Many dentists and business owners assume that they know how much they are spending on their credit card processing fees. Merchant statements can be confusing, and even if you understand what they say, it can be overwhelming to know whether are not you are getting a good deal. How can you audit your merchant statement to see if you’re overspending?

Check Your Current Rates

Over time, many credit card processing companies will slowly increase their rates. This means that the rate you signed up with is not necessarily the one that you still have—and you might have never noticed. The rate you were initially quoted is also not necessarily the rate that you have for all types of transactions at your business, as some types of cards have higher rates than others. However, checking your merchant statements to see the rates that you’re paying now vs. what was promised can be time consuming. The good news is that there is a better way.  

Audit Your Merchant Statement

Taking time to audit your merchant statement is a great way to see what rates are being applied to electronic payments. You do not need to do this every time you process a payment. Instead, it’s a good idea to check for a certain period of time once a year. Our partner ERJ Solutions offers ongoing cost reduction analysis that includes monthly statement audits. Some of the benefits of working with them for an audit includes:

  • Ongoing transaction support without your involvement 
  • Comprehensive and detailed reporting 
  • Regular effective rate reviews and updates on card brand fee notifications

Additionally, they can help guide you through the process of finding ways to reduce your merchant services spending through things like compliant surcharging, cash discounting, or a dedicated hosted pay page for ACH, credit, and debit payments. 

Look for Processing and Authorization Errors

When you audit your merchant statement, you should also look for processing and authorization errors. These can increase the rates that you are paying to accept different credit cards, and they also put you at an increased risk of chargebacks and other payment problems. 

APEX Reimbursement Specialists Is Here to Help Your Practice Grow 

Whether you’re preparing for an audit of your merchant statement or looking to explore automating your dental practice, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.