Month: February 2012

What is Internal Revenue Code (IRC) Section 6050W?

Section 6050W, enacted by the Housing Assistance Tax Act of 2008, requires a payment settlement entity to report payments made to merchants for goods and services in settlement of payment card and third-party payment network transactions. This new law requires payment settlement entities to report the legal name, address and taxpayer identification number (“TIN”) for each participating merchant, along with the gross amount of the reportable payments to each merchant in settlement of payment card transactions for goods and services.… read more

What is the IRS TIN fee?

The Internal Revenue Service (IRS) issued final regulations requiring that, starting with transactions in calendar year 2011, the gross amount of payment card transactions be reported annually to merchants and the IRS. These final regulations contain rules to implement reporting of credit card, debit card and similar transactions.… read more

I Got Quoted ONE FLAT RATE!

All across the web, we see “flat rates” being advertised to unsuspecting merchants. Because of this blatant misrepresentation, we then have to explain to potential customers that they’re being scammed. Here’s the truth about the “One Flat Rate” scam! All banks and processors have the exact same costs from Visa, MasterCard and Discover.… read more

Consumer Confidence

You know as much as anyone else that in the current state of the economy people aren’t as impulsive with the way they spend their money, so why should you be impulsive when choosing a credit card processor? The credit card processing industry is multi-level labyrinth of fees and confusion that cloud your bottom line price point.… read more