Information provided in this article is for educational purposes only and does not constitute tax advice. For tax advice for your business, consult a tax professional. Paying Fees on Sales Tax When you process a credit card transaction, your customer's credit card is charged for the total amount of the sale, including sales tax. Transacti...

Let's take a look at what matters - and doesn't - when it comes to applying for a merchant account. Why does my personal credit matter? When a business runs a credit card transaction, funds are removed from a customer's credit account and are deposited to the business' bank account under the assumption that the merchant has delivered the products...

For example: If your merchant account has a 5% rolling reserve for 18 months, the processor will withhold 5% of your gross sales. The 5% of sales that are withheld will not be accessible to you for a year and a half. Why are rolling reserves imposed? Rolling reserves may be applied to high risk merchant accounts by a processor to lessen the...

Charts are easily manipulated, leaving you to try comparing apples and oranges. Even if the creator of the chart doesn't intend to mislead, a lack of complete information can be just as detrimental to finding the right solution. When you're looking for the best credit card processor, the key is to find the right one for your specific business. I...

Note: Samsung Pay is now part of Samsung Wallet. You may still see it referred to as Samsung Pay, but the company website prompts customers to upgrade to Samsung Wallet, where Pay is one 'module' or option within the wallet. What is Samsung Pay? Samsung Pay is a digital wallet that can be used with Samsung Galaxy phones in models S6 and lat...

Tips over a certain percentage of the bill can trigger flags for fraud, resulting in card issuer-initiated chargebacks, or can cause your transaction to be downgraded to a more expensive interchange category. Tip Tolerance When credit and debit cards are swiped in a restaurant, the amount authorized includes a 20% “tip tolerance.” This mean...

Since it's launch in 2014, Apple Pay has been gaining traction as a payment method for consumers. More businesses are switching to contactless terminals, meaning there will be even more locations that can accept Apple Pay in the future. What is Apple Pay? Apple Pay is a digital wallet that allows consumers to pay for purchases without using...

For most businesses, the compliance date was October 1st, 2015. (Pay at the pump gas stations had until 2020 to comply due to the cost and complexity of the upgrades.) What is EMV? EMV stands for Europay, MasterCard, and Visa, after the three companies that initially worked together on the technology. Today, American Express, Discover, JCB,...