Monitoring & Auditing Credit Card Merchant Fees
After Restructuring, It’s Important to Continue to Monitor Your Statements
After businesses lower their processing fees, the credit card processing company will typically increase the pricing within three to six months. In order to keep fees at the lowest overall cost at all times, the monthly processing statement needs to be reviewed and audited. The problem with credit card processing statements is how difficult they can be to understand. Every credit card processing company has a different statement.
Credit card merchant fees are listed on the statement that is sent to the business each month. These fees can range anywhere from an interchange rate, discount rate, per transaction, monthly fee, etc. Once businesses manage to lower their credit card fees, their credit card processor is going to increase the fees to try and make back that profit. These companies often try to hide this in a fee that was not previously discussed during the negotiation.
MCC Performs Monthly Audits of Your Credit Card Fees
It requires a monthly audit in order to make sure that credit card merchant fees aren’t being increased. If a business is looking at its processing statement with an untrained eye, rate increases are going to be impossible to detect. Merchant Cost Consulting is the only way to find each and every hidden fee on your merchant statement each month. Once Merchant Cost Consulting catches a rate increase or hidden fee, the credit card processing company will be contacted and the fees that were increased are refunded as well as reduced back to the correct cost.
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