Anyone that has a retail outlet, eCommerce site or runs any type of business that accepts credit card payments for goods and services, needs to have a merchant account provider that handles your payment processing requirements and provides a clear breakdown of your monthly statement.  With fewer and fewer people paying cash these days, having a payment processing company that offers you a secure method of processing all eCommerce and credit card transactions is imperative to the success of your business. 

For those new businesses, you know you will have to hire a good staff, create an attractive web site and determine how you will accept payments for the goods and services that you provide. Whether you are a start-up or an established business, in order to be successful and profitable, you need to select a highly-respected, reputable provider for customized payment processing, that clearly breaks down your monthly statement. Many companies, such as BNA Smart Payment Systems, provide businesses with the most up-to-date, integrated solutions available designed to ensure your professional success. They make payment processing simple, and determining your monthly statement and all the ins and outs of having an integrated software solutions effective and easy to understand. 

One of the most daunting tasks a business owner has, is making sense out of your monthly costs and fees, and this includes your payment processing monthly statement--it can seem like quite an arduous task as it is typically several pages long filled with columns of numbers that appear to have no connection. Since you need to be aware of your monthly income, your expenses and how profitable your business is, it is imperative that you understand your monthly statement so you can steer the course of your business in a positive direction. Once you understand your monthly payment processing statement, you will find that it is not nearly as complex as it may have initially appear. 

Here are some tips and explanations that will help you understand your payment processing, monthly statement: 

1. Summary of Transactions

This section provides the totals of all monthly credit and debit card transactions. It is broken down by credit card—and which cards were used (such as Visa, MasterCard, American Express, etc.,) and the total amount for each brand of card. Next this section shows the totals for debit cards. The final line item shows the total number of transactions, the total number of credits and debits, the number of returns with their amounts and the NET, which is the sales, minus the returns. 

2. Summary of Card Fees

This sections is broken down by individual card used, under each individual card, there will be three headings, which indicate the rate charged for the transaction, they are Qualified Rate (the lowest rate), Mid-Qualified Discount Rates (for those transactions that are higher risk than the Qualified Rate) and Non-Qualified Discount Rate (this is the highest card rate). 

3. Summary of all Fees

This section shows the amount of all Credit Card Fees as well as the monthly fee that is accessed by the provider. 

4. Summary of Batches

Deposits are not made by individual transaction, they are made in batches. This section shows the batches, date, gross amount of each batch, any returns, the NET and then a reference number. 

5. Summary of Deposits

This section is often broken down to show the daily deposits as well as the deposits per type of card and provides a final overview of the payment processing, monthly statement.

After initial paperwork is completed, most reputable companies will provide tutorials or training so that payment processing, monthly statement numbers are clearly defined so each business owner is confident that they understand how their business is financially performing. Your payment processing partner should be able to provide you with any information that is required by you in order to understand how your monthly statement is broken down. Ensure that you have chosen the right provider, as getting this information may find difficult if you are not receiving the support and service your business needs.