Merchant Processing
Overview
A merchant processing audit involves an auditor scrutinizing a business’s processing statements to ensure every processing fee aligns and is consistent with the fees stipulated in their agreement. A thorough merchant processing audit can uncover errors and report accordingly if the credit card processor took as much as an extra penny. Varying factors determine the method and amount of fees charged. Audit services help you understand the expenses and possible savings.
After receiving an initial data set comprised of merchant statements for the organization's merchant ID(s), we communicates directly with the processor(s) to obtain related account data.
In addition to the application of proprietary knowledge and methods, the following bullet points outline some of the steps performed throughout the detailed audit process:
The processing program type was identified: flat rate, tiered, or interchange plus.
3rd party processing costs, such as discount rate, per transaction and per authorization fees, monthly fixed costs, chargeback fees, and other program costs were clarified.
Any unnecessary, multiple, or redundant fees were identified.
Interchange costs were reviewed to ensure that each card type being accepted was passing the appropriate level of data to receive the best available pricing.
Cost basis was compared to multiple like-type accounts processing similar volume and transaction amounts within the client industry to assure cost is in line with market rates.
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Our Process
Consult
Access 16+ cost-saving solutions spanning 4 subcategories (Utility Services, Contract Services, Financial Services, and HR Services). There is often one, or more, areas in which we can aid our clients.
Audit
Our Auditors deploys proprietary knowledge, methods, and superior technology to thoroughly analyze invoices and services for errors, anomalies, and inefficiency in billing. Clients can login to track the progress of each audit, at each location, in “real time” using the Client Portal.
Advise
An interim report of findings can be downloaded at any time during the audit process through your uView Dashbard. A formal report of our audit recommendations is provided by our Auditors on every audit project.
Deliver
Where some audit firms simply make recommendations, Our Auditors will assist you to implement the cost savings and obtain the refunds that we identify. We will act as your project lead, completing paperwork and compiling claim documents for your review that are required to realize the benefit of what we propose.
Achieve
As a contingency-based service we only invoice for cost savings and refunds if, and after, the client realizes them.
Views360™ is a holistic dashboard where clients track the progress of each audit, at each location, in real time.
Whether you’re managing a single manufacturing site or a nationwide retailer with thousands of locations, Views360 simplifies your cost containment projects. With multi-audit visibility, real-time communication, and dynamic savings reports, everything you need is just a click away!
Step 1: Data Upload & LOAs
The process starts with a simple data upload request needed to complete the cost reduction project. Any necessary Letters of Authorization will be available for download/upload within your dashboard or emailed to you.
Step 2: Analysis Begins
Our cost reduction experts will begin identifying errors and inefficiencies within your billing structures. The option to communicate with the auditor assigned to your audit is available within your Views360™ dashboard. You will receive notifications when savings are found and ready to implement.
Step 3: Implementation of Identified Savings
View, approve, or deny all cost savings recommendations within the client portal. You will receive an email notification once results are ready for your review. All savings recommendations are approved by the client prior to implementation.
Step 4: Savings & Audit Report
Sit back and enjoy savings! You will receive a complete audit report of the savings and refunds implemented, as well as the ability to track ongoing savings and invoices, all within your client portal.
We’ve Created A Friendly Guide About All of Our Audit Services To Help You Take Control Of Your Finances Once And For All
We take a holistic approach to every engagement, thoroughly reviewing multiple service areas to enhance operational efficiency. Leveraging a global network of specialized expertise across various cost categories, we assign an experienced cost containment specialist to each project.
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