LEARN MORE ABOUT
CREDIT CARD STATEMENTS

We’ve put together a guide to help explain credit card statements to merchants.

The guide is divided into 4 sections:

• Statement Overview
• Spotting Hidden Fees
• 4 Merchant Account Tips
• Finding Your Statement

We have developed a more detailed guide available as a PDF download.

STATEMENT OVERVIEW

Knowing how to read your statement is an important skill
for every modern business using credit card processing.

CARD VERSUS PROCESSOR FEES

There are two costs associated with every transaction:
• Card organization cost • Processor cost

DISCOUNT RATES

Traditionally, when a salesperson refers to a “discount,” it means there is a price reduction.
When you see “discount rate” on your statement, it means surcharges.

PRICING STRUCTURES

Are you signed up for Tiered or Interchange Plus pricing? Simply choosing the
right pricing can be the difference between a great deal and significantly overpaying.

MISCELLANEOUS FEES

Miscellaneous fees can add up fast and sometimes account for over 25% of your cost.
An equipment fee or compliance fee are two of the miscellaneous fees to watch.

Spotting hidden fees

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

Red-Flag Fees

Rather than trying to learn every item that could 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 Inquiry Fee

4 MERCHANT ACCOUNT TIPS

There are some account details that every merchant should understand
to avoid being overcharged and to protect against fraud, data breaches
and ensure mandatory compliance standards are met.

Account Category

1

The account category is basically the way in which you process credit cards.
• A Retail Account can accept card-present or keyed-in transactions.
• A Moto Account only processes keyed-in transactions.
• An Internet Account is for payments run independently through a website.

EMV COMPLIANT EQUIPMENT

2

Merchants with EMV compatible processing equipment pay the lowest
rate available. However, many merchants don’t have accounts or equipment
set up to accept EMV.

PRICING PLATFORM

3

There are two different pricing platforms:
• Tiered Pricing = Fixed Pricing
• Interchange Plus (IC+) = Variable Pricing

PCI COMPLIANCE

4

Payment Card Industry Data Security Standard (PCI DSS) applies to
anyone who accepts credit cards and is designed to prevent credit card
theft and fraudulent payments. The goal of PCI Compliance is to ensure
that any company accepting credit cards maintains a secure environment.

Finding your statement

Many processors still send monthly statements by mail, however, if you receive
your statements electronically, you should be able to locate it through a simple search in your email for ‘payment processing.’ If not, try some of the steps listed by processor below.

To get your statement from Square:

  1. Login with your credentials online at: https://squareup.com.
  2. Select Reports.
  3. Select Payment Methods.
  4. Select a Date Range.
  5. Take a screenshot or export a report from a recent month with a volume over $5000 in credit cards.
  6. Save the file to your desktop and send us this form.

To get your statement from Encore:

  1. Login with your credentials online at: https://www.mymerchant.info/slogin.
  2. Click Statements.
  3. Choose your selected months.
  4. Take a screenshot or export a report from a recent month with a volume over $1000 in credit cards.
  5. Save the file to your desktop and send us this form.

To get your statement from QuickBooks:

  1. Login with your credentials online at: https://merchantcenter.intuit.com/portal/portal/qbms.
  2. Find Activity and Reports.
  3. Click on Credit Card Statements.
  4. Take a screenshot or export a report from a recent month with a volume over $1000 in credit cards.
  5. Save the file to your desktop and send us this form.

To get your statement from First Data:

  1. Login with your credentials online at: https://www.myclientline.net.
  2. Click ‘merchant login’ and enter your credentials.
  3. Once you are logged in, click funding from the toolbar.
  4. Select Monthly Statement from the drop down.
  5. Enter ID and select corresponding level (required) if you would like to view a statement for a specific location or hierarchy level other than what you have been currently viewing.
  6. Select Statement Type (recap or location). Select location if you would like to view only your specific processing information.
  7. Click Submit.
  8. Click on the month you wish to view. Choose a recent month with a volume over $1000 in credit cards.
  9. Click Get Statement.
  10. Save the file to your desktop and send us this form.

To get your statement from World Pay:

  1. Login with your credentials online at: https://ssologin.worldpay.us/sso/jsp/login.
  2. On the left side of the home screen, click Recent Statements.
  3. From there you will be able to see your last few months of merchant statements.
  4. Take a screenshot or export a report from a recent month with a volume over $1000 in credit cards.
  5. Save the file to your desktop and send us this form.

To get your statement from PayPal:

  1. Login with your credentials online at: https://www.paypal.com/signin.
  2. Go to Reports and then to Financial Summary. Pick a date range.
  3. Take a screenshot or export a report from a recent month with a volume over $5000 in credit cards.
  4. Save the file to your desktop and send us this form.

download the statement guide

Learn more information about credit card statements and what you can do about unwanted fees in our detailed guide.