November 29, 2023 / by Sonia Javed
Automotive Business Merchant Services Statement: What You Need To Know
Automotive Business Merchant Services Statements: What You Need To Know
Reviewing your business’s merchant services is crucial for managing costs, staying competitive, ensuring security and compliance, and providing a better customer experience. Regular assessments help you make informed decisions that can benefit your automotive business.
Things to look for in every statement:
- Understanding the fees associated with your merchant services allows you to control your costs effectively. This includes transaction fees, monthly fees, and other charges. By reviewing your merchant services, you can identify areas where you may be overpaying and take steps to reduce expenses.
- New fees or changing existing fee structures happen often with many providers. Regular reviews help you stay informed about any fee changes, ensuring you’re not caught off guard by unexpected costs.
- Getting the best rates possible saves your business money. Rates vary among providers. By periodically reviewing your merchant services, you can assess whether you’re still getting competitive rates. By simply dividing the total processing fees by the total processed volume, you can find the percentage that represents the overall cost of accepting credit card payments.
Learn about the all-new Peri by Solera, a new merchant services credit card payments platform designed to offer competitive rates and the most advanced security for automotive businesses! Reading your merchant services statement can seem confusing or complex due to the various fees and charges associated with credit card processing. However, breaking it down into simpler steps can make it easier to understand.
Here are some simple ways to read a merchant services statement:
- Account Information: Identify the statement date and ensure that your business name, merchant ID, and contact information are accurate.
- Transaction Summary: Look for total amount processed, the number of transactions, and any chargebacks or refunds.
- Fees Summary: Pay attention to the fees section! Standard fees include:
- Interchange fees: Fees set by credit card associations (Visa, Mastercard, etc.) that are passed on to your merchant account provider.
- Processing fees: Fees charged by your merchant account provider for processing transactions.
- Monthly fees: Any monthly fees for using the service, such as a monthly statement fee or gateway fee.
- Other fees: This can include fees for chargebacks, PCI compliance, and any other services or penalties.
- Payment Deposits: How much money was deposited into your business bank account after processing fees and other deductions.
- Chargebacks and Returns: Any chargebacks (disputed transactions) or returns and how they were handled.
Regularly reviewing your statements can help you identify any discrepancies or opportunities to optimize your payment processing costs. By comparing previous statements, you’ll be able to Identify any significant changes in fees, transaction volumes, or chargebacks. Peri by Solera is designed to help automotive businesses save money. Talk to a Solera representative today about reviewing your statement with you to make sure you’re not missing out on possible savings! Call us during business hours at 888-974-2952 or Schedule a Meeting.
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