Read your statement
Four numbers tell you what you really pay.
Processing statements are long on purpose. You only need four numbers from yours, and then a short list of fees to question. Grab last month's statement and follow along.
A made-up statement in a common layout. Yours may call these lines something else.
- Total sales. Called "gross sales," "amount submitted" or "total volume." Here: $24,860.
- Number of sales. Sometimes "transactions" or "items." Divide sales by this to get your average ticket: $24,860 ÷ 1,412 = $17.61.
- Total fees. Usually on page one as "fees" or "total charges." Here: $850.91.
- Your effective rate = total fees ÷ total sales. Here: $850.91 ÷ $24,860 = 3.42%. This is the number to compare, not the rate a salesperson quotes.
- Fees worth questioning. Monthly service, statement, annual and "PCI non-compliance" fees add up. A PCI non-compliance fee usually means a yearly security questionnaire was never filed, which is usually a quick fix.
Check yours
Red flags
Six things to look for on any statement.
A PCI non-compliance fee
Charged every month until the yearly security questionnaire is filed. Ask how to file it.
A monthly minimum
"If your fees are under $25, we bill the difference." Painful in slow months and for seasonal shops.
An equipment lease
A monthly charge for a terminal, often for years and costing more than the terminal. Check the agreement before you cancel anything.
"Non-qualified" surcharges
Tiered pricing that moves many sales to a higher "non-qualified" rate. Hard to check and usually expensive.
An annual or "regulatory" fee
A once-a-year charge that is easy to miss. Look at your highest month of fees.
An early-termination fee
Not on the statement, but in your agreement. Know it before you switch so there are no surprises.
Rather we read it for you?
Send the statement. Next business day you get your effective rate, the fees worth questioning, and what each program would change.