Settlement reconciliation: Solidgate’s all-in-one financial reporting

In 2023 alone, global e-commerce sales exceeded $6 trillion, with merchants using an average of 4.6 payment methods per business—each with unique reporting structures. At the same time, over 60% of finance teams reported spending more than 10 hours per week on manual reconciliation tasks—time that only increases as you scale.

Without settlement reconciliation software to control payouts and settlements from different payment providers, you’re left with scattered data, time-consuming manual work, and a higher risk of errors—putting additional strain on already overburdened financial operations.

Why settlement reconciliation is such a challenge for merchants

• Data scattered across providers and banks: Managing settlements means dealing with multiple acquiring banks and payment providers, each with its own settlement rules and ways of reporting. This fragmented data inevitably creates operational silos and slows down financial workflows, accurate financial records
• Inconsistent reporting formats: Every institution has unique structures and logic for settlement reports. Trying to reconcile these inconsistencies is time-consuming and requires significant manual effort to make the data usable.
• Manual reconciliation: Without automation, financial teams waste hours manually reconciling settlements. This not only drains productivity but also increases the chance of costly errors and hinders accurate financial reporting.
• Operational strain on finance teams: Settlement challenges often pile onto already overburdened financial operations. Teams face constant pressure to deliver accurate data under tight deadlines, which impacts their efficiency and distracts them from higher-priority tasks.
• Cash gaps and working capital strain: Delays in payment processing or payout holds from acquiring banks can extend cash gaps and put pressure on working capital. Without proper control over accounts receivable, merchants may be forced to rely on expensive financing or risk disrupting operations, underscoring the need for faster, more reliable payout processes.
• Scaling only makes it worse: As businesses grow, transaction volumes and the number of payment methods increase as well, making payment reconciliation even more complicated.  The absence of scalable tools leads to bottlenecks that can slow down the entire operation.

How Solidgate Financial Reporting solves the problem

We’re excited to introduce a new feature in the Solidgate HUB: the all-in-one Financial Reporting section. Built to simplify and streamline your settlement reconciliation, this feature consolidates settlement data from PSPs, acquirers, processors, and alternative payment methods (APMs) into a unified view accessible via the Solidgate admin panel or API.

Here’s what you get with the Financial Reporting feature:

• Complete cash flow visibility, all in one place: View and manage settlement data from all your payment providers in a single location. No more switching between platforms or piecing together information from multiple sources.
• Standardized, consistent reports: We make settlement reconciliation easier by presenting settlement data in a uniform format, regardless of the provider. Say goodbye to the hassle of aligning mismatched data.
• Simplified reconciliation workflows: Automate manual processes and reduce errors with optimized workflows to make financial teams more efficient.
• Quick access to essential reports: Monthly reports and invoices are now easily retrievable through a centralized interface, saving you time and reducing the risk of missing critical documents.
• Growing bank and provider coverage: While we’ve started with a select group of banks and providers, we’re continuously adding more to ensure that all merchants get the comprehensive reporting they need.

This settlement reconciliation feature is designed to simplify the complexities of financial reporting and give your team more time to focus on strategic tasks. You can access your Settlements reports directly through the Solidgate HUB’s admin panel in the Finance section or via API.

For more information on settlements and settlement reports, visit our documentation or reach out to support!