Have You Checked Your Credit Card Processing Statement Lately?

Have You Checked Your Credit Card Processing Statement Lately

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If you have not checked your credit card processing merchant account statement on a regular basis, this could be costly to your business. Most businesses sign up with a merchant services providerto process their credit cards andnever check back with their processor. Either they become to busy or simply do not think of it.However, please be aware that the rates and feesyou were originally quoted may no longer be competitive or have increased substantially.

Your rates and feesmay have raised or increased without you knowing, so if you throw away your statement without viewing it or file it away it could be months before you realize that your rates and feeshave increased. Most credit card processors only have to notify you via your monthly statement. This is standard procedure.

Actually, in all honesty it is not the Credit Card Processorsratesand feeshave increased. More than likely it is in response to Visa or Mastercard or even American Express mandatoryrate and fee increase, which in turn passes the cost along to you.

Most statements are very hard to read to the average business person. Some fees are standard and easy toreadsuch as your monthly fee or statement fee. Other fees may not be clear cut and dry such as a third party product or service liek a virtual terminal,check service or leased equipment. Ask for a detailed statement from your credit card processor instead of a summary. Otherwise you will not get a complete breakdown of all the fees you have.

Lets face it, your time is money and the less time you have to spend on reconciling the better. Some credit card processors are able to send you a report detailing each transaction, how much was takes out for fees and the net deposit.But how can you reconcile and verify theamountif it is less than what you charged your customer? Simple. Ask for gross settlement.However, this maynot be possible for certain kindsof accounts. (You can blame those fraudulant people with fraudulant accounts for this).

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