The Merchant Statement

The merchant statement, sometimes known as the processing statement, is a business owner’s key to understanding the cost of a non-negotiable portion of their business. In 2024, if a business owner does not accept credit cards or tap to pay, their sales could potentially plummet.

Given the importance of a credit card machine, it’s understandable how some merchant service providers can become greedy and charge exorbitant fees. That's why it's crucial to understand the fees associated with accepting payments. There are three essential components that a merchant statement should have. If it doesn't, it's a red flag that your provider may not have your best interest at heart. A merchant statement should include an itemized summary of charges, a detailed transaction breakdown, and a deposit summary.

Lastly, don’t be afraid to get a second opinion. When an agent cold calls or walks into your store, let them analyze your statement. Bring that analysis to your current rep and let them compete for your business. Whoever offers the best deal earns your business.

By ensuring your merchant statement is transparent and getting competitive quotes, you can keep your payment processing costs in check.

Next Week we will discuss how saving money is not the only factor in choosing a vendor…