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For every transaction you process that is subject to sales tax, you pay processing fees on the total amount, including the sales tax. Processing fees paid on sales tax can add up quickly, so improperly deducting credit card processing fees paid on sales tax can be a costly mistake, a fact that many businesses that do their own taxes fail to consider.
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When signing up for a new merchant account in order to begin accepting credit cards, some businesses may be asked to agree to an ACH delay.
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An extremely important but seldom talked about topic in credit card processing is merchant account holds and freezes.
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A merchant services account is essentially a line of credit that enables you to accept credit cards. As the applicant for a merchant account, your personal credit is an important consideration during the application process, but it doesn’t have the same effect as it would on a conventional line of credit or a loan application.
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A rolling reserve allows a credit card processor to withhold a pre-specified percentage of your gross sales. The processor deposits the held funds into a non-interest bearing account for a pre-determined period of time that is specified in your merchant processing agreement.
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I’m often asked why this site doesn’t have a lengthy merchant account comparison chart. The answer is simple – these intricate comparison charts are useless.
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Samsung Pay (also sometimes referred to as Samsung Wallet) is a digital wallet available from major electronics manufacturer Samsung.
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Now that credit and debit cards have become a popular way to pay for meals, customers often add tips for servers when they sign their credit card receipt. However, this common practice could have implications for your bottom line.
