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.
