Tuesday, July 19th, 2022
The Merchant Account Fees Audit is a detailed process of identifying all the fees you pay to your merchant account provider and comparing them with the services provided.
This audit aims to see if there are any discrepancies between what you’re paying for and what you’re getting in return.
Why Should You Audit Your Merchant Account Fees?
The main reason why you should do an audit on your merchant account fees is to make sure that they are not overcharging you for their services.
Any discrepancies could mean that they are charging too much for their services or taking advantage of you in some way.
This can make it difficult for you to continue using their services, so it’s crucial that they don’t charge too much!
When conducting an audit, it’s also important to look into the different fees associated with each service provided by your merchant account provider.
What Does an Audit Involve?
The best way to do this is to have a dedicated representative from your business go through each fee. For example, you can:
- Look for hidden fees or charges in your monthly statements.
- Check how much goes into sales commissions
- Compare all credit card processing fees with competitor prices
- Check their monthly subscription fees
If you find anything that seems out of place or unfair, you should contact your service provider immediately and discuss the situation with them.
The biggest mistake people make when auditing their Merchant Account Fees is not carefully investigating their receipts and statements. If you don’t ask questions, you won’t know what questions need to be asked.
Merchant Account Fees Audit: What are Your Options
You have two options:
1. Outsource to an auditor
The first option is to outsource the job to a third-party auditor like cardpaymentoptions.com, who will charge you based on the “number of transactions per statement.” This can be a good option if you have a small business and don’t have the time or staff to do an audit internally.
2. Do an internal audit
The second option is to use an internal auditor, which may be cheaper than outsourcing, but it requires a lot of time and expertise.
An internal audit is an excellent start, but a third-party auditor will sure do more thorough fee scrutiny.
Plus, these service providers offer extra perks that may prove helpful in decision-making– e.g., advice on how new regulations like the Durbin amendment affect your fees and proper merchant provider fee comparison.