Hello Agents! Do you know what a merchant processing statement is? Do you know the importance of a merchant processing statement? Wonder how to obtain a merchant processing statement? Not to worry we are here to answer all of these questions today! Obtaining a merchant processing statement of the business you are prospecting can be the key to closing a deal. Let us tell you how a quick apples to apples statement comparison can leave your merchants visualizing their savings and switching processing companies.
What is a Merchant Processing Statement?
A Merchant Processing Statement lists what a business is currently paying for its merchant processing service. This statement informs merchants about deposits from customer purchases, fees they are incurring from every transaction and any other fees that their current processing company charges. Now you don’t have to know what every fee means or even know how to read a statement because your sales director will do the price comparison for you. But it is important for you to know what makes up the statement so that you can instill trust in your merchant and gain their business.
If you have no idea where to start learning what makes up a merchant processing statement, don’t worry we have your back. If you are a FlashBanc Sales Partner we have resources available for you. If you visit your agent portal under the myTraining tab you will find resources that help you understand more about merchant processing statements. If you are not a FlashBanc Sales partner here is a quick summary of what you can expect to find in a merchant statement.
- Summary of Card Deposits
- Summary of Card Fees
- Summary of Miscellaneous Fees
- Summary of Monetary Batches
- Tax Gross Reportable Sales
- Backup Withholding.
Of course, merchant statements vary depending on the merchant processing company that you are dealing with but this will help you have a better idea of what to expect.
How to Obtain it?
Obtaining a business’s merchant processing statement will mostly rely on your sales pitch. Remember this is one of the most important steps towards closing a deal. If you want to improve your sales pitch, click here to check out our previous blog on this topic.
Remember the more knowledge you have, the more you will sound like you know what you’re talking about and the more a merchant will trust you. It is expected for businesses to be reluctant to just hand over financial information. However, it is up to you as a sales partner to make that potential merchant comfortable to do so. You have to make sure they know there is no confidential information in the statement and that analysis is completely free. Furthermore, you should always mention that if you cannot reduce their costs you will simply recommend that they stay with their current processer. Remind them that there is absolutely nothing to lose. Remember there are resources to help you understand a merchant processing statement on your agent portal and you also always have your sales director available to help you through the entire sales process.