Overview
At VeriFee, we simplify the complexities of credit card processing and empower businesses to take control of their fees. Credit card processing statements can be daunting, but they are a goldmine of information that helps businesses uncover hidden charges and optimize costs. In this guide, we’ll explain what a credit card processing statement is, why it’s important, and how VeriFee helps businesses unlock actionable savings.
What Is a Credit Card Processing Statement?
A credit card processing statement is a detailed summary of the fees and transactions associated with accepting credit card payments. It includes critical information about revenue by card type, transaction volumes, and various processing fees. These statements are issued by your payment processor and provide insight into the total costs incurred for credit card acceptance.
What a credit card processing statement is NOT:
Bank statements
Statement from the credit card you use to purchase good and services (from your bank or the card issuing bank) - this one can be confusing at times when dealing with American Express
Downloadable reports that include customer data or credit card numbers. In the case where this is part of the report, albeit rare, we ask that you remove or redact that information.
Why Are Processing Statements Important?
Understanding your processing statement is key to identifying hidden fees and negotiating better terms. The statement reveals:
Revenue Breakdown: A detailed report by card type (Visa, Mastercard, AMEX) and transaction tiers.
Fee Transparency: Itemized rates and fees, including interchange, assessment, and processing charges.
Trends & Volume: Transaction data that highlights peak periods, ideal for seasonal business planning.
Ignoring these statements could mean overlooking unnecessary costs or discrepancies that directly affect your bottom line.
What is included in a Credit Card Processing Statements
To maximize savings, focus on these elements:
Total Volume & Fees: Compare the total amount processed against the total fees incurred to calculate your effective rate.
Breakout by Card Type: Understand which cards incur the highest costs and why.
Miscellaneous Fees: Look for additional charges like gateway fees, statement fees, or non-compliance penalties.
Interchange Rates: Identify which rates apply to your business and ensure they align with industry standards.
VeriFee’s Approach: Simplifying the Complex
At VeriFee, we analyze your credit card processing statements with AI-powered tools and expert consultancy. Here's how we help:
Unveiling the Invisible: We illuminate hidden charges and complex fee structures, translating them into actionable insights.
Ethical Advocacy: Our team champions transparency, negotiating fairer terms with processors on your behalf.
Secure Analysis: Your data is protected with encryption and confidentiality protocols, ensuring your trust remains our priority.
Common Challenges in Obtaining Statements
Finding your credit card processing statements can sometimes be a hurdle. Follow these steps:
Processor Portal: Log in to your processor’s online portal to access reports.
Search & Support: If you’re unsure where to look, search the processor’s help center or contact their support.
Avoid Triggers: Do not ask your processor for a “price review.” Instead, frame your inquiry around operational needs to avoid retention tactics that may lock you into suboptimal terms.
For detailed guidance, contact our team at [email protected].
A Transparent & Secure Process with VeriFee
When you share your statements with VeriFee:
No Sensitive Data Exposure: Statements don’t contain personal or banking details.
Confidentiality Guaranteed: We operate under strict confidentiality protocols.
Encrypted Systems: Your data is always encrypted, backed up, and securely managed.
For more about our privacy policies, visit VeriFee.com/trust.