Merchant service fees can look deceptively simple when a processor advertises one percentage and one transaction charge. In practice, the amount a business actually pays may include interchange fees, card-network fees, processor markup, authorization charges, monthly processing fees, gateway fees, PCI-related fees, equipment expenses, chargeback fees, and other account costs....
Common Billing Errors on Merchant Statements: How to Find, Verify, and Correct Them
Merchant processing statements can contain dozens of rates, transaction categories, network charges, monthly fees, adjustments, credits, and abbreviations. Even experienced business owners and accounting teams can have trouble determining why a particular charge appeared or why processing costs changed from one month to the next. Some of the common billing...