September 2010
Most credit card processors allow you to process transactions for Visa, MasterCard, American Express, and Discover with a single device, but what they don’t tell you is that you’ll receive separate statements and deposits for your 1) Visa/MasterCard, 2) Discover, and 3) American Express transactions. So your bank statement will have up to 3 different deposits every day for your credit card transactions. This makes your accounting 3 times more difficult and worse yet you receive 3 different statements from different credit cards all with their own statement fees each month. In fact, we’ve seen statement fees from Discover up to $39.95 per month. Typical statement fees range from $4.95 to $19.95, so if you have 3 separate statements you could easily pay up to $50 or more each month just to receive your statements.
At Leap Payments we’ve simplified your credit card processing and consolidated all your credit card transactions onto one statement with no monthly statement fees. In addition, we make one deposit for all your card transactions, so you get paid faster and your bookkeeping is simplified.
How do you tell if a processor will force you to have a separate statement and maintain separate relationships with Discover and American Express? Read the really small print on their website or account application and you’ll see “separate approval required for American Express”. This means that this processor does not have the ability to provide integrated American Express processing and you will see separate deposits, separate account statements and additional statement fees. In fact 90% of processors do not offer consolidated statements for Visa, MasterCard, Discover and American Express.
Escape from junk fees and excessive statement fees with Leap Payments. We can even go one step further and put your gift card and electronic-check transactions on your single statement, so all of your card and check transactions appear in one place. We think this is simply better for you and it does save paper so it’s our small way of going green. If you want to be even greener, we offer online statements for every client – for free.