Blog: Paypal Debit Card Canada

The monthly statement showing rates and fees for processing credit cards can be very confusing and difficult to read. The credit card processing industry is not regulated by the government, so the industry is very competitive. Statements that are confusing or incomplete are sometimes an attempt to thwart competing processing companies' attempts to quote lower rates. The processors don't want credit card processing sales people to reverse engineer their statements and evaluate the rates.

The down side to this is that the merchant often doesn't understand what the rates are, either. Here are some tips on how to read the statement and understand the rates and fees.

How to Read the Percentage Rate on a Merchant Services Statement

The percentage rate being charged is also called a discount rate. Sometimes the percentage rate is clear, other times the decimal point needs to be moved over to the left two places. For example, if the rate is listed as .0240, then the merchant is paying 2.40%. Although not always present, watch for a "%" sign to help indicate that the number represents the percentage rate being charged.

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