If you’ve come by my site before, you know that I’m a strong advocate of “understanding your statements”. I have written several articles in the past addressing just that subject. It seems that the longer this site is active, the more merchants eventually reach it and many, many merchants are making contact with me.
Here’s what really bothers me though if you don’t mind me ranting for a bit. One of the first questions I ask merchants is “what is your current rate” or, “do you fully understand all that you are being charged for? To the first question, I usually get a response that is a rate that is typically lower than what even interchange is. Now, is this simply a lack of memory or has this rate been the one that the merchant services rep focused on to lure them in? Possibly it’s a combination of both. But, the point is that if the merchant really took the time, or, even insisted on a detailed line-by-line explanation of all their charges, there would be no misunderstanding.
I’ll give you a quick example. Just the other day, I had a merchant tell me they were simply paying “x” per transaction with no percentage rates at all. They insisted that this was the case because, “that’s what the rep told me”. Upon examining their statements, not only was the “x” a different amount that what the merchant told me but, the percentage rates they were paying were way out of line. All of this could have simply been avoided had the merchant insisted for a more thorough understanding.
Another section that I would strongly encourage you, as a merchant, to pay attention to every month is the front page where the processor likely has a “comments” or “important information” section. Here is where they will tell you about changes to your pricing or any other announcements that they feel are important. Recently, I ran across a merchant that had been advised by their processor that they needed to access a specific website to perform a PCI SAQ (Payment Card Industry Self Assessment Questionaire) to ensure that the way they process transactions were secure. The merchant never read this section and were now being charged $19.95 per month…..the notation on their statement had been posted 8 months prior or stated another way, $160.00 ago. What a shame.
Anyway, the point of this article, as have been many in the past is to READ AND UNDERSTAND YOUR STATEMENT
When you do, and if there is anything you are in question about, please don’t hesitate to contact me. If you’re in need of processing services or would entertain new transparent offers contact me as well. I can offer you FREE state of the art terminals with no “catches” and a no contract term commitment….we believe in earning your business every day rather than tying you to a long-term contract.
Well, that’s it for now. Let me know if I can be of any assistance.