There are plenty of untrustworthy payment processors out there who take advantage of the lack of regulations for merchant statements and make it hard for you to read or decipher your statements. Luckily, at TransNational Payments, we honor three areas of concern when it comes to our customers — Knowledge. Consistency. Transparency. We love to help educate our merchants and provide them with full-disclosure pricing options.
Watch our video to learn more about how to analyze a merchant statement!
Overview of Analyzing Your Merchant Statement
What you will find on your merchant statement:
- Name of processing company
- Merchant ID # (MID)
- Business name
- Deposit details
- Monthly volume
- Monthly fees
*Keep in mind that a payment processor could run their processing through another company.
Not knowing what to look for in a merchant statement hinders you to understanding. It’s crucial that you know how it works in order to decipher the breakdown of your statement.
Each layout and structure varies from each company, giving you a disadvantage of being familiar with how to analyze and read statements.
Some pricing structures are setup in a way that hide what the true rates and fees are. At TransNational Payments, we offer a true interchange plus pricing format that’s the least expensive and offers full-disclosure on what you’re paying.
Fees to Pay Attention to:
- Monthly processing fees
- PCI compliance fees
- Customer service fees
- Training fees
- Customization fees
- Systematic Integration fees
*Ask as many questions as possible upfront about setup fees and what they all entail.
While trying to learn how to analyze your merchant statement it’s important to know what you’re paying for and which questions to ask. It’s okay to not be an expert, you’ll learn from them.