Breaking down your merchant statement

Learn to read your credit card processing statement like a pro

person reviewing their financial statements and making calculations

Trying to understand your statement can be challenging

One in five merchants doesn’t even receive a full statement breakdown, making it nearly impossible to understand the charges. Taking control of your business expenses starts with understanding your statements, so let’s not waste any time and dive right into it.

What are the different charges on my processor statement?

1. Card fees & processor fees

2. Discount rates

3. Pricing structure

4. Miscellaneous fees

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How do I spot the hidden fees in my processor statement?

Merchant statements can be convoluted and difficult to read, but you don’t need to know everything to identify where you might be overpaying.

Rather than trying to learn every item that might appear on a processing statement, let’s focus on the terms you don’t want to see. Here are the most common ones to watch out for:

  • Interchange clearing fees
  • Other volume fees
  • Other item fees
  • Regulatory product fees
  • Maintenance fees
  • Sales item
  • Chargeback service fees
  • Non-compliance fees
  • POS authorization fees
  • Gateway authorization fees
  • Visa fnquiry fee

If you notice any of the above fees on your statement, don’t panic. It’s just an indication that you might want to investigate further. These fees are usually markups from your processor and can be negotiated or eliminated altogether.

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I found a red-flag fee in my statement. What should I do?

If you find these fees on your statement, you have two choices: call your processor to negotiate or start shopping around for a new one.

Calling your processor can be a useful exercise in both understanding the negotiation process and evaluating the quality of their customer service. If you are happy with the service and your fees are clearly explained or reversed, you may decide to give them a second chance. If you are placed on hold for an hour, your questions aren’t clearly explained, or you have to wait a few days to get a response, it might be time to cut them loose.

If you decide to shop around, it’s important to understand that every processor makes money in the same way —meaning they pass along the true cost of each transaction by marking up their services.

Regardless of which action you take, identifying the unnecessary fees on your statement is the first step to ensuring you have the information to confidently negotiate and establish fair processing costs for your business.

Are you unsure about the fees in your statement? Take advantage of our free statement analysis today!

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How should I set up my merchant processing account to avoid overhead costs and meet mandatory compliance standards?

To protect against fraud and data breaches, avoid being overcharged, and ensure mandatory compliance standards are met, every merchant should understand these four account details:

1. Account category

2. EMV compliant equipment

3. Pricing platform

4. PCI compliance

Find out what you’re currently paying in processing fees

We’ll tell you exactly what you’re currently paying in processing rates, highlight any unnecessary fees and show you the savings we can offer! Submit your statement today, and we’ll have one of our Payment Experts get back to you in under 48 hours.

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