After more than 500 inspection audits for a variety of banks, credit bureaus and screening companies, it is safe to say that I have a general understanding of what it takes to successfully help your business avoid red flags for a typical merchant inspection. My company, JMK Notary & Services Corporation, is a leader in the third-party verification sector and is rated the #1 Mobile Notary and Fraud Prevention Company in Miami. Some clients that I encounter believe that since they have been in business for so long that they are exempt. However, that is not correct. The process is designed to help verify the legitimacy of a particular business.There are three major tips that I believe can help companies prevent red flags during a merchant inspection.
First, companies should have their most knowledgeable contact person available. Making eye contact and shaking hands or politely greeting the inspector is expected. Be professional and not "over-friendly." Over-friendly may be considered offering drinks, money or items.
Second, companies shouldn't ask too many questions of the inspector. Usually, the person conducting the inspection doesn't know much about the process for being approved/disapproved. They have no control over whether a business is accepted or rejected for a merchant account. The inspector only collects and submits data.
Third, companies should expect interior and exterior photos to be taken. It is viewed as suspicious when this is declined. Also, this causes the inspection to be incomplete to comply with the due dilligence required of the financial sector.
In conclusion, merchant account inspections are necessary for the financial sector to comply with Federal Government regulations to help deter fraud in business transactions. Since 2008, there has been a larger push to complete on-site physical visits. So, if you are looking to check someone's credit or swipe a credit card, get ready for a friendly face knocking at your door soon.
For more details on the company, feel free to visit: www.jmknotaryandservices.com.
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