A merchant processing statement, or payment processing statement, is a financial document provided by a payment processor or merchant service provider to a business or individual who accepts electronic payments. This statement serves as a detailed record of all transactions processed through the payment gateway during a specific period, usually a month. It includes essential information such as the date, transaction amount, payment method, customer details, and any associated fees or charges. Merchant processing statements are essential for reconciling transactions, tracking revenue, managing financial records, and understanding your merchant processing fees.
Reading a merchant processing statement can be complex due to its detailed nature, but here are some key steps to help you understand it. You will find information such as transaction details and fees and charges. Here’s an example mockup with helpful details explaining the pieces of a payment processing statement.
It’s important to us to make our payment processing statements easy for merchants to understand. Price transparency is one of the main pillars of our business. Use this mockup to examine the transactions and identify fees, including processing fees, monthly fees, chargebacks, and other expenses.
If we don’t cover your question, please contact us for help reading your statement.
In summary, the main difference is in their purpose and origin. Invoices are created by businesses to request payment from their customers for goods or services rendered. A merchant processing statement serves the same function as an invoice. They’re generated by a payment processor to show how much a business owes for card merchant services rendered over a period of time, usually a month. However, merchant processing statements do have some differences from traditional invoices, as they often document every transaction the business had over the period of time, and the cost of processing.
All businesses are welcome to submit their most recent processing statement for review. Whether it came from us, or a different payment processing provider, we’ll give you our honest review of your statement. We’ll tell you if we see:
• Potential upcharges or inconsistencies
• Places for you to save by switching to Acumen Connections
• If you already have a good payment processing deal
When we provide merchant processing services, we partner with the business. Their growing business is a win-win for both parties. Because of that, we will review even our current customers’ statements. There’s a chance that since the time they signed up with us, the volume of sales they’re seeing, or the types of transactions they’re processing qualifies them for a different merchant processing plan that could save them more.
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