The VeriProcess exclusive 11 Point Credit Card Processing Audit places your merchant processing fees under a virtual “financial microscope,” bringing transparency to excessive and hidden fees, and eliminating the confusion of pricing and contracts — all to give you a greater understanding of your merchant service provider’s fee structure, and empowering you to save money.
This 360-degree view of your payment processing and merchant service provider fee structure helps us identify immediate savings for you — well beyond the discount rate. We also provide you with an understanding of your current pricing structure, transaction fees, assessment fees, excessive plan fees, and more.
But that’s just the beginning. Ongoing savings are also realized as we help you gain an understanding of how the processing of each credit card transaction — and even the type of card used — can affect your processing level qualification and result in costly downgrades. These two factors alone can send your payment processing costs skyrocketing. The ISOs and merchant service providers are not going to tell you this because those downgrades and the associated fees put more money in their pockets.
Through our Credit Card Processing Audit and ongoing partnership, VeriProcess will show you how to avoid the processing pitfalls that can cost you precious profits.
Instead of the typical merchant service provider relationship, with hidden fees and transaction downgrades, a partnership with VeriProcess means you’ll always have an expert on your staff, and a trusted advisor on your side. Our job is to watch every credit card transaction, understand your payment processing ecosystem, and help optimize your credit card processing in every way possible.
Credit Card Processing Audit
Our exclusive Credit Card Processing Audit examines every detail of your merchant processing statement:
1. Discount Rate
The Discount Rate Audit uncovers non-qualified payment downgrades and merchant service provider based fees, identifying the gap between the plan rate and overall effective processing rate.
2. Interchange Pricing
The Interchange Pricing Audit identifies merchants that are enrolled in an interchange-plus rate plan, whereby the merchant services provider is passing through the interchange rates at cost. There are hundreds of interchange categories, each with different fees based on process type, card type, business type, and other factors. Processors sometimes “bucket” these interchange rates into a few tiers, allowing them to add excessive fees and create a higher rate than the actual Interchange Rate; oftentimes, without the knowledge of the merchant.
The Benchmark Audit measures your Effective Rate of Discount versus that of other similar merchants, processing similar payment card types and similar volume.
4. Charge Detail per Card Brand
The Charge Detail per Card Brand Audit exposes the level of detail for transactions listed on your statement. Some merchant service providers exclude the credit card volume and transaction counts on your merchant statement to hide the fees per payment card brand.
5. Qualified Transactions
The Qualified Transactions Audit identifies the percentage of credit card transactions that processed at the qualified or lowest possible interchange discount rate. Our proprietary credit card processing audit software will determine the volume of payments processed at the qualified or lowest possible interchange discount rate, versus those processed at a higher rate, resulting in higher payment processing fees.
6. Statement Fee Accuracy
The Statement Fee Accuracy Audit re-calculates the entire merchant statement and reports any discrepancy between billed fees and calculated fees. Any discrepancy between the calculated merchant rate and the billed merchant rate often favor the merchant service provider.
7. Per Item Fees
The Per Item Fees Audit will uncover the actual per item cost, which is often advertised at a rate far below what you actually pay for a transaction. The most common fees are additional Authorization (Auth) and Address Verification Service (AVS) fees.
8. Gross vs. Net Billing
The Gross vs. Net Billing Audit identifies a questionable billing practice. A merchant service provider may charge discount fees based on gross volume and transactions, not taking into account credits or refunds, resulting in overcharges by the merchant service provider.
9. Card Assessment Fees
The Card Assessment Fees Audit identifies unnecessary assessment fee increases by verifying charges against the published rates set forth by the Card Associations.
10. Merchant Contract Analysis
The Merchant Contract Analysis Audit will identify the contractual rates with your merchant service provider and determine if they differ from your merchant statement rates, indicating discretionary increases have been applied.
11. Miscellaneous Plan Fees
The Miscellaneous Plan Fees Audit calculates any excessive plan fees. Merchant service providers add ancillary fees such as batch fees, statement fees, PCI fees, maintenance fees, and association compliance fees to increase their profits.