How do you read a credit card merchant statement???

[staceyv]

I met this dog breeder through email conversations and ended up writing an article for her on canine nutrition. I mentioned that I would love a job that offers me my own hours and flexibility, and she offered me a job as an independent sales agent for a company that processes Visa and MC for businesses. So, I'm supposed to go talk with business owners and tell them I can save them money on their processing fees and get three recent merchant statements from them so I can do a proposal for them. I understand how to use the Excel template and where to put the figures, but I have no friggin clue where to find these figures on the merchant financial statement!!!
I'm supposed to find the total qualified (swiped) sales, mid-qualified (keyed in) sales and non-qualified (corporate cards, etc) sales, as well as the rates for each and I can't find any of this crap on the statement. Does anyone here know anything about this kind of work? Any suggestions or input?? I found two websites that show how to read a merchant statement, but the ones I have don't have everything listed all easy and pretty like these! I don't have a scanner, but if anyone wants to help me, I'll start typing in the whole damn statement by hand. LJ? you work in financing, don't you? And by the way, I feel like I need some friggin training for all of this! All I have is some general info on how to fill out an application, some forms, lots of info on equipment that bores me to tears, and some vague notion of what I'm supposed to be doing. I really want to follow someone around, but this woman is in Maine, and so is the office. I'm learning all of this on my own and I emailed her with questions, but I feel like an idiot because I have not the slightest clue how to read these statements and I don't want her to think I'm stupid. I graduated high school as an honor student- I had two tassles, I was accepted into 5 colleges- every one that I applied to, I have an A average in college for the 22 credits I earned- including human anatomy- the hardest class ever, and I'm having no problem teaching myself Russian- the hardest language on the planet, maybe. I am basically above average in "book smart" intelligence. So, why do I feel so retarded with this? Please help.

[xoxoxoBruce]

I had two tassles

Did they spin in the same or opposite directions?
Let me get this straight, you walk into a business and they let you walk out with a written copy of their credit card transactions for a certain time frame?

[staceyv]

yeah...they sent me a big box of business cards with my name and the company name on them, so I can have some level of professionalism. I am not sure if I'm cut out for this. My husband said he'll do all the people stuff if I do the paperwork stuff. He's a great salesperson and in general, a people person. I, on the other hand, actually hate selling, but I love to do paperwork. The problem is, even though I have never had any type of learning problems with anything, I can't for the life of me figure out where to get the numbers from these statements. I have the merchant's statement, and I have the Excel template which is already filled out correctly (it's an old account that the woman who is training me sent me..I'm supposed to use it for practice/ learning purposes, but it doesn't make any sense. I have all the "answers" right in front of me, but I don't get it)
Come on, is there anyone who can help? Please
I can post the statement (without the actual company's name and id #)
and I can post the "answers"...interested?

[staceyv]

okay, forget it...those statements she sent me didn't match. My husband looked them over, too. What the hell kind of training program is this? Whatever, I know this is just about the most boring topic on earth, so I won't bother to type anymore about it. At least I know one more career that I don't enjoy....I can add that to the list with waitressing, all sales, medical field, retail..God, I'm just about out of options. I just want to be a housewife who plays drums once or twice a week.

[Beestie]

Originally Posted by staceyv

okay, forget it...

What the hell kind of effort is that? The merchant has a credit card rep. Get their name and call them on your own and get the answers. Your merchant will think you are a genius for "figuring it out." I would guess that your merchant can't read them either which is why you aren't getting any direction. Don't give up so easily. If it were easy, anyone could do it.

Many times, the first opportunity you are given at a company are the tasks that everyone there sucks at. That is an opportunity to distinguish yourself and to pay your dues. Don't be so cavalier about it - once you endear yourself to some people by demonstrating some skill, self-motivation, reliability and determination, better and more interesting tasks will be assigned to you. If you bump your head on a glass ceiling then you can take all the stuff you learned and the good references you have built up and move on to bigger and better things. Be patient - the rewards come later.

[staceyv]

Thank you for being so motivational, but this is actually the first and foremost task I will be doing, and the only person in the company who I have contact with is this one woman. I need to be able to read the financial statement in order to write a proposal to give to businesses so they can see how much money they can save. I will need to do this with every single company I contact, if they'll agree to it. The statements I have are this woman's and she has already found the figures she needs and has written up her proposals. She just sent them to me to practice with. She is fully aware that I have absolutely no experience with credit card processing, financial statements, etc. I was sent a training manual that does NOT cover how to decode a financial statement, it only has a bunch of info on how to program terminals, equipment, how to fill out the merchant application to be submitted for approval, etc. But I don't need any of this info until I actually find someone who wants to sign on, and how the hell am I supposed to be able to do that when I can't even give them a proposal?
Anyway, this is an independent contractor position, and the only "moving up" in this company is simply making more money by signing up more clients, and honestly, I HATE sales!! I only signed on because my husband said he would talk to people and I would only have to do the paperwork, which is BORING and I am pissed that I was not given the information I need to do my job. Their website boasts "ongoing sales agent training"- my ass.

[staceyv]

and one more thing- nothing like confusing the HELL out of the person you're supposed to be training. She sent me a financial statement from a company dated march 2004. then she sent me the completed proposal with all the correct figures in it, but they didn't match! and I spent hours looking over these friggin numbers, thinking that I must be retarded, when all of a sudden, in the middle of a bunch of print, I see "here's your proposal from the december 2004 statements" I'm like WTF??? this proposal doesn't even GO with the financial statements I have, no wonder I can't make any sense of this. What the hell??

[staceyv]

THIS is what the financial statement looks like. Since you and I both have the same level of experience with this, the way you see it is the same as the way I see it. Now, honestly, can you tell me how to find total qualified, mid-qualified and non-qualified sales from this mess? What about the interchange rates on each of the above categories?
NOW, would you give this to someone who had no experiance and expect them to have the SLIGHEST friggin idea what they are doing??





FMBS C/O Merchant Services Credit card merchant statement
2 Westbrook Drive Suite 200 Date: 03/31/2004
Westchester, IL 60154 CODES: N FORM: 9 30011085
Merchant: xxxxxxxxxxxx
DBA: American Pizza
xxxx-xxxx-x xxxxxxxxxxxx


INFORMATION ONLY (there were no discounts)
POST DEP REF NO TICKETS AMOUNT ADJUST NONSETTLED SETTLEDamt
03/01 02/28 00127001 66 $2,363.90 .00 127.50 $2,236.40
03/01 03/01 00128001 53 $2,369.45 .00 707.65 $1,661.80
(there are a total of 33 lines of the above info)
DEPOSIT TOTALS: 33 $44,410.55 3.00 4,917.25 $39,490.30


DEPOSIT ITEM SUMMARY
Sales: 1,229 44,410.55 DB ADJ: 0 .00
Credits: 1 3.00 CR ADJ: 0 .00
Total: 1,230 44,407.55 TOTAL: 0 .00


----------------------------------CARD SUMMARY-----------------------------------------------
DATE REF MASTERCARD VISA DINERS DISCOVER AMEX OTHERS
03/01 01 493.80 1,742.60 .00 48.55 78.95 .00
03/01 02 329.30 1,332.50 .00 44.55 663.10 .00
03/01 03 232.40 829.20 .00 .00 24.50 .00
(there are 33 lines like the above.)
CARD TOTALS:
Mastercard: 10,864.53
VISA: 28,625.77
DINERS: .00
DISCOVER: 899.40
AMEX: 4,017.85
OTHERS: .00



-------------------------------SETTLEMENT/ DISCOUNT----------------------------------------
DESCRIPTION- ITEMS –AMOUNT- AVG TICKET -DISC RATE -ITEM RATE -FEE
VISA EIRF 1 17.35 17.35 3.1000 .0000 .54
VISA T&E 30 1,188.30 39.61 3.1000 .0000 36.84
VISA CPS 178 7,294.60 40.98 2.4400 .0500 186.89
VIBS 30 1,617.55 53.92 3.1000 .0000 50.14
-------------------------SETTLEMENT/DISCOUNT (CONT.)-----------------------
DESCRIPTION- ITEMS-AMOUNT- AVG TICKT- DISC RATE-ITEM RATE-FEE

VDBT EIRF 1 14.75 14.75 2.8000 .0000 .41
VDBT CPS 574 18,496.22 32.22 2.1700 .0500 430.07
VDBT 1 3.00 3.00 2.8000 .0000 .08
MC STD 1 49.60 49.60 3.1000 .0000 1.54
MC 1223 109 3,995.95 36.66 2.1700 .0000 86.71
MC 1287 19 670.25 35.28 3.1000 .0000 20.78
MCBS 37 1,316.15 35.57 3.1000 .0000 40.80
MDBT 145 4,832.58 33.33 2.1400 .0000 103.42
------------
TOTAL 958.22


--------------------------------OTHER FEES----------------------------------------
CARD CHARGE DESCRIPTION # RATE FEES
FOR OUTLET 00000
AMEX 2323 VITAL/WATS 83 .2000 16.60
DISC 2323 VITAL/WATS 25 .2000 5.00
6086 ASSURANCE 0 .0000 9.50
6112 STATEMENTS 1 5.0000 5.00
-----------------

TOTAL OTHER FEES: 36.10

[russotto]

MCBS is Mastercard corporate cards. VIBS is Visa corporate cards. The DBTs are debit cards. As for the other categories, I couldn't venture a guess. Well, except "CPS" is probably consumer point of sale (swiped cards), judging from the lower discount rate.

[Clodfobble]

Stacey, you didn't pay any money for your original training packet or anything, did you? Because this sounds to me a little like a "work from home" scam.

[lookout123]

clodfobble may be onto something there, but if this is a real job opportunity...

I have not the slightest clue how to read these statements and I don't want her to think I'm stupid.

if she is a real person in a real company she will only think you are stupid if you do the job poorly because you were too afraid to ask questions to help you understand your job better.



as one of my professors was fond of saying, "there are no stupid questions, but the world is full of stupid people - don't be one of them."

[staceyv]

I didn't pay any money. They sent me the business cards and the agent cd for free. I'm sure it's a legitimate company, and I know she got a bonus for signing me on. The problem is that she's too busy/ scatter-brained to train me properly. She has one dog at the stud's, another dog expecting puppies, two young daughters, surgeries for her dogs...She has way too much going on to be trying to "train" me through email. This seems like something that I should sit with someone and watch, go with them to businesses...

I DID ask her to please explain to me what all these abbreviations stand for and how to find the figures I need to plug into the template, that was Wednesday morning, still no email back from her. Don't you think she should've explained some of that along with the stack of statements she sent me?
Russoto, thank you. Corporate cards are non-qualified, and CPS would be qualified, according to your information. Now, I'll just have to find Mid- qualified...seriously, how can the average person be expected to know all of this without training? well, thanks for the input, anyways.

[skateboard]

The salesmen's cut is the difference in disc rates between what this women's co. gives you , and what rate you can sell your local vendors. Small fractions pay. Your local merchants might not know what to pay. FYI, Costco has best rates for small biz.

Also, there is good money in selling/renting machines. Cellular machines are attractive flea mkt vendors and trade show vendors, but benefit in discount rate from swiped cards takes big sales to pay off cellular machines.

What is the rate that the women sent you stuff is charging, find out what your local company's (vendors) are paying, and have your husband sell service, machines, as well as anything negotiable like: statement rate, per trans fees, discount percentage, programming fee (gravy). Bargain for lower of all these from women who sent you cards, training, etc.

It is a salesman's game. There is money in it.
<blockquote>
VDBT EIRF 1 14.75 14.75 2.8000 .0000 .41
VDBT CPS 574 18,496.22 32.22 2.1700 .0500 430.07
VDBT 1 3.00 3.00 2.8000 .0000 .08
MC STD 1 49.60 49.60 3.1000 .0000 1.54
MC 1223 109 3,995.95 36.66 2.1700 .0000 86.71
MC 1287 19 670.25 35.28 3.1000 .0000 20.78
MCBS 37 1,316.15 35.57 3.1000 .0000 40.80
MDBT 145 4,832.58 33.33 2.1400 .0000 103.42</blockquote>

The 2.8, 2.17, 2.8, 3.1, 2.17, 3.1, 3.1, 2.14, in the table above, all seem high, so there would be some play room for you. 2.69 and 1.69 are decent retail percentages, so you should be able to get 2.49, 1.49 from the women's company. (I have no idea what a company like this women's charg, so please do not use 2.49/1.49 as targets, but there must be margin for you)


Good luck.