Merchant servicing is one of the branches of financial services widely used for business purposes. It is a service that enables businesses to accept transactions or payments through an encrypted and secure channel using the customer’s credit/debit card or any other NFC/RFID-enabled device.
Usually, the merchant processing fee is considered to be an added cost of doing business. Merchant and credit card processing is a significant business expense. It is also tough to comprehend due to the lengthy statements, unclear rates, and endless fees attached. One should be fully aware of the gimmicks and typical games played by the merchant service providers.
One can save much more on merchant processing overcharges by implementing a merchant processing audit. There are many things that you might overlook in your transactions, but a third-party audit can give your business various advantages such as:
1. Team of Professionals
Having merchant processing auditors gets you a team of professionals who are there for financial help. They have in-depth knowledge and relevant experience in their field. It is almost impossible to go through every past transaction or statement. It is also tough to calculate the fees and find out at which point you or your business are paying extra.
Having a team of professionals can help you track the merchant processing overcharges and inform you in case of any discrepancies in your transactions.
Professional auditors are aware of the credit card companies, their work processes, and how they make profits. Also, subsequent negotiations are done to reduce credit card processing fees.
2. Continuous Monitoring
One can have a reasonably large business where many transactions occur during the day, and there can also be more than one source of payment. In such a case, the bills would pile up into massive statements which are left unattended. If you have a merchant processing audit expert, this can be easily handled.
The auditors look at the many factors that affect the merchant account fees, which can be very confusing for busy business owners or managers. This monthly audit will also help you to highlight any other overlooked faults. Now, all your merchant processing problems can be handled hassle-free and in one go.
3. Hidden Fees
The most important task of a merchant processing auditor is to highlight any hidden costs. These transactions always are associated with an additional fee, and they might keep adding up without you even realizing the same. Your auditor can keep a check on the merchant accounts and also on their interchange rates. The fees can be reduced by negotiating the interchangeable rates and cutting the average spending method per month by at least 20% to 30%. This can eventually help you save a lot on your pocket.
4. Advisory and Consultation Services
Once you connect with your merchant processing auditor, he/she can consult you from time to time and suggest ways to save money in the future. These basic tactics can genuinely benefit you and your business. They can help you restructure the best rates that are available among your current processor or banks. They tend to ensure continuous savings and also guarantee that such excessive merchant processing fees shall not return.
5. Customer Services
All of the prominent merchant service processors often offer 24*7 customer and tech support at no extra charge. Ensure that whenever you are stuck in such a situation, the other side’s representative can help you in the right direction.
But if you have a self-employed merchant processing auditor, you need not rely on others. You can have a faster and experienced person at your disposal who would give you the suggestion for your betterment in a fair manner.
Now that you know how to save on merchant processing overcharges, you need to protect your precious business money by getting a merchant processing audit expert. Start today to get the best results!
Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.