What Items are Included on a Payment Processing Services Statement?
When you receive your monthly merchant account statement from your payment processing partner, there will be a great deal of information that outlines the month’s transaction activity and the costs of services rendered as agreed upon by the business, the details of which can be found in the contract signed between the client and the merchant services provider. While the exact format of the account statement will vary slightly from one merchant services provider to another, the general content of the statements will be more or less consistent.
First, you’ll see merchant identification information at the top of the statement, usually including the clients business name, merchant ID, address details, point-of-contact information, and deposit account numbers. As with any statement your business receives from month to month, it’s a good habit to check and verify this information on each statement. It’s important to make sure that everything is accurate and up-to-date to avoid potential problems or miscommunications related to staff turnover, banking changes, business relocation, or other instances where account information may become out of date.
Moving down the statement you will then see a spreadsheet list summary of payments received in the form of sales and revenue, usually broken down by payment types (credit, debit, etc.). Next to this data will be a series of columns that breaks out related costs by payment type, as some credit cards will have different fees associated with them. Totals for each payment method will be summarized for at-a-glance understanding on the overall costs of accepting each type of payment method for the given time period.
The costs to be paid related to the processing of credit cards are actually a composite of more than one fee, as there are multiple organizations that are involved in the back-end of the transaction process for credit cards. These organizations include the merchant services provider directly serving the client, the card payment network (Visa, Mastercard, etc.), and the card issuing organization itself (i.e. banks and financial institutions). The fees charged by the payment networks are generally referred to as assessment fees, while those paid to the card issuers are referred to as interchange fees.
Chargebacks will also appear on your merchant account statement as separate line items, and typically include information on the nature of the chargeback. This may cover the reason for the chargeback, date/location specifics, customer ID details, and other such relevant information. This is particularly noteworthy as this type of information can help companies more efficiently work to minimize chargebacks and reduce the risks associated with transaction fraud.
The merchant account statements will also include any costs related to the rental, lease, or financing of point-of-sale technology provided by the merchant services company to the client. Depending on your business’ unique needs, there may be advantages to choosing leasing, renting, or owning your POS technology, so be sure to thoroughly evaluate all available options before agreeing to one method over the others with your merchant services provider. MONEXgroup offers many convenient and flexible options for our clients in this regard, including our exclusive lease-to-own programs, which brings together the benefits of owning and the advantages of leasing into a convenient and affordable payment plan.
The Importance of Choosing the Right Merchant Services Partner
Understanding what’s on your merchant account statements is one thing, but how can you take that understanding and use it to benefit your business? How can you find opportunities on your monthly statements to lower costs? How can you achieve greater efficiencies in managing your various services? The answer lies in choosing a merchant services provider who can deliver the knowledge and real-world expertise you need to identify those opportunities and formulate a plant to capitalize on them. That’s where MONEXgroup comes in.
Choosing MONEXgroup as your payment processing partner doesn’t just mean you’ll get access to all the most advanced and flexible POS tools and technology. As a client of MONEXgroup, your business will also have the advantages of our experienced team of customer support representatives and a dedicated account manager that will work directly with you to make the most of every transaction that comes through your POS system. You’ll get detailed recommendations for optimized payment solutions that will add capabilities to your business, alleviate bottlenecks and gain efficiencies, lower your costs to minimize overhead, expand your presence in the market, and achieve valuable competitive advantage.
Simplified Merchant Account Statements from MONEXgroup, your All-in-One Payment Processing Provider
If you’re currently dealing with multiple statements for your merchant accounts, it’s time to consider the significant savings that can be obtained by consolidating these services with an all-in-one payment processing provider. There’s really no need to have multiple separate accounts when all your payment processing needs can be handled through one account, with the ease and simplicity of a single clear merchant account statement, and a dedicated support manager to answer all your questions.
MONEXgroup is your one-stop-shop for payment solutions of all types. Our product selection includes powerful in-store POS stations, compact and portable mobile payment terminals, intuitive e-commerce systems and online virtual terminals, and even a diverse range of unattended payment systems for vending and remote kiosks. Whatever kind of payment you need to process, and wherever you need to process it, there’s a MONEXgroup payment solution that will exceed your expectations.
Now’s the time to discover how an all-in-one payment processing provider can elevate your business with enhanced efficiency, flexible new capabilities, and the simplicity of managing all of your payment processing services through a single merchant account statement.
Contact MONEXgroup today for more information and your free quote!