You should have a credit card billing statement sent to you every month that contains all credit card use transactions, which includes retail sales, cash withdrawals, purchases, interest and other fees. This statement is called your credit card statement of account. This document is required by all financial institutions that allow you to maintain an account with them. It is important to know what information you need to send to the credit card company. Your bank or your credit card company may require certain information to be filled in or they may send you a different statement to print out at home.
There are two main ways to receive your credit card billing statement; you can choose to receive it via mail or you can choose to download it electronically. Your credit card billing statement usually can only be received by the credit card company on the first business day of each month, on any extension of that period, or if the customer requests it, on any extension of that period not designated as a typical business day. A typical business day is Monday through Sunday inclusive. For example, if your billing cycle begins on January 1st and runs for fourteen days, your billing statement would be sent on February 14th, which is a normal business day.
The actual transaction data is reported in the month's statement along with the date of the transaction, the credit card issuer name, transaction amount (both charge and fee), merchant name, balance, and date. The billing cycle will begin with the transaction you are initiating. If you are notifying your credit card issuer of a chargeback, the transaction will appear as an unpaid transaction. Chargebacks occur when the customer is attempting to reestablish a credit line after a period of time without an outstanding balance. In this situation, the merchant name on the statement is not valid and the transaction failed because the credit card issuer did not authorize the sale.
If your merchant account is established through an automated clearing house, this process will automatically be recorded on your credit card billing statement. If you have an account with an electronic clearing house, you will simply log onto their website, enter the transaction number, your merchant account ID, and your email address. Your account will be credited with the appropriate fee based on the percentage of your total credit card transactions that were authorized by your company.
If you have a traditional bank, the way to print your credit card statements and keep track of all the transactions that you make is to maintain a ledger. Every month, you should generate a ledger that lists your outstanding transactions. This list will tell you if anything needs to be added to the ledger, or if anything needs to be deleted from the ledger. You will also want to keep track of your minimum and maximum credit card amounts. This will tell you what your business policy is regarding charge backs and will help you determine the amount of money you need to reserve in reserve for possible losses. When you are printing your statement, it is a good idea to have an employee at your business sign each page in order to keep track of the signatures.
The last thing that you will want to keep track of is your due dates. When you are printing your statements, it is important to make sure that they arrive at least a week before your due dates. Because most businesses charge their customers for shipping and handling, it can become difficult to keep track of your due dates. To keep track of your due dates, you will want to set up a system that includes automatic email notifications of your due date. This can give you some peace of mind when you are preparing for your monthly credit card billing statement.
Making of a Millionaire How to Read Your Credit Card Statement – credit card billing statement | credit card billing statement
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