Most business owners glance at the total and move on. That’s understandable, and it’s exactly why so many keep overpaying for years without knowing it. Here’s what your statement is really showing you, why it’s so hard to judge on your own, and when it pays to have someone who reads these every day take a look.
Why your statement is so hard to read
It isn’t you. Processing statements are genuinely complicated, for a few reasons:
- Every processor formats them differently. The same fee can carry three different names depending on who sends the statement.
- Card costs vary by the card. A basic debit card, a premium rewards card, and a corporate card each cost a different amount to accept, and a statement may list dozens of these categories.
- How the card was taken matters too. Tapped, inserted, keyed in by hand, or entered online: each one can land in a different price category.
- Fees are spread out. Some are percentages, some are per transaction, some are monthly, and some appear only a few times a year.
The result is a document that tells you what you paid, but not whether you should have.
Three kinds of fees, and only one is up for negotiation
Under all the codes, every fee on your statement belongs to one of three groups:
| Fee | Who sets it | Negotiable? |
|---|---|---|
| Interchange | The card networks, paid to the bank that issued your customer’s card | No. Every processor pays the same rates |
| Assessments | The card networks, for using their network | No. Same for everyone |
| Processor markup and fees | Your processor | Yes. This is where pricing differs |
Interchange is usually the biggest piece, and it’s the same no matter who processes your cards. That’s why a quote that promises to “cut your rates in half” deserves a hard look. The part that actually changes from one provider to the next is the markup, and that’s the part worth having a professional examine.
Overpaying rarely looks like one big fee
When a business pays too much for processing, it almost never shows up as a single obvious charge. It’s usually a fraction of a percent here, a few cents per transaction there, a monthly fee that crept in after a notice nobody read, or transactions quietly billed at a higher tier than expected.
Each piece looks small on its own. Across thousands of transactions a year, they add up to real money. Spotting them means knowing what a fair markup looks like for your type of business and your card mix, and that comes from reviewing statements every day.
Five moments to call before you decide
You have the most leverage before you sign something, not after. Call for a second opinion when:
- Your contract is up for renewal. Many agreements renew automatically. A review before the renewal date keeps your options open.
- A new processor is pitching you. A lower headline rate can come with new monthly fees, a long contract, or an equipment lease.
- You’re buying or upgrading a POS system. Some systems lock you into one processor for years.
- Your fees jumped and your sales didn’t. That usually means a rate or fee changed.
- You’re opening a new location. It’s the right time to make sure your setup scales with you.
A phone call at any of these moments takes a few minutes. Signing the wrong agreement can cost you for years.
What happens when you call us
702 FinTech Pros brings 30 years of payments experience, and our payment processing is powered by CardConnect. Here’s how a free statement review works:
- Call or send your statement. Reach Nolan directly, or upload a recent statement from your phone or computer.
- We review it line by line. We separate the network costs you can’t change from the markup and fees you can.
- We walk you through it in plain English. You’ll know exactly what you’re paying and where it’s going.
- You decide. If there’s a better fit through CardConnect, for taking payments in store, online, on mobile, or through a virtual terminal, we’ll show you. If your current setup is already a good deal, we’ll tell you that too.
There’s no cost and no obligation, just a clear answer.
Frequently asked questions
Why are credit card processing statements so confusing?
They list dozens of card categories and fee codes, every processor uses its own labels, and fees are charged in different ways: percentages, per-transaction fees, and monthly charges. A specialist can turn it into a plain-English summary quickly.
Can I lower my interchange fees?
Not through negotiation, since every processor pays the same interchange rates. The cost you can change is your processor’s markup and fees, which is what a statement review focuses on.
Is a statement review really free?
Yes. There’s no cost and no obligation to switch. If your current setup is a good deal, we’ll tell you.
Is it safe to send my statement?
Statements sent through our website are encrypted, seen only by our team, and deleted automatically after your review.
Before you sign, renew, or switch, call us
Your statement can’t tell you whether you’re getting a fair deal. A short conversation can. Talk with a 702 FinTech Pros payment specialist, with payment processing powered by CardConnect, and get a clear answer before you make your next decision.
Call Nolan at (702) 470-5848 or send your statement for a free review.