Why should I examine my statement within 30 days of receipt?
On a daily basis, you should balance each day’s sales tickets against daily debit and credits to your bank account, and specifically verify all deposits, adjustments, chargebacks and fees. Per your merchant processing agreement, it is the merchant’s responsibility to report any error or discrepancies in writing within 30 days following the reporting period. After this time, the statement information and fees are deemed to be accepted by the merchant. Requests for analysis beyond this time frame may result in additional research fees.
It is especially important to confirm deposits against daily sales tickets after certain situations such as (I) equipment failures, (II) adding new or additional equipment, (III) adding new products to your terminal or other changes resulting in a download, (IV) power outages or (V) any changes to your bank account information.
What is a surcharge?
A surcharge is an added fee that a merchant charges a consumer when they use a credit card (applicable only to certain industries). Can a merchant offer a discount for cash and check purchases? Yes.
What is a cash discount?
A cash discount is a price reduction on goods or services from the standard price if a consumer pays with cash or check. Merchants may offer a discount for cash provided that the offer is made to all prospective buyers. The states of Colorado, Maine, Massachusetts and Oklahoma additionally require that the cash discount be clearly and conspicuously disclosed to customers.
For help understanding the symbols and abbreviations on your statement, CLICK HERE.