Merchant Processing Solutions Inc.

Q. Why can't I understand my merchant processing statement?
A. Most processors don't want you to!!!

I must admit, there are many times while doing a statement analysis, that I need to
consult with my colleagues because the numbers just don't make sense. Or there are 
charges on the statement that I have never heard of before.  Or worse yet, I know they are paying too much but I cannot for the life of me find where this processor is hiding it!!! 

You see, you are not alone! Many of my merchants tell me they stopped opening the statements
because they could not understand them, so why get upset. They just look at their bank deposits and withdrawals and pray they are correct and fair. Some use the "Net Effective Rate". Divide what you paid in fees by the gross amount you sold.   

        

        Example: Fee for the month were $475.00 and you sold $20,000 that same month.

                                 $475.00

                                 $20,000 = 2.375% Net Effective 

                
                But what does this Net Effective REALLY mean?

•      What types of cards were you accepting during that month? Debit, Rewards, Credit, Business etc
•       Were they swiped or key-entered into your system? Key-entered cards rates are always higher than swiped card rates. 
•       Is your statement a full month or does it include a type of "Bill Back or Enhanced Bill Back System" ?  A processor that employs this billing method is nothing but a CROOK in my book! In the month's statement you are billing what was promised as a base rate plus the processor fee and that's it. But the following month, after those transactions actually hit the brands and the processor see there were some higher fees associated with those rates, they charge you the next month in their PENDING category. So to find the TRUE Net Effective of your statement, you need to add not only what you were charged this month in fees but what is pending for the next month. Enhanced Bill Back is when this practice is done and the processor adds a little more on top for themselves!!!! YIKES THAT HURTS

As you can see, it is not easy to understand your merchant processing statement, unless you are with 

Merchant Processing Solutions Inc. We pride ourselves on taking the time to educate our merchants

on reading their statements. We also show them what fees are from Visa/MC/Discover/AMEX and

which ones are ours. Finally, we explain what "Other Fees" mean and what they should look out for. 

You see, at Merchant Processing Solutions Inc. we want YOU to be a customer of ours for a long 

time. Remember....we are about "creating relationship NOT just transactions!"

So here are some final tips about your merchant processing statements:                                                                                                                      

•       Never toss your statements into a drawer or the trash
•       If you need to get your statements online and print them, make sure you ask for the log in and password when you REP come to your location and gets you set up. Make sure they go over that process so you can have access to your online statements whenever! 
•       Never JUST rely on your bank account to indicate what you are paying - those numbers are misleading
•       Hold your account rep and/or your processing company accountable - make them go line by-line with you to understand your processing.
•       If you don’t understand what you are being charged and how they get to that info, cancel your service! So of course.............NEVER SIGN A CONTRACT! 
•       Make sure you get a clear copy of your application/contract from your processor. Make sure you clearly understand what your are paying. Then use this document to occasionally compare your PROMISED RATES AND FEES to what you are actually paying. 

Please call Merchant Processing Solutions Inc. @ 954-938-2420 

to review your merchant statement!