Understanding Merchant Account Statements

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I’m a small businessman, how do I gather the information I need to verify my statement?


How can I better understand my statement?

I’m a small businessman, how do I gather the information I need to verify my statement?
Most small businesses, especially online ecommerce merchants, do not have IT departments and staff accountants to help in gathering the information necessary to verify a complex services statement, like that from your merchant services provider. The solution to this dilemma lies in the basic equipment you use to conduct your online business. One of the benefits of dealing with a merchant account provider like My Merchant Source, is that they provide more than a link to the merchant services provider, they also provide the machines and software that record your transactions and interact with your accounting system. Some tips to help you perform this vital task include building customized spreadsheets that detail your transactions and the rates and fees that apply to them. Many point of sale (POS) systems provide for export or downloading of data files into spreadsheet and accounting software packages – attempt to procure systems where data interoperability is included. Another is to compare your statement with your point of sale or card terminal output or tapes – if you do, you’ll understand your business better and be more in charge of your finances. Back to the Top


How can I better understand my statement?
Many new merchant businesses that accept credit cards in an online environment are unfamiliar with many aspects of financial billing and rate statements. This is not a thing to be embarrassed or overly worried about.

Some tips to help you better understand your merchant account statement apply to all aspects of your new business and will serve you well for many years of growth and prosperity:

• Take some basic courses at you local community college in bookkeeping, accounting, and/or finance.
• Talk to some merchants and online businesses to soak up some of their knowledge.
• Try to find a mentor who you trust and respect to take you under his/her wing.
• Don’t hesitate to ask for help with your statement from My Merchant Source, they will be happy to help!
• Force yourself to take the time to read your statement closely and verify the charges against your own data – mistakes are rare, but can occur. Back to the Top