1. Having a payment processing consultant pays for itself

Many of the people we talk to are under the impression that having a processing consultant is just another expense and project they are going to have to manage. The beauty of Audit Advantage is that we take the task of processor management off your plate. With our REDUCE program, you never pay a penny until you start seeing results and savings have been realized. We see businesses hire tax professionals to help them save a few thousand at the end of the year, but they completely overlook the thousands they are paying in unnecessary processing costs. Think about the time and money you’ll save when you have an expert processing consultant on your side!

2. Credit card processing costs continue to become more complex

If you are on an interchange-plus program, you might be overwhelmed by the intimidating number of line items on your processing statements. Your credit card processing costs are a combination of hundreds of individual interchange fees, brand fees, dues, assessments, monthly fees and processor markup. Within those statements exist the nuances of interchange downgrades, transaction integrity fees, pricing strategies, Level 2/3 data, daily vs. monthly discount, authorization/transaction ratios and many more areas that are used to pinpoint processing inefficiencies. Things get more complicated because the fees are always changing.

3. Processors know you aren’t scrutinizing the fees on your statement(s)

Credit card processing is a money-making business and processors are always looking for ways to increase their profits at your expense. Most of the merchants we talk to aren’t looking at the ‘fine print’ on their statements. Some of them even make the mistake of calculating a simple effective rate and thinking their program is ok. Processors know that most merchants aren’t looking at their statements very closely and they regularly hide fees and inflate costs.

4. A consultant can advocate on your behalf and on behalf of your entire trade group/association

The best way to get the lowest fees is to aggregate your buying power. That’s the reason why many business owners participate in buying cooperatives, trade groups and industry associations. The same can be said for Audit Advantage. We leverage our entire portfolio of customers to get the best rates in the industry.

5. Audit Advantage can help you with all your payment processing-related questions

We all know that payment processing is an integral part of your business. Sometimes you have questions about whether you are making the right processing decisions or whether your program is optimized for maximum performance. Our customers call us every day with questions ranging from technology to processor selection. Each of our programs comes with access to a live and dedicated analyst that can help you with all things processing.

If you still aren’t convinced, talk to one of our consultants!

Thomas Vavrin
Director of Audit Advantage
877-799-2720
info@getauditadvantage.com
www.getauditadvantage.com

Your credit card processing fees are one of the most under-looked areas to lower your operating business costs. As your organization grows, it’s more important than ever to pay attention to the fees you are paying. Audit Advantage has been advocating for merchants for the last several years. We found that businesses were grossly overpaying for their credit card processing costs; so, we decided to do something about it.

Business professionals look to experts for advice in many areas of their business. Accountants are there to help you with your finances and taxes. Lawyers are there to help you with legal needs and counsel. Advertising agencies assist with websites and marketing materials. We believe every business should have a processing consultant to help them navigate the costly and confusing world of accepting electronic payments.

Credit card processing fees are confusing. It can be difficult to understanding where your money is going. Processors are always looking to make more profit at your expense by hiding fees and increasing costs. In this article we'll explain the 2 major components of your credit card processing costs; giving you a better understanding of who's charging what and which areas of cost you can control.

 

Components of Cost

The rate that you pay to process a credit card transaction is a combination of Base Costs and Processor Markups. Think of Base Costs as the raw material expenses associated with the card transactions; and think of the Processor Markup as production costs and processor profit.

The EIRF is a common surcharge that can either be avoided or minimized. This rate is usually applied to transactions that lack proof of compliance or that are not settled within 2 days of the authorization. For example, retail, restaurant and supermarket EIRF occurs if the transaction was voice approved and the batch was closed 72 hours after authorization. Mail or telephone orders through e-commerce merchant accounts will be subject to EIRF if the batch isn’t closed daily or if sales tax isn’t applied to a commercial card. Lodging EIRF will occur if the folio number or check in/check out dates are missing.

EIRF can be avoided through settling batches every night. Transactions that take longer than 48 hours to settle will often default to EIRF. Always enter sales tax as a separate field for commercial card transactions. Ensure a smooth AVS verification through accurately entering the address and CW2 codes. If the transaction amount changes, request a new authorization code to avoid having the final charge mismatching the original authorization. Finally, always avoid keying in a card and forcing verification.

In conclusion, merchant accounts can be successfully managed through clearing transactions at the correct Interchange in a timely manner. This will avoid EIRF and ensure that you maintain the lowest possible processing costs.

Thank you for being a valued customer of Audit Advantage.

Please contact us with any questions.

Thomas Vavrin

Director of Audit Advantage

877-799-2720

info@getauditadvantage.com

www.getauditadvantage.com

1. Failing to scan your network leaves you vulnerable to cyber threats like ransomware, malware, data breaches and expensive fines.

• Many processors bypass network scans leaving you at risk. Scanning your network alerts you of potential threats and vulnerabilities.

2. Your processor may mislead you by saying PCI compliance is not important or that they will complete the requirements for you.

• Processors generate millions of dollars in revenue from PCI non- compliance fees and they do not have your business interests in mind.

3. You don’t get the necessary policies and procedures required to validate PCI compliance.

• You are required to maintain policies and procedures that protect card- holder data. Most processors do not provide this information.

4. You’ll spend valuable time completing requirements and submitting all the required PCI documents.

• Merchants can waste hundreds of hours validating and maintaining PCI compliance when they could be focusing on their business.

5. Your business isn’t safe without breach protection or cyber liability coverage.

• Most processors do not provide you with any protection in the event of a breach, leaving you saddled with enormous fines and recovery costs.