How To Read A Credit Card Merchant Statement – 5 Ways To Categorize Fees

Reading your merchant statement and finding the rates and fees you’re being charged can be like playing “Where’s Waldo?”. One reason is because there are nearly as many different statement formats as there are merchant acquiring companies. Also, because of how competitive the industry has become, many monthly statements don’t completely disclose the rates being charged. And sometimes they are completely hidden.

I know of banks that don’t even send a statement out. If a merchant wants details of what they paid they have to logon to an online account to find it.

It’s War Out There!

One reason for this is the competitiveness. You have to remember that credit and debit cards make up part of a 2 trillion dollar industry. Money is like a magnet – it attracts Most merchants are being contacted continually by competing processors trying to get them to switch processors, by promising “lower rates”, etc.

So, to prevent a sales agent from another processing company from taking a merchant away – some processors make it as hard as possible for a competitor’s sales rep to walk in to a business, analyze a merchant statement, and do an ‘apples for apples’ comparison.

That being said, there are still some basic keys to look for when reading your statement. Here’s what I look for in analyzing a merchant statement, in order:

  • One: The pricing structure – how has the account been set up? Which pricing model does it employ? Is it using tiers (e.g. 3-tier; 4-tier, etc.) or – is it using “Interchange Plus”? (NOTE: most merchants are on a tier pricing model, which, in my opinion guarantees they’re being overcharged. Also, there are other pricing structures but tier pricing is by far the most common)
  • Two: The monthly fees (sometimes called “Other”) – next, I look to see what the monthly fees are. This can include: a statement fee; monthly service fee; account maintenance fee (normally, you’d only see one of these although I’ve seen two – or, you may see the equivalent fee but using a different term); PCI fee; batch fee; and gateway or access fees. Any miscellaneous, but not monthly fees can also show up here – e.g., an annual fee or semi-quarterly.
  • Three: Processing Fees – this is where the discount rates will be listed. If you are on tier pricing the best statements will print an itemized list showing the “qualified”, “mid-qualified”, and “non-qualified” (the 3 tiers) rate. If you are on Interchange Plus, you’ll see a list showing all the different cards you took, followed by the actual interchange rate for the card, the “dpi” (discount per item), plus the processors mark-up expressed as basis points and a transaction fee (or per item, depending on the term used to list it).
  • Four: Authorization Fees – here’s where you’ll find fees that go to VISA and MC. They’ll show up listed as access, authorization, and /or WATTS fees. You could also find here AVS fees (address verification); assessment fees; brand usage fee; risk fee; settlement fees, IAS fee (Issuer Access & Settlement).
  • Five: Third Party Fees – 3rd parties means networks other than VISA & MC that are included in your statement. This would include American Express, Discover, and the debit networks if you are using pin debit

Part of the problem in reading a merchant statement is different processors use different category names and different terms to identify charges. That’s why I began by saying it can be like playing “Where’s Waldo?” While there are common terms used for certain fees there is also a wide variation used, depending on the acquirer (the company you signed a merchant agreement with).

Again, part of this is due to an attempt to hide what’s being charged and make it difficult for a competitor to analyze a statement. While that’s ‘somewhat’ understandable – in my opinion it’s a disservice to the merchant. Integrity demands transparency. Maybe if processors were more merchant oriented they’d have a lower turnover and would not have to worry about competition so much. At least that’s my opinion.

Culinary Arts and Nutrition

Imagine yourself in a room full of tempting food, jellies, chocolates, pastries, cakes, pizzas and much more mouth watering dishes. Slurp… I know by now you are too tempted to get to the market and buy yourself a nice, juicy burger, coke and an ice cream tub or are ready to order a pizza, rather than reading.

Just for a moment think of the chefs who stay in the kitchen all day long that is loaded with scrumptious cuisines giving out such enticing and alluring aromas. It must be really tough for them to resist the delicacies they prepare for their customers. One the other hand, if they start tasting every dish they prepare it will be extremely tough for them to sustain good health.

It is said, ‘People judge a book by its cover’, and the same applies to a cook too. A healthy and fit chef ascertains us that he is health conscious and knows all about good and rich cooking. This might not prove true in all cases; some guys do not have such luck. There are many professional chefs are surrounded by buttery carbohydrates, rich sauces, creamy puddings and fine succulent meat but are thin like a Cornish wafer.

The roly-poly chefs that we were accustomed to once, are replaced by much more disciplined, controlled and healthy chefs. There was a time when a thin chef was not trusted but today the scenario has totally changed. The more lean and fit a chef is the more energetic he will be. A chef should be prepared to bounce around the kitchen in order to do everything just right.

Being a chef, it is important to taste every dish and every dessert prepared to ensure it is delicious. In doing so the fats keep on settling on the stomach, in turn making you fat. To avoid this, it is better to take small mouthfuls in intervals. Small meals ensure better metabolism. Some chefs believe in drip free food and indulge in raw fresh fruits, raw vegetables and much water. They also avoid any sort of meal in between lunch and dinner. Lastly, a good 20 minutes walk each day. In case you do feel hungry at night, eat a bowl of cereal.

A chef is however known for his skills in cooking and preparing meal yet his physical appearance and nutritional habits also play an important role. Not only does it attract more customers for him but is also important for his own good.

Nutrition is also an important aspect of cooking delicious foods. And chefs are not an exception to this rule. While pursuing their education in the culinary arts, one of the subjects that these aspiring chefs study is Nutrition. Here, they learn about the amount of nutritive elements present in each ingredient – and how to analyze and determine which foods have how much nutritive value.

No doubt, this knowledge goes a long way in helping these chefs create delicacies that are not only tasty but also healthy for their customers.

The Meaning Of Quality In Health Care

The process of receiving health care services at the correct time in the appropriate way and to get the best possible outcome is defined as quality health care.

Six attributes of health care quality

• Safety – Care should not harm any patient.

• Patient centered – Individual needs should be taken care of when providing care.

• Timely – Care should be provided exactly on time.

• Effective – Care must be based on evidence.

• Efficient – Wastage of time should be reduced.

• Equitable – Equal care should be provided to every patient.

What is quality health care?

The meaning of quality health care is not the same for all people. According to some patients, quality care is to consult a doctor, to get proper treatment from the staffs of a hospital and to have a physician who can spend much time with the patient. But all these things are secondary. Clinical quality of care is the most important thing because more lives can be saved by providing evidence-based and high quality care.

Does quality equal safety?

Yes, quality equals safety. The quality of care is to be improved by the health care providers because it can save more lives of the patients.

How is health care quality measured?

Outcome indicators and process indicators are the two ways of measuring quality of care. Timelines and baseline practices are measured by process indicators. Complication rates, mortality rates and infection rates are measured by outcome indicators.

These indicators can be looked at by the consumer to compare the hospitals. National accreditations, recognitions and state of the hospital should also be looked at by you to measure quality.

What are quality measures and quality indicators?

The process of converting the medical information of a patient into percentage or rate to analyze the quality of care provided by the hospitals to their patients is called a quality measure. You will be given information by quality measures about how the patients are provided care by the hospital. This quality information can be used by you to compare the quality care of different hospitals.

What role do nurses and doctors play?

A very important role is played by the doctors and nurses. Quality care should be provided by all the nurses and physicians, clinically and satisfactorily. All the staffs in a hospital such as the receptionist, scrub nurse, hospital administrator, physician and the X-ray technician are responsible in providing quality care to all the patients.

Remember all these features when you will go to get quality health care from any hospital.

Different Functions of Fashion Accessories

Fashion accessories are a must have for both men and ladies nowadays as they play a significant role in daily life.

Accessories such as earrings, necklaces and hair clips serve as decorative purposes as they add color and style to your overall appearance. Other accessories like handbags and document bags serve practical functions which help to contain our personal belongings so that we can carry them around conveniently and also with privacy. Items like scarves are multi-functional as they can keep you warm during the cold weather and at the same time, add color and style to your outfit if the right material and design have been selected. Watches can also enhance a person’s overall appearance and at the same time, keeps you aware of the time so that appointments are not missed. Wearing belts can also help to beautify your outfit and not forgetting, flaunting your figure.

There are a wide variety of branded and non-branded accessories easily available in the market today. A number of individuals are also coming into the market to design and create their own brand of accessories. Selecting and purchasing the right piece of accessory for yourself depends on what kind of personality and identity you wish to present. It is not the price or brand that matters but rather how you carry yourself. Young ladies can opt for inexpensive and cute jewelry to enhance the vibrancy and youth in them. A simple red rose brooch over a formal blazer can also make a person feel more cheerful for the day.

A person with confidence in his or her overall outlook will be able to bring out the beauty of what he or she is wearing. Simple and affordable accessories, if chosen correctly, will do wanders to your appearance and will not burn a hole in your pocket.