A surcharge is an additional fee that merchants impose when customers choose to pay with a credit card. It's essential to understand that surcharge fees apply exclusively to credit card payments and are not permitted for debit and prepaid card transactions.
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.
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.
