The Importance of Routine Statement Reviews
Assessing your automotive business’s merchant services statements is a crucial step in managing expenses, preserving competitiveness, ensuring security and compliance, and improving the customer experience. Periodic evaluations empower you to make informed decisions that can substantially benefit your business.
Key Factors in Every Statement:
- Cost Management: Understanding the diverse charges associated with your merchant services is essential for effective expense control. These charges encompass transaction fees, monthly expenses, and other costs. By closely examining your merchant services, you can identify areas where potential overpayments may occur and take corrective actions.
- Fee Updates: Stay vigilant for new fees or alterations in existing fee structures, as these can arise with various service providers. Regular assessments ensure that you stay informed, preventing unexpected financial surprises.
- Competitive Rates: Securing the most favorable rates can result in significant cost savings for your business. Rates may vary among providers, so periodic assessments enable you to assess whether you are still receiving competitive pricing. A simple calculation—involving 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 appear complex due to the array of fees and charges associated with credit card processing, breaking them down into simpler steps can enhance their comprehensibility.
How to Master Statement Analysis
Here are some ways to interpret a merchant services statement:
- Account Details: Begin by identifying the statement date and ensuring that your business name, merchant ID, and contact details are accurate.
- Transaction Summary: Take note of the total amount processed, the number of transactions, and any instances of chargebacks or refunds.
- Fee Overview: Pay close attention to the fee section, including:
- Interchange fees: Fees established 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 costs, such as statement or gateway fees.
- Other fees: These may encompass charges related to chargebacks, PCI compliance, and other services or penalties.
- Payment Deposits: Understand the amount of money deposited into your business bank account after accounting for processing charges and other deductions.
- Chargebacks and Returns: Review any instances of chargebacks (disputed transactions) or refunds and how they were managed.
Maximize Your Potential Savings Today
Regularly reviewing your statements is key to identifying disparities and optimizing your payment processing costs. By comparing past statements, you can identify 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.