Statement Review
Lower Payment Processing Costs With a Professional Statement Review
Understand What You're Really Paying for Payment Processing
Credit card processing statements can be difficult to understand. Between processing rates, transaction charges, monthly fees, PCI-related costs, equipment expenses, and other account charges, it is not always obvious what your business is actually paying.
Soltis Merchant Services provides a professional Statement Review to help business owners understand their current processing costs and identify areas where they may be overpaying. Whether you operate a restaurant, retail store, salon, barbershop, food truck, contractor company, or professional service business, reviewing your current statement can give you the information needed to make a smarter decision.
Call (440) 570-9355 or Contact Us or Get Started Today!
What Is a Statement Review?
A Statement Review is an analysis of the fees, rates, transaction activity, and other costs shown on your current merchant processing statement.
Instead of focusing on one advertised rate, Soltis Merchant Services looks at the overall cost of accepting card payments.
Depending on the information available on your statement, we can review:
- Processing Volume: See how much your business processes each month.
- Transaction Costs: Understand how individual transaction charges affect your expenses.
- Monthly Fees: Identify recurring charges associated with your account.
- Equipment Costs: Review charges associated with terminals or other payment technology.
- Processor Pricing: Better understand the pricing structure used on your account.
- Effective Rate: Calculate an overall percentage representing your processing costs compared with card volume.
Why Your Effective Processing Rate Matters
One of the most useful numbers from a Statement Review is your effective processing rate.
A processor might advertise an attractive percentage, but that number alone does not necessarily represent your complete processing cost. Additional transaction charges, monthly account fees, software expenses, equipment costs, and other applicable fees can increase what you ultimately pay.
Looking at the complete statement provides a better picture of your actual costs.
Are You Overpaying for Credit Card Processing?
Many business owners don't know until they examine the numbers.
Your processing costs can depend on factors including transaction volume, average ticket, payment method, card mix, equipment, software, and account pricing.
You may want a Statement Review if:
- Your processing expenses have recently increased.
- You don't understand the charges on your statement.
- Your business has significantly increased its card volume.
- You're considering switching processors.
- You've received a competing processing offer.
- You're paying for equipment or services you no longer need.
- You don't know your effective processing rate.
Understanding your existing account gives you a useful baseline before making changes.
What Processing Fees Should You Look For?
Processing statements can contain numerous charges, and not every provider structures its pricing the same way.
A Statement Review can help identify and explain important costs appearing on your account, including applicable:
- Monthly service charges
- Per-transaction costs
- Processor markup
- Equipment expenses
- Software fees
- Gateway costs
- PCI-related charges
- Other recurring account fees
The goal isn't to label every fee as bad. It's to determine what you're paying, why you're paying it, and whether the overall arrangement makes sense for your business.
Small Fees Can Become Big Expenses
A few cents may not sound significant until the charge occurs hundreds or thousands of times each month.
Recurring monthly expenses can have a similar effect.
That's why comparing processors based solely on one advertised percentage can be misleading. A better comparison considers the complete processing arrangement.
A Statement Review helps put individual charges into context and shows how they contribute to your overall cost.
How Our Statement Review Works
Soltis Merchant Services keeps the process straightforward.
You provide a recent processing statement, and we review the available transaction and pricing information.
We'll help explain what you're currently paying and identify areas that may deserve additional attention.
From there, you decide what happens next.
There is no reason to switch payment processors simply for the sake of switching. If your existing arrangement is competitive and meets your needs, staying where you are may make sense.
If another option could potentially improve your costs or payment operations, we can explain the differences so you can make an informed decision
Businesses looking for a deeper evaluation can also request a Business Payment Processing Audit to review processing costs, fees, and potential opportunities for improvement..
Compare Processing Offers the Right Way
If you're considering another processor, don't compare only the headline rate.
Compare the entire offer, including:
- Processing pricing
- Transaction charges
- Monthly fees
- Equipment costs
- Software expenses
- Gateway charges
- Account terms
- Included payment features
- Customer support
Then compare those costs against the way your business actually processes transactions.
The cheapest-looking advertised rate isn't always the least expensive overall setup.
Can a Statement Review Help With Equipment?
Yes. Sometimes processing costs aren't the only issue.
Your current terminal or POS system may no longer fit the way your business operates.
Soltis Merchant Services can help determine whether you would benefit from updated payment technology such as a countertop terminal, smart terminal, mobile payment device, virtual terminal, invoicing platform, or complete POS system.
We work with North-supported solutions and recommend equipment based on the needs of the business rather than automatically replacing your existing system.
Statement Reviews for Restaurants and Retailers
Restaurants and retailers can have more complicated payment environments because of high transaction counts, tipping, multiple terminals, POS software, online orders, inventory systems, or multiple locations.
A Statement Review can help determine whether your existing processing costs and technology still make sense.
If the problem goes beyond pricing, Soltis Merchant Services can also help compare payment and POS solutions appropriate for your operation.
Statement Reviews for Contractors and Service Businesses
Contractors and service businesses may collect payments at customer locations, through invoices, over the phone, or remotely after completing work.
Those different transaction methods can affect processing costs.
Reviewing your current statement can help you understand how those payments are being priced and whether your existing setup is still appropriate for the way you operate.
Should You Consider a Cash Discount Program?
After completing a Statement Review, some businesses may want to explore alternative pricing options.
A Cash Discount Program may help eligible businesses manage the impact of card-processing expenses while continuing to provide customers with convenient payment choices.
It isn't automatically the right solution for every merchant. Soltis Merchant Services can help you evaluate whether the program makes sense based on your business, transaction activity, and checkout environment.
Does a Statement Review Mean You Have to Switch?
No.
The purpose of the review is to give you better information.
If your existing processor offers competitive pricing, reliable equipment, and good service, you may decide not to change anything.
If the review identifies meaningful opportunities to improve your pricing or payment setup, you can compare the alternatives before making a decision.
Either way, you leave with a better understanding of your processing account.
What Should You Send for a Statement Review?
A recent complete merchant processing statement is generally the best place to start.
It should provide enough information to review processing volume, transaction activity, and applicable account charges.
Merchant statements can contain business and account information, so they should be handled carefully and never posted publicly.
If you're unsure what information we need, contact Soltis Merchant Services and we'll help you determine what to provide.
Get Your Free Statement Review
You shouldn't have to guess what your business pays to accept credit cards.
A professional Statement Review from Soltis Merchant Services can help you understand your effective processing rate, identify major fees, evaluate your existing pricing, and determine whether there are opportunities worth exploring.
If your current setup makes sense, you'll have greater confidence knowing you've reviewed it. If there's an opportunity to improve your pricing, equipment, or payment capabilities, we'll explain your available options.
Take control of your payment-processing costs by starting with the numbers you already have.
Call (440) 570-9355 or Contact Us or Get Started Today!