Merchant statements can run several pages, but you only need a few numbers to know whether you're overpaying.
Step 1: Find total card volume
Look for "total sales," "gross volume" or "amount submitted" for the month.
Step 2: Find total fees
Look for "total fees," "total charges" or "fees deducted." Some processors deduct fees daily and others monthly; make sure you include both.
Step 3: Calculate your effective rate
Divide total fees by total volume. For example, $412 in fees on $15,000 in sales is an effective rate of 2.75%.
Step 4: Scan for fees worth questioning
- PCI non-compliance fees (often avoidable by completing a questionnaire)
- Statement, annual, "regulatory" or "network access" fees
- Monthly minimums
- Equipment lease charges
- Non-qualified surcharges (on tiered pricing)
Step 5: Compare
Enter your numbers in our savings calculator to see what a lower rate would save, or request free quotes.