The Significance of Regular Statement Reviews
Reviewing your merchant services statements for your automotive business plays a vital role in cost management, competitive edge maintenance, security and compliance assurance, and enhancing the overall customer experience. Periodic assessments empower you to make knowledgeable decisions that can significantly benefit your business.
Important Factors in Each Statement:
1. Expense Management: Understanding the various fees linked to your merchant services is crucial for efficient expense management. These charges encompass transaction fees, monthly expenditures, and other expenses. By carefully examining your merchant services, you can identify areas where potential excess payments may occur and take corrective actions.
2. Fee Adjustments: Keep a lookout for new fees or modifications in existing fee structures, as these can arise with numerous service providers. Regular evaluations ensure that you remain informed, averting unexpected financial surprises.
3. Competitive Pricing: Securing the most favorable rates can result in substantial savings for your business. Rates may fluctuate among providers, so periodic assessments enable you to gauge whether you are still receiving competitive pricing. A simple calculation—involving dividing total processing fees by the total processed volume—unveils the percentage representing your overall cost of accepting credit card payments.
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Explore Peri by Solera, an innovative merchant services credit card payments platform for credit card payments crafted to offer competitive rates and cutting-edge security specifically tailored for automotive enterprises. While merchant services statements may appear initially intricate due to the variety of charges and fees linked to credit card processing, breaking them down into simpler steps can enhance their comprehensibility.
Mastering the Art of Statement Analysis
Here are a few ways to interpret a merchant services statement:
1. Account Details: Begin by identifying the statement date and ensuring that your business name, merchant identification, and contact details are accurate.
2. Transaction Overview: Take notice of the total sum processed, the quantity of transactions, and any instances of chargebacks or refunds.
3. Fee Summary: Pay close attention to the fee section, encompassing:
- Interchange fees: Fees established by credit card associations (Visa, Mastercard, etc.) passed on to your merchant account provider.
- Processing fees: Costs from your merchant account provider for processing transactions.
- Monthly fees: Any monthly service costs, such as statement or gateway fees.
- Other fees: These may involve fees related to chargebacks, PCI compliance, and other services or penalties.
4. Payment Deposits: Understand the amount of money deposited into your business bank account after accounting for processing charges and other deductions.
5. Chargebacks and Returns: Scrutinize any instances of chargebacks (disputed transactions) or refunds and how they were managed.
Optimize Your Potential Savings Today
Regularly assessing your statements is crucial in detecting disparities and optimizing your payment processing expenses. By comparing past statements, you can identify substantial changes in fees, transaction volumes, or chargebacks.
Peri by Solera is here to assist automotive businesses in saving money. Reach out to a Solera representative today to ensure you’re not missing out on potential savings. Contact us during business hours at 888-974-2952 or schedule a meeting.
Did you find this article helpful? Find more great content at dealersocket.com/blog and solera.com/blog.