It can be difficult for companies to sufficiently prepare for internal credit card processing audits. The process can also be stressful. It entails close inspection of transactions and requires companies to provide auditors with all the necessary information. However, when successfully performed, credit card audits can be the key to identifying certain issues and driving improvement. Despite the potential challenges, an audit is crucial for determining whether there are any inefficiencies in your business. It’s also a solid foundation for putting specific steps in place to eliminate those inefficiencies.
Unfortunately, in-house audits can also come with certain difficulties that may hinder the process. The following are some of the biggest challenges that companies face when conducting in-house credit card processing audits.
1. Decreased Productivity
When companies aren’t prepared for an audit, one of the biggest issues they face is reduced productivity. Internal credit card audits already detract from employees’ daily tasks. But inadequate preparation can lead to even less productivity. If all the necessary information isn’t available in time, staff will spend even more of their time sifting through documentation. If processes are manual and paper-based, this will further consume your employees’ time when they could be directing their attention to more important matters.
2. Increased Costs
If a company isn’t ready to conduct an audit, this could lead to a longer audit period, which leads to additional costs. Whether paying a third-party auditor or internal employees, poor management will cause you to spend more than you should ever need to spend on audits.
3. Risk of Errors
Internal management and manual processes can also increase the risk of human error. Companies that aren’t prepared may not have the information they need. This could lead auditors to miss certain errors or incorrectly identify mistakes. If a company relies on paper-based filing systems, specific errors could include misfiling, which can make it extremely difficult to find crucial documentation at a later point. This is especially true for systems with a large number of records.
One of the biggest errors experienced with manual credit card fee audit processes is data entry mistakes. In these cases, staff may either inaccurately interpret or transcribe their records. Meanwhile, spreadsheets with manual entries may also contain errors.
Regardless of the types of errors made, they can compromise the integrity of your company’s data and hurt the results of your audits.
4. General Inefficiency
When credit card processing audits are manually completed, there are several areas of inefficiency that companies often experience. For instance, physical documentation could require large amounts of storage space and entail a lot of time and effort spent on organizing it. This can quickly get to the point where retrieving specific documents can take more time than it should.
Processing times are also slower with manual credit card fee audit processes. The longer it takes to complete processing, the more late fees could accumulate. Subsequently, this could hurt your audit scores.
How a Reliable Audit Service Can Help Improve the Auditing Process
All the issues mentioned above can significantly decrease the efficiency of credit card processing audits, but you can avoid them with the help of audit services. The following are some specific advantages of working with an external provider.
1. Increased Efficiency
By working with a reliable team of professionals, you can benefit from efficient audits that accurately identify payment discrepancies and manage costs. Otherwise, you may not have the time or resources needed to give your audits the attention they deserve. Merchant processing audit services can ultimately help you increase efficiency and maintain cost-effectiveness.
2. Much More Than Simple Audits
The right company will also be able to go beyond simply conducting an audit. For example, a good service provider may be able to provide consulting services in a number of areas, including financial services and utilities, among others. The company can then use an automated auditing process to effectively look for and mitigate any errors or inefficiencies. From there, the company could provide consistent reporting with actionable data that clients can easily access.
3. Implemented Recommendations
Once your provider has identified any issues and made recommendations, they may then be able to actually implement cost savings and acquire refunds. In turn, your business will be able to keep the auditing process efficient and inexpensive.
Credit Card Processing Audits From Util Auditors
If you would like to ensure that your business doesn’t suffer from any potential difficulties due to in-house audits, the experts at Util Auditors can provide the services you need. We offer unparalleled visibility with the help of a Client Portal along with consistently dependable services, which help maximize efficiency and minimize errors.
Regardless of what your business requires, we have the expertise, experience, and resources needed to optimize the auditing process. If you would like to learn more about how we can help you with the right solution for your business, contact us today to request a credit card processing audit.