Merchant credit card statements are not known for being especially easy to understand. It is oftentimes a difficult and, in some cases, even impossible task for a merchant to determine where their non-negotiable processing costs end and where the processor’s markup begins.

Every time a card is swiped, the transaction is routed to a particular interchange category based on the way the transaction is processed, the type of card being used, and other factors. The images above were pulled from the statements of two locations of the same business which use the same processor. This section of the statement shows the (non-negotiable) interchange rate at which each transaction is processed and is not supposed to include the processor’s markup. As you can see in the third column, the processor is imposing two different rates for the same type of transaction, even though this rate is supposed to be a fixed percentage set by the card companies. That fixed percentage for these transactions is 0.05%, rather than 0.23% or 0.4%. What is happening here is the processor is lumping their markup in with mandatory fees to hide it and make it seem like the merchant is getting a better deal than they are.

Even after cracking the processor’s code and figuring out one’s own overall rate, the merchant is still not much more informed than they were before because without knowing the rates of other similar companies, it is impossible to draw meaningful comparisons.

As though all that wasn’t enough, the merchant must remain vigilant against ‘rate creep’ for months after securing more favorable rates. In the absence of a data-driven approach and prior negotiating experience, companies are left navigating these treacherous waters on their own.

That’s where Scopifi comes in. With our 11-point audit, expansive benchmarking, and industry expertise, Scopifi can secure the optimal rates for your business without changing processors. Simply attach your most recent processing statements below and enter your information, and one of our payment experts will reach out with the results of your audit.

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