Tag:entrepreneur
Negative Option & Forced Continuity – Is Your Business Ready For The Final Days of The Wild West for E-Commerce
The Final Days of The Wild West for E-Commerce - Negative Option Billing 
Negative Option billing refers to a business practice where a merchant provides a free trial or sample of goods/services, requires a credit card upon sign up and then bills the customer in the future unless they proactively cancel with the merchant.
Read moreInspired to be Excellent
I was on the train earlier this week on my way into Beautiful downtown Chicago and decided I wanted to catch up on some of my emails. I came across a blog post from one of my favorite angel investor/adviser, Jason Calacanis, founder of www.launch.co.
Top 10 Questions About Your Merchant Account
Man our customers have a lot of questions about their merchant accounts!!
We have decided to take the list of top 10 questions that our customers submit about their merchant account and post them here so maybe a few of you might find your answers before you call us or email us... although we like the calls and emails... so keep those coming and we can talk about more important things like... the weather... sports... Jeff's new haircut... Whatever floats your boat. Okay, enough of that. Here is the list in no particular order: hmm, Jake makes a good point. We cheated and I guess you got our top 14 list as some of these are 2 for 1s... Isn't it just your lucky day 8-) Read moreWhy your processor’s 1099-K Fee is BS.
**Updated 3/26/12 for mild audiences.
So what is all this 1099-K talk about?
This year, credit card processing companies (like Payline, NPC, First Data, etc.) as well as third-party network payments such as PayPal, Amazon.com and Google are required to report to merchants and to the Internal Revenue Service the gross amount of the transactions they’ve processed. This is due to the Federal Housing Assistance Tax Act of 2008 which included the enactment of Section 6050W of the Internal Revenue Code. This federal regulation will be used to help the IRS identify under-reported payment made to merchants by credit and debit card. The credit card processor is required to monitor your processing volume during the year and submit to the IRS the 1099-K that includes your gross sales for the year as well as a breakdown for each month.Payline's perspective
Because of this change, many processors have seen this as an opportunity to charge yet another fee. These range anywhere from $5-$20 per month to $100.00 or more annually! They are calling this a Regulatory Fee as the IRS made it illegal to charge directly for the 1099-K. Read moreHow can restaurants be sure cardholder data is secure?
How can restaurants be sure cardholder data is secure? Earlier this year, ABCNews.com published an article discussing a study done by Visa that identified restaurants as the most likely sources of credit card theft. An estimated 40 percent of all credit card theft occurs at restaurants – more than any other location. Understanding why this is the case is easy, restaurants are one of the few merchants that regularly accept customers’ credit cards and physically remove them from the sight of their owners during processing. Finding the solution? Not so much. Read more
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Payline Data Services, LLC, a registered ISO/MSP in association with First National Bank of Omaha, Omaha, Nebraska, Member FDIC.
Payline Data Services, LLC | 225 West Washington Street, Suite 2200 Chicago, IL 60606
PHONE: 800-284-7401 | FAX: 800-660-0318 | Donations made through Payline Giving
Payline Data Services, LLC, a registered ISO/MSP in association with First National Bank of Omaha, Omaha, Nebraska, Member FDIC.
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