19 Jul Why You Should Send Your Statement to a Merchant Account Company for Review
Despite computers being widely used in the merchant services industry today, errors can still occur in statements more commonly than business owners usually think. While transactions are recorded automatically, they are still vulnerable to both system error and human error. System error can occur when the merchant services company accidentally codes the system wrong and causes amounts to be incorrect. Human error can occur as a result of disputes, chargebacks, manual orders, and manual review mistakes. As a result, an explanation has been provided below for why sending a statement to the provider of merchant accounts might be the right course of action.
1. Get Money Back
When businesses successfully dispute transactions with a merchant services provider, they can get more money back that can be used for operations. Often, differences in payments can be very substantial when an actual mistake occurs. Since these problems are usually caused by a poor system being in place, the error usually repeats itself several times. Therefore, the benefits of disputing inadequate amounts can be very significant.
2. Confirm When Unsure
When uncertain about whether a mistake is valid or not, businesses should always confirm it just to be safe. Even if the error represents a small amount of money, it can still reveal processes that can be improved to prevent similar issues in the future. By taking action to fix the problem immediately, the benefits can be reaped several times in the future.
3. Demonstrate Carefulness
Unfortunately, some unscrupulous credit card processing companies could take advantage of a company that has a history of not noticing statement errors. By mailing the statements from merchant accounts back in to the company with notes highlighting the mistakes, the likelihood of being taken advantage of in the future will decrease.
4. Avoid Fraud
When being careful, businesses will also be able to protect themselves from fraud. This can occur either within the company, by the credit card processing company, by the machine being used, or by an outside third-party. Careful business owners who immediately notice mistakes in the statements can send them back to the credit card processing company to see why the mistake has been made. If the merchant services provider is not to blame, they can often offer insights to help reveal what might have been the cause of the fraudulent activity. In the long-run, this type of careful behavior can protect business owners from losing great amounts of money due to fraud.