The Importance of Regular Statement Reviews
Reviewing your automotive business’s merchant services statements is a critical step in managing costs, maintaining competitiveness, ensuring security and compliance, and enhancing the customer experience. Periodic assessments empower you to make informed decisions that can significantly benefit your business.
Key Considerations in Every Statement:
- Cost Control: Understanding the various fees associated with your merchant services is paramount for effective cost control. These fees encompass transaction fees, monthly charges, and other expenses. By scrutinizing your merchant services, you can pinpoint areas where potential overpayments occur and take corrective measures.
- Fee Updates: Keep an eye out for new fees or changes in existing fee structures, as these can occur with many service providers. Regular reviews ensure that you stay informed, preventing unexpected financial surprises.
- Competitive Rates: Securing the best rates possible can lead to substantial cost savings for your business. Rates can vary among providers, so periodic assessments enable you to evaluate whether you are still receiving competitive rates. A simple calculation—dividing total processing fees by the total processed volume—reveals the percentage representing your overall cost of accepting credit card payments.
Introducing the All-New Peri by Solera
Discover Peri by Solera, an innovative merchant services credit card payments platform designed to offer competitive rates and state-of-the-art security specifically tailored for automotive businesses. While merchant services statements may initially seem complex due to the array of fees and charges associated with credit card processing, breaking them down into simpler steps can make them more comprehensible.
Mastering Statement Analysis
Here are some ways to read a merchant services statement:
- Account Details: Begin by identifying the statement date and ensuring that your business name, merchant ID, and contact information are accurate.
- Transaction Summary: Take note of the total amount processed, the number of transactions, and any chargebacks or refunds.
- Fee Overview: Pay close attention to the fee section, including:
- Interchange fees: Fees set by credit card associations (Visa, Mastercard, etc.) passed on to your merchant account provider.
- Processing fees: Charges from your merchant account provider for processing transactions.
- Monthly fees: Any monthly service fees, such as statement or gateway fees.
- Other fees: These may include charges related to chargebacks, PCI compliance, and other services or penalties.
- Payment Deposits: Understand how much money was deposited into your business bank account after accounting for processing fees and other deductions.
- Chargebacks and Returns: Review any occurrences of chargebacks (disputed transactions) or returns and how they were managed.
Maximize Your Savings Potential Today
Regularly reviewing your statements is key to identifying discrepancies and optimizing your payment processing costs. By comparing previous statements, you can spot significant 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 autopoint.com/inside-track and solera.com/blog.