Fiserv (which acquired First Data in 2019) processes for many banks and resellers, so its statement appears under many names. The document is titled "Your Card Processing Statement" and is delivered by mail, by email, or online through the Business Track portal. This guide follows the layout First Data published and the definitions Fiserv publishes today.
Where to find it
Fiserv's partner banks document the online path. KeyBank's steps:
- Log in to Business Track at businesstrack.com.
- Under Applications, select ClientLine Reporting.
- Hover over Reports and click Monthly Statements.
- Choose Monthly Statements as the statement type, pick the view and year, and search.
- Choose the month. Statements export to Excel, PDF, HTML and CSV.
First Data's own brochure directs merchants to businesstrack.com to enroll in email statements and to view statements online, and recommends ClientLine reports for a more granular monthly reconciliation.
The first page: summary
First Data's statement opens with a Summary of account activity for the period. The sample in First Data's brochure shows these lines:
| Line | Meaning |
|---|---|
| Total Amount You Submitted | Gross card sales sent in during the period |
| Third Party Transactions | Sales settled by another party (for example American Express billed directly) |
| Chargebacks/Reversals | Disputed and reversed transactions |
| Adjustments | Corrections |
| Fees Charged | All processing fees for the period |
| Total Amount Funded to Your Bank | What was deposited |
The statement prints the formula: amount submitted minus third party, chargebacks and reversals, adjustments and fees charged equals amount funded. It is marked "THIS IS NOT A BILL" because fees have already been deducted.
Two details from the sample worth knowing:
- Fees for one month's activity appear on the next month's statement (the sample notes that November activity fees appear on the December statement). Match periods before calculating a rate.
- Page 2 carries a Key Definition of Terms, and the online statement shows a fee description when you hover over a fee line.
Later sections
First Data's brochure lists what the redesigned layout added: a summary by card type that includes average ticket, gross reportable sales for IRS reporting, a Fees Charged summary, a plain-English glossary, color coding, and an optional SpendTrend section that compares your volume with similar businesses. The summary page points to the later pages that hold the detail behind each summary line.
Reading the Fees Charged section
Fiserv statements for interchange-plus accounts list interchange by category, network fees by brand, and Fiserv's own charges. Fiserv's glossary defines several of the lines you will see:
- Statement fee: charged when you choose paper delivery, one per location.
- PCI compliance fee: billed to merchants who are not PCI compliant.
- Chargeback fee: incurred when a customer disputes a transaction, product or service.
- Transaction fees: service costs charged per transaction.
- Leasing fee: the subscription charge for leasing a point-of-sale system.
- Batch: a group of card transactions, submitted together.
To separate pass-through cost from Fiserv's markup, total the interchange and network lines, subtract from Fees Charged, and divide each part by Total Amount You Submitted. Interchange, Assessments and Markup: 3 Layers of Card Fees shows how.
Reading a month in four steps
- Confirm the statement period and that Fees Charged covers the same month as the sales.
- Divide Fees Charged by Total Amount You Submitted (less third-party transactions, which are billed elsewhere). That is your effective rate. See Effective Rate: How to Calculate Your Card Processing Rate.
- In the Fees Charged section, sort lines into interchange, network fees and Fiserv fees.
- Check Chargebacks/Reversals and Adjustments against your records.
What to check each month
- Paper statement fee if you could take e-statements.
- PCI non-compliance fee, which stops when you validate compliance.
- Interchange categories that do not match how you accept cards.
- Equipment lease lines and their term.
- Chargeback fees and the disputes behind them.
FAQ
Is First Data the same as Fiserv?
Yes. Fiserv acquired First Data in 2019. Statements, Business Track and ClientLine carry both names.
Why does my bank's name appear on a Fiserv statement?
Fiserv processes for many banks and resellers, and the statement is branded for the provider that holds your account.
Where are the fee definitions?
On page 2 of the statement (Key Definition of Terms), as hover text in the online statement, and in Fiserv's online support glossary.
Why do fees lag a month?
The sample statement notes that fees for one month's activity appear on the next month's statement. Line up periods before comparing.
See every Fiserv fee explained
Merchant Statement Analyzer is free. Upload last month's Fiserv or First Data statement to the analyzer and see interchange, network fees and markup separated, your effective rate, and what other pricing plans would have cost on the same transactions.
Sources
- First Data, Merchant Statements brochure with sample "Your Card Processing Statement" (2012): https://support.frontstream.com/hc/en-us/article_attachments/204480243
- Fiserv, Support terms glossary: https://merchants.fiserv.com/en-us/customer-center/merchants/support-terms-glossary/
- KeyBank (Fiserv partner), How to find and print my statement in Business Track: https://keybank.goboomtown.com/kbs/General_Merchant_Knowledge/How-to-find-and-print-my-statement
- Fiserv, Fiserv completes combination with First Data (July 29, 2019): https://investors.fiserv.com/news-releases/news-release-details/fiserv-completes-combination-first-data-further-cementing