End-of-Year Payment Processing Checklist for Small Businesses
As the year winds down, most small business owners are busy balancing inventory, closing out books, and preparing for tax season. But there’s one critical area that often gets overlooked — your payment processing system. A quick year-end check can help you catch hidden fees, optimize rates, and ensure your business starts 2025 ready to accept payments securely and efficiently. Here’s a simple, step-by-step payment processing checklist to guide you through your year-end review.
Step 1: Review Your Monthly Processing Statements
Start by pulling your last few merchant account statements. Look for average transaction volume, number of chargebacks or refunds, monthly fees, and any unusual charges. Compare these to the same period last year. Are your processing costs increasing faster than sales? If s
o, it might be time to evaluate your rate plan or processor — USBNE can help you identify where those extra costs are coming from.
Step 2: Check for Hidden or Rising Fees
Some providers add fees throughout the year that can go unnoticed — things like PCI compliance or non-compliance fees, “batch header” or “network access” charges, and statement or gateway fees. If you’re not sure what a fee is for, ask your provider to explain it clearly. Transparency is key, and if you’re paying for something that doesn’t serve your business, it’s time to cut it out.
Step 3: Reconcile Transactions and Deposits
Make sure your daily deposits match your sales records. Small discrepancies can signal delayed batches, settlement issues, incorrect routing, or missing transactions. Doing this now avoids stress during tax season and ensures your records align with your accounting software. You can also use your processor’s reporting dashboard to export transaction summaries for your accountant.
Step 4: Update Security and Compliance
As cyber threats evolve, PCI compliance and data security should stay top of mind. Before the new year, run a PCI compliance scan if required, update terminal and POS software, reset admin passwords, and train your team on secure transaction practices. USBNE clients can access guidance and updates directly through our support team to stay current and compliant.
Step 5: Analyze Customer Payment Trends
Look for shifts in how customers are paying. Are more people using mobile wallets like Apple Pay or Google Pay? Are contactless payments growing faster than chip cards? Is there demand for online or recurring billing options? Understanding these patterns can help you decide if it’s time to upgrade to newer terminals or add e-commerce capabilities. Small adjustments in how you accept payments can boost both sales and customer satisfaction.
Step 6: Plan Ahead for 2025
Use your year-end data to forecast next year’s needs. Will you expand to multiple locations? Expect higher transaction volumes? Want faster funding or integrated POS solutions? Now’s the best time to schedule a payment system review — before the holiday rush ends and 2025 begins. USBNE’s specialists can walk you through rate optimization, hardware upgrades, and custom payment solutions built for your goals.
Final Thoughts
An annual payment processing checkup doesn’t take long, but it can save you thousands over the next year. By reviewing your fees, tightening compliance, and planning your upgrades early, you’ll enter 2025 with confidence — knowing your payment system is working as efficiently as you are. Need help analyzing your statements or finding the right solution? Contact the USBNE team for a complimentary end-of-year review.