Regularly auditing your merchant statement is essential to ensure you are not overpaying on processing fees and to identify any discrepancies or hidden costs. By reviewing your statement every month, you can maintain control over your payment processing expenses and optimize your merchant account.

Steps to Audit Your Merchant Statement Every Month

Start by gathering your monthly merchant statement, which details all the fees and transactions processed through your payment processor. You can choose to manually review the statement or use a tool like Merchant Statement Scanner to automate the analysis, including the option to scan a PDF statement for quick insights.

Key Areas to Review in Your Statement

Transaction volume and total sales processed
Per-transaction fees and percentage rates
Monthly minimum fees and any additional charges
Chargebacks and related fees
Equipment rental or lease fees
Miscellaneous or unexpected fees

Compare the fees charged against your merchant agreement to verify accuracy. Look for any sudden increases or unfamiliar fees that could indicate billing errors or changes in your processing terms.

Practical Next Steps After Auditing

If you identify discrepancies or suspect overcharges, contact your payment processor for clarification. Consider using Merchant Statement Scanner to get a detailed breakdown and recommendations for potential savings. Regular audits combined with professional tools can help you negotiate better rates or switch to a more cost-effective processor.

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