What to Look for on a Credit Card Statement
3 Main Fees to Look for on Your Credit Card Statement
1) Interchange Fees
These are the fees that are assessed to your business from the issuing banks that issued cards to your customers.
Usually non-negotiable and can be a monthly fee, transaction fee, or what is known as the percentage of gross sales, or discount rate.
PCI Noncompliance Fees
These fees are important to pay attention to because they are avoidable and can range from $4-$250 a month!
On top of that, there’s a liability that exists that if your business is deemed non-compliant and suffers a data breach, you could be held responsible.
Learn More About Being PCI Compliant
2) Surcharge Fees
Surcharges are an easy way for credit card processors to hide more fees in your bills while they line their pockets. So, if you see the word surcharge on your statement, chances are your costs are inflated, and you’re not being treated fairly by your processor.
3) Price/ Rate Increase
This is where Rate Tracker comes in to help! Processors can easily sneak in more charges with an unnecessary rate or price increase in your monthly payments. You unknowingly agree to this by remaining their customer. Rate Track alerts you when this happens so you can take action.
Learn More About Rate Tracker
If you are a business owner, you need to understand the credit card processing industry in order to keep your hard-earned profits! Contact us today to learn more about how we can help you!
