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Is there a recommended way to use my statement to reconcile my business's payments? There is so much information, where should I start?
Merchant statements provide a wealth of payment processing data and their use varies based on your business's needs and size. Single-location statements are divided into 7 sections.
Merchant Statement Sections (in order):
To quickly assess how much money you made, first look at the Funding Summary section on your merchant statement. This section displays how much money your business was funded by Chase Merchant Services by day. It will also display any other events that affected the amount you were funded such as a chargeback, an adjustment or fee.
If you see a chargeback that you want more information on, go back to the Chargebacks & Reversals section. Is there an adjustment that seems out of place? Return to the Financial Adjustments section. (Note that for a multi-location statement, these will be sub-sections within the Charges & Fees section.)
Why did I not receive my statement?
There are a few reasons why you may not have received your statement.
If either your email or mailing address is incorrect, please call your Relationship Manager or contact us at 800.934.7717 so we can update your records.
For more details on your processing and funding activity, we encourage you to sign in at Chase.com, where you have instant access to your statement and other account management features. Which offers instant access to your statement electronically, the moment it is available.
Are my statements available online?
Absolutely! You can access your statements from anywhere you have Internet access with Chase business online. Visit chase.com/business to set up your profile or sign in to your account.
How does my billing cycle affect my charges and fees?
Charges and fees are complex and may differ among merchants due to many factors including type of business and volume of transactions processed.
You were set up for a specific billing cycle to best meet your business's needs. A billing cycle is how often Chase Merchant Services bills you for services. Most merchants are set up on a daily, weekly or monthly billing cycle. For example, merchants set up on a monthly billing cycle will have processing fees debited on a monthly basis. This means fees for January would be billed and withdrawn from funding within the first few days of February. Billing activity will appear on February's statement, even though the fees relate to transactions processed in January.
This apparent discrepancy may be evident regardless of whether your business receives daily, weekly or monthly statements. If you are still uncertain about your billing cycle, you can call the telephone number on your statement or call the telephone number on your statement or contact support at 800.934.7717.
Why did I get charged an account minimum fee?
An account minimum fee (sometimes also referred to as a monthly minimum) is assessed if your business does not meet its agreed-upon transaction volume (not enough transactions were run). Your specific minimum processing requirements are laid out in the pricing schedule of your contract (often referred to as a Schedule A).
Why aren't all of my sale/refund transactions on my statement?
The statement is a summary of your business's financial activity. Individual transactions cannot be displayed on statements due to space and size restrictions.
Why was I charged for a particular fee?
The majority of merchant account fees are assessed by the payment brands (such as Visa, MasterCard, Discover, etc.). Other fees are incurred based on a provided service (such as a chargeback or authorization). The How to Read Your Statement interactive tool is now available and it includes Additional Statement Terms to help you understand your fees for a more in-depth explanation of how to interpret your merchant statement.
In the Funding Summary section, why would the amount transferred be negative? How does this happen?
The amount transferred could be negative if the subtractions to your account (all refunds, fees and adjustments) exceed the total amount of positive sales activity.
What is a chargeback? What is a reversal?
A chargeback is a reversal of the dollar value, in whole or in part, of a particular transaction. It is initiated by the card-issuing bank, either due to a technicality or on behalf of the cardholder.
What is a financial adjustment? Why would one occur?
A financial adjustment is a manual addition or subtraction made to the amount funded to the merchant. Reasons for financial adjustments are varied, but the most common one is a supply purchase such as printer paper.
Why is there a section dedicated to my Tax ID Number?
The Tax Information area was added to the merchant statement in response to a U.S. Internal Revenue Service (IRS) mandate. This area lets you know whether or not action is required on your part to ensure the Tax ID Number (TIN) we have on file matches IRS records.
Why is the Total Fees value positive in the Charges & Fees section but then it is negative on the Funding Summary section?
Generally speaking, each statement section is displayed from the perspective of its content. Fees are represented positively in the Charges & Fees section to come up with a total amount of charges and fees. However, because charges and fees are items that by definition are owed by and deducted from the merchant, the total amount shows up as a negative on the Funding Summary section. Positive amounts on the statement are displayed in black and negative amounts are displayed in red and enclosed in parentheses.
Here's a cheat sheet:
| Statement Section | Font Color and Style for Negative Amounts (Debit) | Font Color for Positive Amounts (Credit) | Explanation |
|---|---|---|---|
| Deposit Summary | (Red) | Black | Deposits are amounts added to the merchant account, therefore, a credit is black and a debit (or credit to the cardholder's account) is red. |
| Funding Summary | (Red) | Black | Funding is the amount added to the merchant account, therefore, a deposit is black and a subtraction to the deposit is red. |
| Credit Card Summary | (Red) | Black | Deposits are amounts added to the merchant account, therefore, a credit is black and a debit (or credit to the cardholder's account) is red. |
| Chargebacks & Reversals | (Red) | Black | Chargebacks are "charged back to the merchant" meaning they were initiated to get money back for the customer from the merchant and reversals are, by definition, reversing the chargeback and giving the money back to the merchant. Therefore, a credit to the merchant account is black and a debit is red. |
| Financial Adjustments | Black | (Red) | Financial adjustments are debited from the merchant account, therefore, a debit is black and a credit is red. |
| Charges & Fees | Black | (Red) | Fee are amounts subtracted from the merchant account, therefore, a debit is black and a credit is red. |
Why can't my statements be emailed to more than one email address?
To protect the security of your sensitive data, statements can be emailed to only one email address.
My statement is delivered via email but there is no file attached or I cannot open the attached statement.
Merchant statement emails include an attached PDF document. Your email software may be set to filter out attachments. First, check your e mail software or server security filters settings. In order to view the attached PDF document, you must have the free Adobe Acrobat Reader Version 7.0 or higher installed.
Contact client support at 1.800.934.7717