Credit card terminal leasing company1/27/2024 Total submitted: This represents the total number of transactions over the previous month.The account activity section is the portion of each statement that provides more detailed breakdowns of the money that came in (and left) your account over the past 30 days.īelow are the most important things to scan when analyzing this section: The total fees and charges deducted over the prior 30 days.The total deposit amount for the previous month.Your unique merchant identification number.Your business’s name and contact details - note that some businesses use separate names for branding and for payment processing (e.g., Omega Hardware vs.Your payment processor’s name and contact details.The merchant statement date, plus the payment processing month being itemized.In it, you’ll find important identifying information, including: This section opens most merchant processing statements. Identifying Merchant Number & Personal Information Let’s look at the main components of a typical merchant statement.ġ. Fortunately, most payment processors include detailed itemization plus a broader overview summary. Now comes the hard part - i.e., deciphering the numbers, tables and charts that might appear in a standard merchant statement. Any fees or charges owed have already been deducted by the time you receive your payment processing statement by post or email.įor a quick primer on how your provider handles card-based transactions behind the scenes, be sure to read our free payment processing guide. Instead, they are an accounting of the previous month’s activity. Unlike the credit card statements that consumers receive, merchant statements aren’t “bills” that you have to pay. These itemized statements include all the payments processed, fees charged and services provided over the previous 30 days. Merchant statements are electronic or paper-based invoices that payment processors send to their merchant clients every month. It also explains why checking these statements every month is so important. This article outlines what merchant statements are and how to read them correctly. However, these itemized statements can be overwhelming - especially since the formatting and technical details often vary from one payment processor to another. Any business that accepts credit or debit cards likely receives a merchant statement from their payment processor every month.
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