Merchant statements play a crucial role in the smooth functioning of your business, detailing the fees and charges associated with credit card transactions. For business owners, comprehending these statements is essential to avoid overpaying for services and ensure contract compliance. In this article, we'll delve into the significance of reviewing merchant processing statements, share insights on understanding the numbers, and introduce Evolve Payment—a trusted partner in optimizing accounts receivable processes.
Why Regular Review of Your Merchant Processing Statements Matters
As a business owner, being vigilant about your merchant processing statements can unveil hidden fees and potential overcharges. This proactive approach is necessary for:
1.Identifying Hidden Charges: Merchant statements can be intricate, concealing fees that might go unnoticed. Regular reviews empower you to spot discrepancies promptly, addressing them before they impact your bottom line.
2.Ensuring Contract Compliance: Merchant service agreements contain specific terms and conditions. Regular statement reviews to ensure that agreed-upon terms, including fees and pricing structures, are upheld. Communication with your processor can rectify discrepancies, potentially leading to positive changes in your processing rates.
3.Monitoring Business Performance: Understanding the fees associated with your merchant processing provides insights into your business's financial health. By tracking transaction volumes, chargebacks, and fees over time, you can identify patterns, optimize operations, and make informed decisions.
Steps to Navigate Your Merchant Processing Statement
The complexity of financial reporting can make merchant processing statements seem overwhelming. However, responsible fiduciary representatives must understand the reports, especially for complex merchant accounts. Follow these steps:
1. Review Statement Format: Familiarize yourself with the statement layout, identifying sections detailing various fees. Ensure that these fees match the original application you signed with your provider.
2. Analyze Fee Categories: Categorize fees into processor fees, interchange fees set by card networks, and assessment fees charged by card associations. This breakdown helps you understand the entities involved in your payment processing.
3. Compare Pricing Structures: Evaluate the pricing structure provided by your merchant service provider. Compare rates with industry standards to ensure fairness, considering factors like flat rates, tiered pricing, or interchange plus pricing.
4. Identify Hidden Fees: Look for additional fees without clear titles. Understand each fee's purpose, preventing situations where hidden fees go unnoticed for an extended period.
Empowering Your Understanding: How Evolve Payment Can Help
Deciphering merchant statements can be challenging, especially for busy business owners. TouchSuite®! offers a free analysis service to streamline this process:
1. Comprehensive Statement Review: Our expert team analyzes your statements, providing a breakdown of fees and potential savings opportunities.
2. Personalized Recommendations: Based on the analysis, we offer tailored recommendations to reduce overhead costs, streamline processes, and enhance accounts receivable efficiency.
3. Transparent Pricing: TouchSuite® believes in ethical pricing, ensuring clear explanations of fees and presenting cost-effective solutions tailored to your business needs.
Unlock Savings and Efficiency with TouchSuite®
Take control of your business's financial health with TouchSuite®'s free analysis of your merchant processing statements. Our team provides comprehensive reviews, personalized recommendations, and transparent pricing solutions, empowering you to reduce costs and optimize financial operations. Contact TouchSuite® today and unlock the potential for greater savings and efficiency in Credit Card processing, Merchant Accounts, Payment Gateway, and more.
Author
Writing for Touchsuite, Jonathan Bomser, is a technology and marketing expert with over 30 years of industry experience. He is a businessman, writer, artist and musician. He has vast knowledge of finance, business and technology. Jonathan is currently founding, investing and board advising in several early stage and start up companies. Jonathan has been involved in Technology, Media, Marketing and Advertising for a multitude of Fortune 500 companies for over 30 years.He has served as a strategic, creative and marketing executive and consultant for both parent companies and subsidiaries at AOL, The National Football League, The Walt Disney Company, NBC, MTV, Viacom, Time Warner, USA Today, Alliance Entertainment, WPP, Penguin USA, along with numerous other established companies, start-up ventures and reorganizations.Jonathan was the CEO and Founder of BigLinker.com, which was acquired by Ziff Davis (Nasdaq: ZD) in 2021, CEO and Founder of TownTarget.com from 2013-2015 which was acquired by Touchsuite/American Bancard in 2015 and previously Bomser Payan Interactive Agency from 2008-2012 which was acquired by Big Step Interactive/Digital Marketing Associates. Jonathan was the key developer for the technology used to power many of their successful digital campaigns. Clients included national brands such as Adidas, PNC Bank, Massage Envy, European Wax Center and others.Jonathan has also helped manage the technology initiatives, creative strategies and business development for AIM Pages.com, AOL’s Social Network. Since May 2006, Jonathan has also been consulting for technology, marketing, sales and creative strategies for Veoh.com, BigString.com, Vuguru.com and others. Before consulting for these major companies, Jonathan was a principal in En Pea Productions,Inc. which was a television production company focused on reality television, commercials and music videos. Jonathan is also the former Board Member, CEO and President of WoozyFly.Inc. Trading on under the symbol WZFY.Jonathan's current projects at AccountSend.com, VocalChimp.com and CoolValidator.com
Touchsuite is located in Boca Raton, FL and is a payment processing and point of sale company that specializes in merchant accounts, point of sale systems, Grubbrr self-ordering kiosks.
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