February 7, 2011

Why Audit?

The Shift4 product offering is extensive to say the least. We offer a myriad of tools and services to our clients, and one that is highly beneficial to the enduser is our auditing capabilities. Yet, it has come to our attention that many of our clients are not using DOLLARS ON THE NET’s built-in auditing tools.

With that in mind, we’d like to take this opportunity to show you some of the awesome benefits you can take advantage of by performing nightly audits.

The DOLLARS ON THE NET® User Reference Guide describes the auditing process as follows: Auditing gives a merchant the ability to review batches and correct errors before settlement, thereby streamlining accounting and saving them money. Shift4’s NetAudit allows companies to review transactions and void duplicates, edit inaccuracies, and/or add missing or inadvertently deleted transactions.

Now let’s take a look at a few of those benefits in more detail to see why you should be using our auditing functionality.

Review Transactions/Batches: Aren’t balanced books reason enough to review your transactions? We think so.

Correct Errors: Erroneous and/or inaccurate transactions can affect your discount rate – costing you money.

Streamline Accounting: A few minutes every night can save you hours (and headaches) at month’s end.

Void Duplicates: Duplicate transactions cost merchants! You have to refund the full payment amount, but the processors and card companies don’t refund their fees to you. If you duplicate a transaction, you effectively double your discount rate for that item.

Add Missing/Deleted Transactions: If products were sold or services rendered but the transaction was deleted before it was funded, you essentially just gave your customer a 100% discount – that’s not good for your bottom line.

So what have we learned? A few minutes each night spent auditing can save you hours of frustration at month’s end, save you money by avoiding discount rate increases, and ensure that you provide the best service to your customers by verifying transactions are accurate and timely.

Oh, there is one more thing we should mention. Most of the time, customers who are not running nightly audits have also not yet configured the settings for Fraud Sentry®. (Fraud Sentry is Shift4’s protection against internal, “trusted-employee” fraud.) It is an unfortunate fact that internal fraud is on the rise around the world, but Fraud Sentry is a valuable tool to fight that problem. Monitoring all submitted batches in search of questionable (potentially fraudulent) transactions, Fraud Sentry can be configured to instantly and automatically report these issues to auditors and/or management.

Shift4 is dedicated to providing you with the best tools in the industry. Our auditing and fraud prevention services are second-to-none; and best of all, they come at no additional cost to our clients. If you would like help configuring your fraud and auditing settings, please give our support staff a call at (702) 597-2480, option 2 or send us an e-mail at [email protected].