One of the ways processors confuse business owners is by having misleading statements. For example, look below at the final line of this business’s credit card processing statement. The logical assumption is that the amount being charged is $130.83

Not so. There is a sneaky line item called “discount collected” which is hidden in the “Settlement/Discount” section. This, plus the 130.83 is what the account is actually being charged.

While the business owner is led to believe that his processing fees are $130.83, in reality they are $469.82.

This leads to the phenomenon where business owners believe they are paying a low rate, but actually are paying many times that amount. When looking at your (often complicated) credit card processing statement, don’t take for granted the amount the processor wants you to think you are being charged. Instead, make sure to check your bank account and calculate your fees based on the true charge.

Learn more about how to reach merchant processing statements here.

To compare bids from top-tier credit card processors, check out the FeeFighters marketplace. A few minutes can help you save (average) 40% on your processing bills.