As of July 1, 2012: We have conducted extensive research to understand merchants key concerns, and redesigned our statements to incorporate top features requested, including
- Color Statements that provide color coding throughout the statement thereby easing the reconciliation process
- Summary by card type table enhanced to include average ticket
- Key Card Processing Terms - will provide simple to understand definitions around terms used throughout the statement
- Roll Over plain English fee descriptions for on-line or electronic statements
- Gross reportable sales by TIN for Single locations - Payee Flag "S"
- Messages will be sequential and not rollover to last page (continuation of message(s) will be on page 3 under Key Card Processing Terms if needed)
- One Section for All Fees: "FEES CHARGED" (Service, Interchange, Fees)
Click Here for a brief look at some of the changes
Key Card Processing Terms in Plain Language:
- Total Amount You Submitted - The total dollar amount of card transactions submitted and processed during the Statement Period.
- Third-Party Transactions - These are transactions that are passed directly to third party service providers for processing and/or funding. Common third-parties include American Express and Discover.
- Chargebacks/Reversals - Those transactions that are challenged or disputed by a cardholder or card-issuing bank. A Chargeback equals the transaction amount that is disputed by the cardholder or card-issuing bank. A Reversal is the amount that was initially resolved against the merchant, but has subsequently been resolved in favor of the merchant.
- Adjustments - The amounts credited to, or deducted from, your account to resolve processing and billing discrepancies. Interchange Charges - These are the variable fees charged by Card Organizations for processing transactions. Factors that affect Interchange Charges include card type, information contained in the transaction, and how/when the transaction was processed.
- Service Charges - Also known as Discount Rate; the amounts charged to authorize, process and settle card transactions.
- Fees - The range of transaction-based and/or fixed amounts charged for specific card processing services. Total Amount Funded to Your Bank - The total dollar
amount of credited/paid to your account transactions during the Statement Period.
- Merchant Number - The unique account number assigned to every merchant and merchant location. You'll find it at the top of your statement.
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