Do You Accept Credit Cards? If You Do, How Often Do Your Read Your Statement?
In today’s fast-paced business world, accepting credit card payments has become the norm. It offers convenience for customers and allows businesses to keep up with the ever-evolving payment landscape. But how often do you take a moment to read your credit card processing statements? If you’re like many business owners, the answer might be “not often enough.” In this blog post, we’ll explore the importance of regularly reviewing your credit card processing statements, especially in light of recent changes in interchange rates and annual billings for PCI compliance and support.
Understanding Interchange Increases
Interchange rates are the fees that credit card companies charge for processing transactions. These rates can vary, and if you accept credit cards, you’re likely familiar with them. However, what you may not be aware of is that these rates can change over time. Interchange increases are a reality, and they can impact your bottom line.
Recently, we’ve witnessed significant changes in the payment processing landscape. Even fixed-rate plans, which are popular among businesses for their predictability, have seen increases. Companies like Square, Toast, and many others that offer flat-rate processing have had to adjust their pricing to account for rising costs. Why is this happening? The answer lies in the fact that costs associated with credit card processing, including interchange fees, are on the rise. And remember, with flat-rate plans, the “house” always wins.
How Do You Know if You’ve Had an Increase?
Here’s the crucial part: all payment processors are required to notify you in writing of any pricing changes. This notification is typically done through your statements, often located at the end of the statement. However, here’s where it gets tricky. Many businesses are auto-enrolled in online statements and reporting by their processors, and they may not even realize it.
The reality is that most business owners don’t regularly access their statements, or they don’t know how to read them. This is not a coincidence. Making it harder for you to find and understand your statements makes it easier for payment processors to increase rates, change terms, and more. Without regular scrutiny, you could end up paying double or triple what you initially signed up for without even realizing it.
Ardiah Managed Services: Your Advocate
At Ardiah Managed Services, we’re here to help. We can assist you in gaining access to your statements, teach you the basics of reading them, and advocate on your behalf to prevent unwarranted pricing increases. In some cases, we might even recommend moving your business to another processor while keeping your business with us to ensure you have the right payment processing solution for your needs.
How to Access Your Statements
If you’re unsure how to access your statements, it’s a straightforward process. Simply call your payment processor and request your most recent statement. You can also ask for instructions on how to access them online. While paper statements are an option, they often come with a fee ranging from $5 to $25.
Once you have your statement in hand, take a moment to review it. Look for any pricing changes, miscellaneous fees, and details of your current bill. If you find the contents of your statement confusing or overwhelming, don’t worry; you’re not alone. We’re here to provide a detailed analysis of what you’re paying, break down miscellaneous fees, and potentially offer a better pricing solution for your business.
Don’t let hidden fees and pricing increases catch you off guard. Regularly reviewing your credit card processing statements is a proactive step toward ensuring you’re getting the best value for your business. At Ardiah Managed Services, we’re committed to helping you navigate the world of payment processing, so you can focus on what matters most – growing your business. Contact us today to learn more about how we can assist you.
Don’t hesitate to reach out to us at Ardiah Managed Services for more information. We’re here to help you make the right choices for your business’s success.