Your merchant statements contain all of the information you need to know, including details on credit card transactions, fees, sales, and deposits. Your statements are mailed on the third of each month. Fees are taken out on the 10th of each month.
The very first things you'll see are the following: the processing month, your association number, Merchant ID number, routing number as well as the deposit account number.
You'll also be able to see the total amount of fees that were deducted for the month.
The Plan Code refers to the credit card type. VS stands for Visa, MC for MasterCard, AM for American Express, and DS for Discover. Notice that the statement also keeps track of the total number of sales for each credit card type. It also breaks down the total amount of sales for each card.
The Number and Amount of Credits refer to refunds that were processed. The Net Sales are the total sales that were generated. These figures include any credits or refunds that were issued.
The Average Ticket refers to the average amount of sales that were processed for each credit card per transaction. Multiply this figure by the Number of Sales and this will give you the total Amount of Sales for each credit card type.
The Base Rate is the swipe fee that is associated with the merchant account. The Base Rate in the example below is 2.75 percent. This corresponds to the flat rate we offer for small merchant plans.
The Discount Due is a calculation of the fees that are deducted from each sale. You get this figure by multiplying the Base Rate by the Amount of Sales.
The Plan Summary breaks down the transactional percentages for each credit card. The VISA card, in the example below, represented the bulk of the transactions for the month.
You'll also notice that the statement keeps track of the specific day each transaction occurred. The Reference Number is the specific ID number given to a batch.
The statement also keeps track of the following: the total number of sales for each day, the total amount of sales that were produced as well as if any refunds or credits were issued.
The Net Deposit is the net sale that was collected. Thus, the Net Deposit decreases if there are any credits or refunds.
The AXP fee refers to fees specifically associated with American Express. This is separate from the Base Rate.
Non-Qualified fees come from transactions that are keyed or typed in as opposed to those that are swiped. These carry slightly higher rates.
Notice you also will be able to see the total amount of fees that were deducted below.