Statement descriptors are what your clients see on their bank statements if you have payments enabled. Clear and accurate statement descriptors reduce chargebacks and disputes.
That's why Spectora defaults the statement descriptor to the company name and service provided.
How Statement Descriptors Work
There are two parts, a prefix and a suffix.
The prefix is included in every charge and can be up to 10 characters.
By default, we've set it to your company name.
The company name is truncated to 10 characters, followed by an "*", and then the service name (which is dynamic per transaction).
The suffix is per transaction and by default is a placeholder to identify what services you provided.
It can also be static text, like "INSPECTION", to ensure it is clear what the client paid for.
The total number of characters for the entire descriptor can be up to 22 characters, so if you use 10 for the prefix, the suffix can only be 11 characters (one character is used to separate them.)
Note: The total number of characters is dictated by payment processors, not Spectora.
What Your Client Sees on Their Bank Statement
When a client receives their bank statement, your line item will appear like this, for example:
BESTINSPEC*1234 MAIN S $400.00
BESTINSPEC is the company name
1234 MAIN is the address of the inspection
or
TOP INSPEC*MOLD $500.000
TOP INSPEC is the company name
MOLD is the service being performed
How To Customize the Statement Descriptor
If you'd prefer to use a different descriptor, you can customize this in your Payment Settings! Follow the steps below to customize your statement descriptor.
 💡 Quick tip: Click on the video above to expand it in another window. |
Click "Settings"
Click "Payments"
Click "Statement Options"
Enter your prefix text
Enter your suffix text
Enter your ACH payment descriptor text if you offer ACH payments
Click "Update"
And you're done! Now your clients can easily identify the charge on their bank statements.
Remember, if you like our default descriptor, you don't need to do a thing! 👍
If you have any questions or feedback, write into our chat bubble or email support@spectora.com!
