“Transparency” Posts

6 Questions to Ask If You Don’t Understand Your Merchant Statements

6 Questions to Ask If You Don’t Understand Your Merchant Statements

We understand that trying to read your merchant statements can range from frustrating to downright impossible. We can relate to this even though our risk department reviews hundreds of merchant statements every month. Our combined years of experience analyzing merchant statements have allowed us to identify the following six questions which we encourage every business owner to consider. Rather than surrender to the complexity of your merchant statements, do what’s best for your business and seek answers to any questions you have. Not doing so could cost your business thousands of dollars in hidden fees and unethical billing. Do…

How to Read a PayJunction Merchant Statement on Tiered Pricing

How to Read a PayJunction Merchant Statement on Tiered Pricing

At PayJunction, we provide a detailed breakdown of our customers’ bills each month, which we’ll show you how to read below. For customers on Tiered pricing, transactions fall into three or four price tiers dictated by the risk or reward associated with the transaction — the higher the risk (e.g. keying in a transaction) or reward (e.g. an airline miles card), the higher the cost. The major benefit of Tiered pricing is its easy-to-understand structure. In the processing-details section of our merchant statements, you can see which tier each transaction falls into and the corresponding rate applied. Understanding…

How to Read a PayJunction Merchant Statement on Interchange-Plus Pricing

How to Read a PayJunction Merchant Statement on Interchange-Plus Pricing

At PayJunction, we provide a detailed breakdown of our customers’ bills each month, which we’ll discuss in detail below. For customers on Interchange-plus pricing, transactions are charged based on their wholesale cost (as dictated by the card brands Visa, MasterCard, Discover and Amex) plus a consistent provider markup. The major benefits with Interchange-plus pricing are transparency and affordability. You know exactly what the true cost is for each transaction and how much money you’re paying your provider. In the processing-details section of our merchant statements, you can see each card type, the discount (or wholesale) rate and the…

The Biggest Credit Card Processing Pitfalls

The Biggest Credit Card Processing Pitfalls

We’re intimately aware of how credit card processing can be a nightmare. Why is that? Because we’re familiar with the payments space. With 17 years of experience, we’ve seen how changes in the industry (and the industry’s inability to keep up with the times) can cause tension among business owners and consumers alike. A prime example of such tension is the recent shift from magstripe to EMV chip cards. Furthermore, we analyze thousands of merchant statements annually, so we see how other providers are charging their customers. We’ve uncovered over a dozen unethical billing issues…

Why We Care About Ethical Credit Card Processing

Why We Care About Ethical Credit Card Processing

Read enough about PayJunction’s company culture, and it’s clear we prioritize long-term relationships over short-term profit. That’s not just a nice-sounding statement, it’s what we practice every day with our customers. Since we launched our blog, we’ve largely focused on unethical billing issues. These are the unfortunate, but all-too-common, ways players in the payments space unfairly profit off their customers. Because everyone does it, there’s an assumption among providers that it’s OK. Business owners are left to believe they can’t escape fake fees and hidden markups because they’re the norm. Complex…