Tag:payline data
Why 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 more
Nonprofit? Business? Life? How to create Success… the Key is the “Golden Circle”
Even when someone has all the money and resources, it takes something special to be remembered and gain loyal followers. Last weekend, thanks to one of our senior executives, Kevin, I came across a video that explains why. It’s not specifically related to starting a nonprofit, or a business, but has everything to do with your success no matter what your passion is. The video was shared with me on TED and felt I had to share it with our followers, especially since we have so many small businesses and nonprofit organizations alike that read our blog. Read more
Payline Featured on The American Business Person
The American Businessperson
Business Donates to Charity and Gains More Clients
October 5, 2011
CEO Jeff Shea and Senior Account Executive Jake Siebert with, “Payline Data,” tell how they consult with business owners on ways they can save money on their credit card processing fees. Payline began operating in 2009 with a desire to enable business owners to cut costs and create a recurring giving program for non-profits. Payline came up with something simple: provide a common business service and donate a portion of their fees to the charity of each client's choice. Passion is the driving force behind Payline. As entrepreneurs, they've discovered a way to do well for themselves while doing great good for others!
Payline is Saving Boobies!! We go Pink for National Breast Cancer Awareness Month
Notice something different about our website this month??? Yep, it's PINK!! Payline is helping promote Breast Cancer Awareness Month and helping them celebrate 25 years of making a difference. Read more
Payline CEO, Jeff Shea, Receives 2011 Entrepreneurial Excellence Award
Payline Data’s Co-Founder and CEO, Jeff Shea, has been honored with a Young Entrepreneur of the year in conjunction with the Daily Herald Business Ledger’s 2011 Entrepreneurial Excellence Awards. Jeff was recognized at an awards dinner sponsored by the Daily Herald on September 22 at Danada House in Wheaton, Illinois.
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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.
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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