No, all our processors charge a fee for statements which cannot be waived even if you select electronic statement delivery instead of having them mailed to you. I have two thoughts about this. First, we have to pass through fees and it’s a hard cost that is never waived for us. Second, there is an expense associated with printers, printer maintenance, ink & paper, stuffing envelopes, postage etc. There are also expenses with having an IT team that develops and maintains secure systems for making electronic delivery available. So in both cases, there is a cost to providing an essential service- the timely delivery of your merchant statements.

What if someone else doesn’t charge a statement fee? Can you match that? No. Again, all the processors we work with have a statement fee that can never be waived.

With ever tighter margins in credit card processing, it’s critical to charge for actual costs and work more closely with customers on managing variable costs.

Video message about the high cost of rewards cards also includes information about three tiered pricing and interchange rates. A partial merchant statement is shown to demonstrate what the best rates and price plans look like on a merchant statement.

What 3 things do you need to know to compare credit card processing rates?

1. What is the quoted rate?
2. What are the criteria to qualify for that rate?
3. What is your cost if you do not qualify for the quoted rate?

The same questions put in merchant account lingo?
1. What is the qualified rate?
2. What are the criteria to qualify for the qualified rate?
3. What is your cost if you do not the criteria for qualified rates?

Notice these questions don’t even ask what is the monthly minimum or what is the statement fee. If your business is doing any volume, these are just not a factor. Most businesses that do their research online will only find the quoted rate. There may be some fine print about rates, but in many cases, the information is missing. What’s almost always missing are the non-qualified rates. So you sign up online with a preliminary application, then afterwards they send you an email saying you have been approved and now they need more information. The full details must be disclosed at this point, but most businesses don’t understand or don’t want to spend any more time looking for another deal because they already spent all their time finding that one!

Always request via the contact form or email the full contract details.