Every year, the Christian faith celebrates a day that reminds them of the resurrection of Jesus after his crucifixion. This event is called Easter, which is also the commemoration of a 40-day season of fasting, sacrifice, and deep prayer.
As upcoming merchants, you probably already heard the terms void, refund, and reversal when discussing payment transactions. Generally, all three are transaction methods that are initiated by the merchant and are meant to return money to the customer.
Difference Between Debit and Credit Cards: Do Credit Cards Really Hold an Advantage Over Debit Cards?
Another difference between debit and credit cards are the perks they offer. While credit cards charge higher fees, they offer rewards unavailable to debit cards such as discounts, travel points, and even cashback.
When we talk of merchant services, we refer to a range of financial services for business: the acceptance and processing of electronic payments; the behind-the-scenes process that allows merchants to accept payments; the service providers merchants work with; and the hardware and software needed to run the entire process.
Form 1099-K is used to report income generated from Payment Card and Third Party Network Transactions. This was created under the 2008 Housing Assistance Tax Act to help ensure that businesses, particularly online retailers, are accurately reporting their income for tax purposes.