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.
PCI-compliance is a vital step towards your business success, and that is why you should complete the SAQs and AOCs before the year ends. You do not only hold proof that you are PCI-compliant but you also avoid paying non-compliance fees from merchant account providers by being non-compliant. You can be charged up to $40 per month if you are non-compliant.
Any business owner or merchant would always look at their return on investment or ROI as their main measure of success, and one of the fool-proof ways to secure their ROIs is to make sure that money keeps pouring into the business from all directions. This is...
Payment processors are companies, usually third-party, that handle payment transactions between the merchant and customer by relaying payment information from the customer to the merchant’s bank account. They enable merchants to receive debit or credit card payments online by providing a connection to an acquiring bank.
In the merchant services industry, the scene is so active and almost saturated that merchants no longer felt the need to fear that a certain company will monopolize the industry, which sometimes leads to underwhelming services that are left unchecked.