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Understanding Merchant Account Statements

Understanding Merchant Account Statements

Understanding Merchant Account Statements

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I’m a small businessman, how do I gather the information I need to verify my statement?

How can I better understand my statement?

I’m a small businessman, how do I gather the information I need to verify my statement?
Most small businesses, especially online ecommerce merchants, do not have IT departments and staff accountants to help in gathering the information necessary to verify a complex services statement, like that from your merchant services provider. The solution to this dilemma lies in the basic equipment you use to conduct your online business. One of the benefits of dealing with a merchant account provider like First Data Independent Sales, is that they provide more than a link to the merchant services provider, they also provide the machines and software that record your transactions and interact with your accounting system. Some tips to help you perform this vital task include building customized spreadsheets that detail your transactions and the rates and fees that apply to them. Many point of sale (POS) systems provide for export or downloading of data files into spreadsheet and accounting software packages – attempt to procure systems where data interoperability is included. Another is to compare your statement with your point of sale or card terminal output or tapes – if you do, you’ll understand your business better and be more in charge of your finances. Back to the Top

How can I better understand my statement?
Many new merchant businesses that accept credit cards in an online environment are unfamiliar with many aspects of financial billing and rate statements. This is not a thing to be embarrassed or overly worried about.

Some tips to help you better understand your merchant account statement apply to all aspects of your new business and will serve you well for many years of growth and prosperity:

Take some basic courses at you local community college in bookkeeping, accounting, and/or finance.
Talk to some merchants and online businesses to soak up some of their knowledge.
Try to find a mentor who you trust and respect to take you under his/her wing.
Don’t hesitate to ask for help with your statement from First Data Independent Sales, they will be happy to help!
Force yourself to take the time to read your statement closely and verify the charges against your own data – mistakes are rare, but can occur. Back to the Top

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Understanding Merchant Account Statements

Understanding Merchant Account Statements

"Let me have this opportunity to thank you for the excellent service
that you gave to the company (Crown Landsacpe & Building Supply). It saves us time and money and thru your help its makes understanding the mechanics very easy."

Thanks,
-- A.M.-jeff

"We just wanted to thank you for the smooth and professional transaction of getting set up with First Data Independent Sales. it truly was a joy dealing with you and your company!!!"

you guys are the best,
-- Inner Space Interiors

"I just wanted to thank you for the tremendous experience my company had with you while we were setting up our card services for our website.

I wish more vendors that I worked with had your same qualities of timeliness, helpfulness, and efficiency. As a business owner, my time is valuable to me. Some vendors that I deal with act like they’re doing me a favor answering my questions. Or, I get pushed off to Customer Service before I can even finish saying my name.

I know you are just as busy as I am but you never acted like I was an imposition. Plus, if I called you with a question (instead of customer service) you never gave me the brush off or acted like it’s “not your job”.

You always return your phone calls personally (and usually within the same day) and you explain technical information in a way that’s easy to absorb and understand.

I couldn’t be happier with my First Data Independent Sales experience through the Ventura County office and this was a direct result of you being the friendly “face” of First Data Independent Sales for me and my business."

All the best,

-- Lisa
Gem & I Products

"Your customer service has been nothing but the best!!! Thanks for everything."

-- All Access Tickets

"Roland Szasz of First Data Independent Sales has always been there for us. Updating equipment, supplies, tech support, we’re delighted with their services."

-- C. Patterson,
RoseCrag History of Family Names

I would like to express my gratitude to Cardservices International v.c.and to you. You and your company processed my application in a few days and put my companies credit card processing on line, this service was extremely fast. I will recommend your company to anyone looking for your services, keep up the good work

Thank you,
Las Vegas Vacation Home Solutions
-- Rod Kershaw

The First Data Independent Sales agent program is operated by Cardservice International, Inc. Cardservice International is a registered ISO/MSP for the following FDIC-insured banks: First Financial Bank, Englewood, CO; Wells Fargo Bank, N.A., Walnut Creek, CA. © 2007 First Data Independent Sales Corporation. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. American Express and Discover require separate approval.

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FDIS Ventura County is an independent agent office of Cardservice International