TransFund wants to help you make sense of your business. Merchant statements are just one of the many documents you look at each day. And, if that statement is confusing and complicated, then chances are, it’ll get filed away and forgotten.
The fact is, merchant statements are critical to any business. You look at statements to make sure your organization is running the way it should, and money coming in and going out is correct. Statements are a good visual tool to find opportunities for less spending and more saving.
TransFund wants to help you uncomplicate the sometimes dreaded task of reading your merchant statement.
Clear summaries and headings
Fees Charged Summary
Clear definition of fees
Total Amount Funded Calculation
Key Card Processing Terms
Total Amount You Submitted - The total dollar amount of card transactions submitted and processed during the Statement Period.
Third-Party Transactions - These are transactions that are passed directly to third party service providers for processing and/or funding.
Chargebacks - Those transactions that are challenged or disputed by a cardholder or card-issuing bank. A Chargeback equals the transaction amount that is disputed by the cardholder or card-issuing bank.
Adjustments - The amounts credited to, or deducted from, your account to resolve processing and billing discrepancies.
Interchange Charges - These are the variable fees charged by Card Organizations for processing transactions. Factors that affect Interchange Charges include card type, information contained in the transaction, and how/when the transaction was processed.
Total Amount Funded to Your Bank - The total dollar amount of credited/paid to your account during the Statement Period.
Merchant Number - The unique account number assigned to every merchant and merchant location. You’ll find it at the top of your statement.
Fees Charged - Total processing fees calculated and charged to your bank account for the statement month.