MTOT Bankcard Charge

What Is a MTOT Bankcard Charge?

This article will dive into the obscure banking terms you are looking to decipher. Whether you are looking for MTOT Disc, MTOT Dep, Bankcard MTOT, BTOT, or any other combination of these terms, keep reading. If you want to properly manage and organize your finances, you need to know and understand all the charges on your account statements. However, not all charges are properly disclosed on statements, or it might not be clear at first what their purpose is. One such charge is the MTOT bankcard charge.

If you are not sure how this charge works, or where to find them in your statement, you’ve come to the right place.

In this article, we’ll explain what the MTOT Bankcard charge is, where to find it, and how to keep them manageable.

What Exactly Does MTOT Disc Mean? MTOT Meaning

What Exactly Does MTOT Disc Mean?

The abbreviation MTOT Disc is a compounded abbreviation. MTOT is an abbreviation for “merchant total,” while Disc is an abbreviation for “discount.” The word BANKCARD indicates that this is a payment processing fee imposed by a number of merchant account providers. It is essentially a service charge. These costs can range from a few dollars (often as little as $40) to $150 every year. In other words, it is your monthly payment processing cost. 

The meaning of MTOT Disc can be perplexing because, in most cases, a “discount” is a beneficial thing. In financial jargon, however, “discount” refers to a rate. A discount rate is a percentage charged to the recipient, not a percentage off the price.

Because numerous payment processors use the same descriptor, you must contact your processor directly to find out specifically what type of charge your MTOT Disc is.

Furthermore, the charge is often wrongly referred to as a “hidden fee” or “unfair charge” in order to convince your company to switch to their credit card processing. In reality, “BANKCARD MTOT” is just a description for any payment processor that uses the FISERV/First Data network. Other processors’ fees may appear differently on your bank statement, but they charge comparable rates for their services.

Where Can I See My MTOT Disc Costs for my Bankcard?

These fees should be visible and clearly marked on your merchant account statement. As previously stated, you should be aware of the MTOT Disc fees you will incur on a monthly basis. If the charge amount is going to change, you should know when it will change, how much it will change by, and what prompted the change.

If you checked your bank account and noticed a charge for BANKCARD MTOT DISC, you might be wondering where that came from. It could also have appeared as MTOT DISC, BANKCARD MTOT, MTOT DISC BANKCARD, or some similar variation.

MTOT Disc and Bankcard USA

MTOT Disc and Bankcard USA

Many consumers mistakenly believe that because the phrase “bankcard” is included, they are being billed by Bankcard USA. BANKCARD MTOT DISC is not a charge from Bankcard USA unless you have a merchant services account with the company.

MTOT Bankcard Dep Means Monthly Total Bankcard Deposit

MTOT Bankcard Dep

If you notice the letter “DEP,” it stands for “deposit.” If the descriptor includes “MTOT,” this is your merchant’s monthly total or month-end total. However, if you do not receive monthly deposits, you may not see this descriptor combined with “Dep.” This is your MTOT dep or monthly total deposit. “BTOT” is more widely used. We’ll get to that one later.

What is MTOT Disc in Synchrony bank?

Synchrony bank is just one of the merchant processing banks that may cause MTOT disc to appear on your bank statement. This is simply the merchant discount fee total, just as it would be with any other bank. This is a debit from your bank account. The MTOT dep Synchrony Bank, or merchant total deposit would be a credit on your bank statement.

What is BTOT, BTOT Disc, and BTOT Dep?

“BTOT” means “batch total” and is another acronym you may see on your bank statement. The BTOT descriptor should align with your daily batches or batch deposits. Bankcard BTOT DEP is a common descriptor which means bankcard batch total deposit.

What is the Difference Between MTOT and BTOT?

BTOT and MTOT are common bank statement and merchant statement descriptors. MTOT refers to the monthly merchant total, and BTOT is the batch total which is a daily frequency.

Are MTOT Dep, MTOT Disc, and Bankcard MTOT Disc Fees Disclosed?

Unfortunately, not always. Far too many merchants pay this money without either realizing it or knowing to whom they are paying it. This occurs because service providers frequently directly deduct the MTOT fee from your bank account. Any other processing costs are also charged separately. As a result, it is frequently overlooked or confused with another charge. A quality merchant account processing business will undoubtedly be transparent about their MTOT Disc fees, typically outlining them in a sales call or contract and ensuring that you completely understand what you will be paying and when you will be paying it. Unfortunately, this does not apply to every seller.

You should strongly reconsider your vendor selection if you realize that they are not being clear about their fees, or they are lying to you. After all, if they’re deceiving you about this, what else are they deceiving you about? There is also the possibility of additional ambiguity here.

When making this notation on your statement, some businesses use the term “Bankcard.” This can further conceal the genuine origin of the cost, leading you to believe that you are being charged by the company’s Bankcard. This is not the case, and any issues should be directed to your merchant account processor.

Various Bankcard MTOT Disc Fees

Your payment processor’s monthly merchant statement should show a total that matches the amount on your bank account. It will also explain how they arrived at that fee figure.

Let’s go over some of the primary categories that you’re likely to notice in your statement:

Monthly charges

You will most likely find a breakdown of monthly costs at the bottom of the bill. Monthly charges include statement fees, on-file fees, and others. You might also have a PCI-Non compliance fee if you aren’t already meeting the necessary regulations.

Annual charges

Your statement may also include an annual charge. If you find an annual cost, double-check previous statements to make sure it’s an annual price. Some PIN debit networks, such as STAR, PULSE, and NYCE, levy an annual fee of roughly $10. Some payment processors charge an annual fee for their services as well. Contact your processor if you have any queries about your annual fees.

Fees for processing and authorization

The majority of your fees will be generated by your payment processing activity during the month. Discount rate-based fees, as well as percentage-based charges, will be applied to your payment processing volume. When you first start your merchant account, these credit card processing fees are discussed with you.

Authorization fees, or a per-unit charge depending on the total number of authorized transactions you ran during the month, will also be displayed.

No matter how confusing it appears, understanding your effective rate might help you make sense of it. To get your effective rate, divide the total BANKCARD MTOT DISC by your total processed volume for the month. This should amount to between 2% and 4% on average.

Your effective rate percentage is equal to the total amount of fees paid in a month divided by the total monthly sales volume for the same month times 100.

bankcard mtot disc fees

How Can I Lower My MTOT Fees?

Reducing “MTOT Disc” fees is a question of lowering your overall payment processing costs. There are numerous ways to stay aware of them and keep them low. These are some examples:

  • Contact your payment processor: Based on your processing history, your payment processor will conduct a rate review on your merchant account and set a new rate. A rate review, on the other hand, does not guarantee a lower rate.
  • Reduce duplicate authorizations: An authorization hold is a typical procedure in pubs and restaurants. This occurs when you authorize a transaction to start a tab and then reauthorize for the final amount when you shut the tab. Reduced authorizations will result in cost savings.
  • Optimization of exchange: When you execute transactions, you may be skipping prompts, causing your transactions to qualify for greater rates than they should. Interchange optimization strategies can help you save money month after month.
  • Look around: There’s no reason why you should be paying exorbitant MTOT Disc fees. Indeed, many businesses may offer lower rates based on volume or if you inform them that you are shopping around and reviewing proposals from a range of merchants.

Some statement descriptors involving MTOT might look like “Bankcard 1250 MTOT dep” or “Bankcard 8076 mtot dep” – these are common variations and may refer to specific amounts for your account.

Pay close attention to your statement: This will ensure that you completely understand your costs and why you are being charged them: This ensures that you are not being charged fees that are not suitable.

Unfortunately, MTOT fees cannot be eliminated unless you stop taking credit card payments. If you switch to another processor, the description for this charge on your bank account may change, but you will still be charged monthly services for whichever processor you choose.

Final Thoughts on MTOT Disc, MTOT Dep, Bankcard MTOT, and BTOT

The MTOT bankcard charge is basically a processing fee, and one that you’ll have to deal with when working with the majority of merchant account providers out there. However, these costs become less confusing if you understand what they are for, and how to lower them. You can always shop for better rates if you feel your merchant account provider’s fees are too high, but it’s a much better idea to reach out to your provider first to see what options you have available.

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