Section 6050W of the IRS tax code came with the Housing Assistance Act of 2008 (although it’s completely unrelated to housing) and introduced us to the 1099-K. Known as the “Merchant Card and Third Party Network Payments” form, the 1099-K is an IRS effort to increase tax compliance and decrease the
Want lower rates? Switch to BankCard USA “BankCard”: How we use the term, how we don’t use the term, and a look back at its history. Our customer service team here at BankCard USA fields a lot of calls each day from business owners trying to discover the source of
Card-present fraud used to be black and white—retail businesses didn’t have to cover the losses; the credit card issuing banks did. Since October 2015, the grounds have shifted dramatically. That’s when the EMV liability shift took place. It says that merchants who don’t use an EMV chip terminal are liable
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