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Beware of the Trickery of Costco Merchant Accounts

Let me first say that we absolutely love Costco! They have incredible deals on most products, and those giant bags of pita chips are irresistible around the office. Please beware that the good deals stop when it comes to a merchant account.… read more

How Processing Fees Stack Up

Check out how Best Merchant Rates differs from other merchant account providers. Click the image for a larger version. … read more

Bank of America is ‘Banking’ on Your Lack of Understanding

Despite their ‘All-American’ moniker, Bank of America is not much different than the other banks we’ve researched in our Exposing the Trickery blog series. To launch our investigation, we filled out an online form and waited to be contacting by a merchant account representative.… read more

Don’t Be Too Quick to Process Credit Cards With QuickBooks

We’ve already pointed out the trickery of Costco, but there are even more large corporations who build on your existing trust in order to lure you into processing credit cards with them. Today, we want to highlight how Intuit leverages the QuickBooks brand to develop a merchant services business.… read more

No Need to “Chase” After Three-Tier Pricing at Chase Bank

This week, we headed on over to Chase Bank to look into a merchant account. We quickly found out that Chase Paymentech uses one of the most common credit card processing fee structures – the three-tier system. The first tier is known as the Qualified Rate, which is when an individual swipes their credit card in your retail location in person. … read more

How to Start Accepting Credit and Debit Cards for Your Small Business

Whether you’re starting a business from scratch or simply wanting to expand your business, accepting credit cards is one of the best decisions you can make. Not only is it widely known that your business is missing out on sales if you’re not accepting credit and debit cards as a form of payment, but the United States Small Business Administration also notes… “The convenience of using credit cards generally increases the likelihood of consumer “impulse purchases,” which ultimately contributes to an increase in a business’s average sale.… read more

Merchant One is #1 in Shady Sales Strategies

Click image to see larger version. As we continue to expose the trickery of shady credit card processing companies, we contacted Merchant One to request a quote for an Internet-based business. As with all our merchant account reviews, we contacted the company directly by submitting an request for quotation through their company website.… read more

National Bankcard MISLEADS You Into Thinking You’ll Get 0.39%

Click the image to view National Bankcard's REAL rates and fees! We’re always amazed by what extent our competitors’ salespeople will go to in order to land a new merchant account, and National Bankcard is no different. Their misleading sales tactics motivate us to continue exposing the lies and trickery of credit card processing companies.… read more

Where can I find more information about the IRS 6050W regulation?

You can visit the IRS Website here: IRS Section 6050W… read more

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