fees listed in weekly settlements match contracted rates.
• Client invoicing: Spoynt uses Reiterate workflows to generate accurate settlement statements for its merchants weekly, a process that previously required significant manual effort and was prone to delays.

Internal analytics and performance

Spoynt has gained unprecedented visibility into its payment operations through Reiterate's comprehensive analytics capabilities, enabling strategic business decisions based on real-time data.

• Business performance tracking: Real-time dashboards now give Spoynt executives visibility into key metrics like transaction volume, approval rates, payment methods, and revenues.
• Data-driven decision making: With comprehensive performance data at their fingertips, Spoynt can quickly identify growth opportunities, optimize payment routing, and negotiate better rates with providers.

Results

Since implementing Reiterate as their financial operating system, Spoynt has reduced reconciliation time by 85%, eliminated manual errors, and gained unprecedented visibility into its payment operations. The finance team now focuses on strategic initiatives rather than spreadsheet management, while merchants benefit from faster, more accurate settlements.

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