When you run your own business, it’s hard to stay on top of the daily administrative challenges. One of the most common areas that small businesses struggle with is in credit card processing. You need to be able to process credit cards as most of your customers will use this form of payment.
But understanding exactly what services you need and what they will cost you can be complicated, to say the least.
Merchant statements are formatted differently depending on the vendor. But one thing they all have in common is their difficulty of understanding. There are several details given in a merchant statement, some nearly impossible to decipher.
- What pricing structure do you have? Tiered? Interchange plus?
- Do you know what your base fees are?
- What about discounts and markups?
All of these are valid questions, and all of these can be difficult find answers to. You shouldn’t have to seek help to understand what your vendor is charging you. The first step is identifying how well you understand these terms and if you know exactly what cost they translate to.
This short quiz will help you diagnose these challenges and better prepare you to negotiate merchant processing fees with your vendor.
Take the short, 5 question quiz and find out how well you really understand your merchant processing statement.
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