Merchant Account Statement

A merchant account is a bank account specifically established for business purposes where companies can make and accept payments. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. So a merchant account is an agreement between a retailer a merchant bank and payment processor for the settlement of credit card and or debit card transactions.

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Sample Merchant Statement

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How To Read A Merchant Account Statement

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A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards.

Merchant account statement. Give it a read and in no time at all you ll be confidently tallying up those credit card sales figures knowing that the money s in the bank. In some cases a payment processor independent sales organization iso or member service provider msp is also a party to the merchant agreement. All you need is your merchant account number zip code and bank account details and you will have the tools you need to control your account. The primary thing to know about a merchant account is that it is simply an account into which you transfer funds from your customers credit and debit card purchases after they ve been processed.

Opening in same window get started source. We have marked up the sample statement below to show you exactly where all the information you need can be found. If you had a good sales month this section may take up a few pages. View sample merchant statement tsys encourages you to review your merchant account statement every month.

You might be surprised to know that you won t actually have direct access to your merchant account. Merchant login a contactless card is a fast easy and convenient way to pay for everyday purchases. Deposits are itemized individually showing you the purchase date amount and type of card used. Tap the contactless card at card terminal to transact any amount.

Merchant accounts allow for instance a business to accept credit. American express commissioned internet panel survey conducted in december 2018 based on purchases made in the 3 months prior to the survey. The goal of reading the statement your goal of learning how to decipher a merchant account statement should be rooted with the intention to maximize your own efforts to manage a needed service with the daunting task of details that seem like they are intended to confuse you. Your merchant statement is organized to inform you about deposits from customer purchases you processed and fees you are paying for merchant services.

Our simplified step by step statement makes it easy for you to check for accuracy and keep tabs on your processing expenses. Below i ve outlined the basics of reconciling the merchant account statement and included a link to a pretty cool color coded template for you to use as a tool in the process.