Category comparison

Merchant Statement Analysis Compared

2026 edition. Compared on statement intake, fee breakdown, interchange checking, evidence, audience and pricing model, with every claim quoted from the vendor's own page.

What is merchant statement analysis software?

Merchant statement analysis software reads a business's card-processing statements, separates interchange, network fees and processor markup, calculates the effective rate, and finds overcharges. Fee Navigator by NMI and Swipesum's Staitment are upload-and-analyze tools built for ISOs and agents writing proposals. Verisave and Merchant Advocate are audit services paid from the savings they negotiate. Payrails monitors settlement data continuously for enterprise merchants with several processors. MightyBot runs statement analysis as a policy-driven workflow, with every fee line linked to the statement page and classified under rules your team can read and change.

How we compared

Every option was compared on five things a payments consultant or finance team needs:

Statement intake. Upload with OCR, manual entry, or settlement feeds from the processor.
Fee breakdown. Whether interchange, network fees and processor markup are separated and the effective rate shown.
Interchange checking. Whether interchange lines are checked against the published tables and the regulated-debit cap.
Evidence. Whether findings link back to the statement line, and what a client or processor receives.
Audience and pricing. Who the vendor says it serves, and whether it charges a subscription, a share of savings, or per analysis.

Merchant statement analysis tools and services compared

Cells quote or closely follow each vendor's own page. "Not stated on the page" means the page we read does not make the claim; it does not mean the product lacks it.

Tool	Statement intake	Fee breakdown	Interchange checking	Audience and pricing	Best for
MightyBot	Agents read any processor's statement, PDF or scan, and extract every fee line with its page and position	Interchange, network fees and processor markup, effective rate, month-over-month change, new or renamed fees flagged	Each interchange line checked against published tables and the Regulation II debit cap	ISOs, consultants and finance teams; platform pricing	Volume across many processors, and findings that must survive a dispute
Fee Navigator by NMI	"Upload a statement and close instantly on your iPad"; "Multiple OCR engines"; three-data-point manual estimate	"Automatic identification and separation of fluff / padding from the actual interchange cost"	"Our analysis uses the published interchange as of the date on the statement"	ISOs, providers, banks and ISVs; tiered subscription with metered human reviews	ISOs and agents producing branded proposals at volume
Swipesum (Staitment)	Statements audited by Swipesum experts using its "proprietary software, Staitment"	"verify and audit every line on a statement in seconds"; identifies "fixed and negotiable rates"	Checks whether "interchange is correctly billed"	Merchants and platforms; free audit, then managed services	Businesses that want the audit done for them and a managed processing relationship
Verisave	Upload statements for a complimentary analysis by the team	Network interchange, assessment fees and processor markup; "47+ fee categories"	Notes networks update rates twice yearly; published-table checking not stated on the page	Merchants; "No upfront fees", monthly monitoring	Merchants who want negotiation with the processor handled for them
Merchant Advocate	Statement review by the team at no charge	Hidden fees and inflated rates	Not stated on the page	Merchants; "paid out of the savings we achieve for you"	Merchants who prefer a contingency-fee audit and negotiation service
Payrails Fee Monitoring	"Settlement data is imported through APIs, SFTP feeds, or uploaded reports"	Scheme fees, interchange and processor markups consolidated across providers; BIN-level analysis	Not stated on the page	Enterprise merchants with several PSPs; pricing not stated	Enterprise finance teams monitoring multiple processors continuously
Optimus	Not stated on the page	"Understand effective rates and identify opportunities to reduce cost"	Not stated on the page	Finance operations teams; pricing not stated	Teams that want fee monitoring inside a reconciliation platform

Merchant Cost Consulting could not be assessed because its site returned 403 to automated readers, and Clover's pages render only with JavaScript. IRIS CRM's domain now serves NMI's Merchant Central, with statement analysis handled by Fee Navigator.

What each vendor says it does

Quoted from each vendor's own product page, read on September 17, 2026. Where a page does not mention a capability, we say so rather than guess.

Fee Navigator by NMI

Fee Navigator describes itself as "AI-Powered Instant Merchant Statement Analysis and Proposals" for ISOs and agents: "Upload a statement and close instantly on your iPad," with "Multiple OCR engines" behind it and a three-data-point estimate when there is no statement. It says "Our analysis uses the published interchange as of the date on the statement" and performs "Automatic identification and separation of fluff / padding from the actual interchange cost." It claims "Close to 80% of all statements submitted are analyzed in seconds."

Pricing is a tiered subscription by seat count with metered human expert reviews. NMI acquired IRIS CRM, now Merchant Central, whose page attributes statement analysis to Fee Navigator, "automating approximately 90% of the statement analysis workflow."

Swipesum

Swipesum combines "AI-powered statement audit technology" with services. Its experts use "proprietary software, Staitment," and "Leveraging AI we can verify and audit every line on a statement in seconds. We will see if interchange is correctly billed, and identify fixed and negotiable rates." Engagement begins with a free audit.

The page does not describe the upload mechanics, an effective-rate figure, or the pricing model beyond the free audit.

Verisave

Verisave is a service: "We conduct line-item analysis of your merchant statements, mapping each fee to its root cause," across network interchange, assessment fees and processor markup, noting "Statements contain 47+ fee categories." It negotiates corrections with the processor, monitors monthly, and states "No upfront fees."

The page does not state whether interchange lines are checked against the published tables.

Merchant Advocate

Merchant Advocate reviews statements at no charge, negotiates with processors and monitors afterward: "We regularly monitor your statements to watch for rising rates and additional fees." It is paid on results: "There are no upfront costs for our services and we are paid out of the savings we achieve for you."

The page does not describe software, a fee breakdown method or interchange checking; the language describes a team-delivered service.

Payrails Fee Monitoring

Payrails addresses enterprise merchants with several processors: it "collects settlement data across your providers into one clear cost breakdown, so you can audit charges, catch overcharges," with BIN-level analysis of interchange and scheme fees. "Settlement data is imported through APIs, SFTP feeds, or uploaded reports," which makes it a continuous monitoring tool rather than a statement-upload analyzer.

The page does not state pricing or published-table interchange checks.

MightyBot

MightyBot is a policy-driven AI agent platform. Agents read a statement in any processor's layout, extract every fee line with a pointer to its page and position, and classify each as interchange, network fee, processor fee or pass-through under rules for that processor's codes. Interchange lines are checked against the published tables and the regulated-debit cap, and the effective rate, markup and month-over-month changes are computed with new or renamed fees flagged.

The rules are written in plain English and versioned, so a consultant's or finance team's conventions apply the same way on every statement. Every figure in the output links to the statement line it came from. The same platform runs financial spreading and policy evaluation.

Questions to ask any statement analysis vendor

Ask these on the demo, with your own documents on the screen.

Upload a statement from a processor you have not seen before. What was extracted, and what was missed?
Show the three layers for this statement: interchange, network fees, markup. Where does each number come from?
Which interchange lines were checked against the published table, and was regulated debit checked against the cap?
Click a finding. Does it open the statement line it came from?
What do I hand a client or a processor who disputes the finding?
How do you charge: per statement, per seat, or from savings, and what happens after the first month?

See one of your own statements broken into interchange, network fees and markup.

Bring a statement from any processor. We will classify every line, check the interchange and show you the evidence behind each number.

Request a demo How MightyBot analyzes statements

Sources

Sources and verification

Last verified September 17, 2026. Competitor details are sourced from official product and documentation pages.

FAQ

Frequently Asked Questions

What is the best merchant statement analysis software for ISOs and agents?

Fee Navigator by NMI is the most fully described upload-and-proposal tool for ISOs on the pages we read, with OCR, published-interchange checking and branded proposals on a seat subscription. MightyBot fits agents and consultants who analyze statements from many processors and need each finding tied to the statement line, with classification rules they control.

What is the difference between statement analysis software and a fee audit service?

Software analyzes the statement you upload and gives you the breakdown; you act on it. A fee audit service such as Verisave or Merchant Advocate reviews the statement, negotiates with the processor for you and monitors afterward, usually paid from the savings. Some vendors, such as Swipesum, offer both.

How do I find hidden fees on a merchant statement?

Separate every line into interchange, network fees and processor markup; compare interchange lines with the published tables and regulated debit with the 21 cents plus 5 basis points cap; then look at the remainder for fees that are new, renamed or increased month over month. The effective rate, total fees over total volume, tells you whether the whole is out of line.

Do these tools check interchange against published rates?

Fee Navigator states that it uses the published interchange as of the statement date. Swipesum says it checks whether interchange is correctly billed. Verisave, Merchant Advocate and Payrails do not state a published-table check on the pages we read. MightyBot checks each interchange line against the tables and the Regulation II cap.

How are merchant statement analysis tools priced?

Fee Navigator publishes tiered seat subscriptions with metered human reviews. Verisave and Merchant Advocate charge from savings with no upfront fee. Swipesum starts with a free audit. Payrails and Optimus do not publish pricing on the pages we read.