Merchant Services: Reviewing Your Statements

 If you are reading this then you SURVIVED the 2011 Holiday Season! WOOHOO! Pretty soon you will receive your December merchant statement from your current merchant services company. I would highly suggest that you all set down and review this statement. For most of our clients December will be one of your highest months for processing, so why not see where your money is going. 


I know, I know, merchant statements can make your head hurt, but I promise you it is worth the headache. When you review your merchant statements I suggest following these steps:


Step 1: Figure out what you’re currently paying in fees
Everyone can look at their statements and see what they are paying, but it is important to figure out what your percentage rate is for all of your merchant services fees, this will include:

  • Credit Card Fees
  • Interchange Fees
  • Transaction Fees
  • And more…


To figure out your percentage rate with the fees you will want to take your Total Fees/Total Dollar Amount Processed. Based on how much you process your rate could be higher or lower than the industry average, but if you are paying more than 3.0% I would ask for your merchant company to review your rates to see if they can provide you with any savings.


Step 2: Figure out what makes up your fees
I have clients call in and say that they pay 2.5% to process a credit card. My response is that is great, but what do you pay for: monthly fee, transaction fee, batch fee, etc… Most of the time the client cannot tell me additional information regarding their account setup, because they don’t know. To figure out what compiles your fees you will need to play the matching game. Look through your statement and see what you pay for the following:

  • Monthly Statement Fee
  • Transaction Fee
  • Batch Fee
  • Discount Rate


Don’t know what these fees are: Click here to read more about merchant services fees.

If you have more fees than the fees listed above I would suggest talking to your merchant services company to have them explain the additional fees that are charged to you each month.


Step 3: See what else is out there
Once you have taken the time to understand your statements you are now prepared to talk to a competing merchant account to see if they can save you some money. The key when switching merchant services is to make the change worth the switch. So make sure the merchant company can provide you savings in a couple different areas.

As always, Cart32 provides you with free statement analysis to see if we can save you money with our credit card processing. If you are interested in receiving a free statement analysis, please email your statements to or you can fax them to 314-635-9959.



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