Looking over your statement, you may wonder "What are these fees?" and "How do I know what I'm getting charged for?" You may also notice your monthly fee keeps changing, didn't think you had a monthly fee, or feel like you've been charged twice. We know it's confusing, so we've provided answers to many of your questions along with a video tutorial containing a more detailed explanation of fees and charges that appear on your statement. (If your statement doesn't look like this, read this statement article instead.)
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Not all swipes are the same! Your credit card transactions are subject to fees based on many factors set by Visa, MasterCard, AMEX and other issuing companies. Each day we charge you a minimum of all possible fees. At month's end, the difference between what you were already charged and the actual fees is tallied. This difference is deducted from your account during the first week of the next month.
Need a bit more on this?
Visa and MasterCard have nearly 400 different categories they assign credit cards. How the card is processed, how risky the transaction is, and how much the cards cost their issuing bank determine which category a transaction fits into.
For example, the lowest cost transaction would be a regular, personal credit card that you took with a swiper. These cards cost banks the least, and swiping shows that you, as a merchant, actually had the card in your hand.
So what factors increase transaction fees?
One example is a reward card like those offered through the airlines. Those rewards cost the issuing bank money and that gets passed on in transaction fees. Corporate cards and international cards are also more expensive.
Another example is if you key-enter the card number, rather than swiping. This triggers a higher rate because it's harder to show you were face to face with the customer. This can be mitigated a bit by entering a zip code or the CVV number on the back of the card.
What are tiered rates and what is the basis for them?
To simplify things, Intuit Payments has broken these categories down into three rate tiers that all your credit card transactions fall into.
These rate tiers are called "Qualified"--that's the best rate you are qualified to get as a merchant, "Mid-Qualified," and "Non-Qualified." Every day, when your charges get batched, you are charged for all those transactions at the best--"Qualified"--rate. This appears on your bank statements as a BTOT DISC.
At month's end, we add up your daily fees, determine what the actual rate is based on each transaction's tier, and charge you the difference--this appears on your bank statement as MTOT DISC. You generally get charged this in the first week following month's end.
Note: Occasionally your Merchant Service monthly statement from Intuit will have a line item labeled ACQ ISA FEE under the Visa transaction summaries. isa has implemented an international service assessment (ISA) fee for certain eligible international transactions. For these transactions, Visa will charge a fee of 0.45% (45 cents per 100 dollars). The ISA fee will be added to your account as applicable and will be designated in the Summary of Card Fees section on your statement as ACQ ISA FEE.
Recently we migrated account and it changed the way the statements are layed out and how they appear. Below are the statements that show how they looked before the migration and also how the new migrated statements look.