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Merchant Surcharging

If you are one of the many merchants charging your patrons a surcharge for using a credit card, you may be exposing your business to hefty fines and penalties if you’re not following the appropriate guidelines.

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How the Tax Code Changes are Impacting Credit Card Processing for Your Business

In 2011, the Internal Revenue Service implemented Section 6050w of the tax code requiring the 1099-K reporting of information from credit, debit, and other electronic payment methods. Processors have had two years to prepare their systems and validate the information for the beginning of the 2013-mandated requirement to file 1099-K’s to avoid fines and penalties for non-compliance.

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Glossary

Helpful definitions to industry terminology.

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