Codat, the universal API for small business data, today announced the launch of Sync for Commerce, which will automatically synchronize sales data with accounting platforms. A growing number of merchants use digital payment tools; in fact, Codat research found that a majority of US merchants use more than one commerce platform, which adds to their reconciliation burden. Payment providers will use Sync for Commerce to make building automated reconciliation features radically quicker and simpler, so that their merchants can get back to focusing on growing their business.
More and more businesses are employing multi-channel commerce strategies. According to a recent global survey by Codat, 82% of the businesses who responded said they were using at least one digital payments tool. The top providers of these tools are PayPal, Amazon, Square, and Shopify. In addition, 55% of companies using a digital payments platform were using more than one.
While the use of digital payments solutions has clear benefits, the adoption of multiple commerce platforms makes it more difficult to get a clear picture of the business and adds to back-office workload.. When using multiple commerce platforms, the burden of reconciling those accounts falls on the shoulders of small business owners, who spend an estimated 40 hours per month on administration. Integrations like Codat’s automate this process, giving business owners and their teams more time to focus on growth.
“Everyone in the payments stack is looking to do more for their merchants. Automatically syncing data with accounting systems has long been a sought-after feature by merchants and providers in this equation because of its potential for time-saving. But because of the technical complexity to implement, integrations that exist today are often low quality, poorly reviewed, with patchy coverage and disjointed user experiences” said Pete Lord, Codat’s CEO. “Sync for Commerce changes this. It’s about enabling providers to deliver high quality, native integrations as a competitive feature in days or weeks not months and years.”
The new product simplifies how payments providers and commerce platforms let their users sync their data with the most popular accounting platforms: Intuit QuickBooks and Xero. Sales and payments data are sent in real-time to Codat’s new API, which turns the raw data into detailed sales invoices and sends these to the merchant’s accounting platform. Merchants can set their connection up in minutes and choose exactly when and how they want the sync to occur.
Mollie, one of Europe’s fastest-growing payment service providers, will be among the first to implement Codat’s new product.
“Mollie makes it easy for merchants to accept all major payment methods. A key part of this is making sure that accepting more payments does not create more of an admin burden for bookkeeping and reconciliation.” commented Mollie Chief Commercial Officer, Ken Serdons, “By simplifying how Mollie connects to accounting platforms, Codat is helping us remove a barrier to adoption and build deeper, more valuable relationships with our merchants.”
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