The monthly statement from your credit card processing company will normally contain information on the following items:
Summary of Deposits:
This section will list each card type (Visa, MasterCard, etc.) and how many transactions were performed on each type. The summary includes any charge backs that might have occurred and the returns a customer might have done. These items will be added up to give you the net amount of the business you have done over the month using credit and debit cards.
A Summation of Card Fees:
Card fees vary depending on the card issuer and are usually broken down into “qualified”, “mid-qualified” and “non-qualified” transactions and the fees associated with each type of these transactions. There is usually a fee each time the network is accessed to perform a card transaction. The summation also includes the discount fees that have been assessed daily during the month. The discount fees are deducted from the transactional fees to arrive at the total fee amount to be paid on merchant accounts.
Miscellaneous Fees Summary:
The sum total from the credit card fees tops this list. Then the batch, sales, returns, statement and charge back fees are added. The combination of these fee generating processes determines the monthly merchant account charges that should be paid to the credit card processing company.
All cleared transactions are put together at the end of each business day and “batched” together. This allows a viewer to see what sales volume has been done using credit and debit cards in totality. If any returns have been credited to customers, this will also be reflected in the sum totals.
Daily Deposit Summaries:
This is the total amount of money that is either credited or deducted from a company’s bank account. Returns and chargebacks can reduce the amount of money making up a deposit.
Visa and MasterCard are usually combined together when a bank deposit is listed. Other credit card types like American Express, Diner and Discovery will normally be listed separately under their own heading. This section lists the daily deposits after the deduction of fees and other charges. One should review their statements carefully to make sure there are not any discrepancies that might need to be addressed.