How to find what you really pay to take cards

Most processing statements make it hard to see one simple number: what taking cards cost you last month. You can find it in about five minutes.

Pull last month's statement and find two numbers. The first is total card sales, sometimes called total volume or amount submitted. The second is total fees. Fees are often split across a few sections, so add them all up.

Divide total fees by total card sales. That's your effective rate. If you ran $40,000 in cards and paid $1,200 in fees, your effective rate is 3%.

The rate in your agreement usually isn't the number you pay. Monthly fees, PCI fees, statement fees and per-transaction charges add up, and some processors raise rates a little at a time with a notice printed on the statement.

Check it twice a year. If the number moved and you didn't change anything, ask your processor why.

If you want a second set of eyes, we'll go through it with you at no cost. Under One Arch works with businesses on the Eastern Shore and across Greater Philadelphia and Delaware. Text 484-882-0848 or email info@underonearch.com.

Rick Archambault, Under One Arch