Are You Taking All Your Merchant Deductions on Your Taxes?

Feb 24, 2022

 

Keep Track of Your Credit Card Fees, Chargebacks, & Refunds 


The law requires that banks and merchant processing service companies report GROSS REVENUE RECEIVED by the merchant. These entities DO NOT take into consideration the following: 

Your Business needs to have accounting procedures in place to keep track of not only your sales revenue but your sales cost (which are NOT REPORTED IN THE MERCHANT SERVICES ANNUAL IRS REPORT) these separate items and YOU need to keep track of them! In other words, don't count on your Accountant or CPA to ask you for this information or actually find them in your paperwork. If your not TRACKING YOUR COSTS, you are losing a lot of money! 

It's simple, create a spreadsheet and then each month look at your monthly statement.    Record the following each month: 

If you would like to work with a professional team call  Merchant Processing Solutions today!  954-938-2420


What's worse than software integration?

By Merchant Processing Solutions • 21 Feb, 2024

2024 Merchant Processing Industry Trends You Should Know About!

By Merchant Processing Solutions • 11 Feb, 2024
Merchant processing industry continues to undergo significant transformations in today’s rapidly evolving digital landscape. In 2024, both businesses and consumers will experience new trends that promise to make payments more secure, efficient, and convenient. Understanding these new trends will help you increase revenue while maintaining secure, effectient and convenient forms of payment connections for your customers!

By Merchant Processing Solutions • 23 Jan, 2024
Visa / MasterCard Interchange Fee Settlement Recovery.The lawsuit is about claims that merchants paid excessive fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws.The settlement creates the following Rule 23(b)(3) Settlement Class: All persons, businesses, and other entities that have accepted any Visa-Branded Cards and/or Mastercard-Branded Cards in the United States at any time from January 1, 2004 to January 25, 2019, except that the Rule 23(b)(3) Settlement Class shall not include (a) the Dismissed Plaintiffs, (b) the United States government, (c) the named Defendants in this Action or their directors, officers, or members of their families, or (d) financial institutions that have issued Visa-Branded Cards or Mastercard-Branded Cards or acquired Visa-Branded Card transactions or Mastercard- Branded Card transactions at any time from January 1, 2004 to January 25, 2019. The Dismissed Plaintiffs are plaintiffs that previously settled and dismissed their own lawsuit against a Defendant, and entities related to those plaintiffs. If you are uncertain about whether you may be a Dismissed Plaintiff, you should call 1-800-625-6440 or view the list of Dismissed Plaintiffs for more information.The Notice has important information for merchants that accepted Visa and Mastercard from January 1, 2004 through January 25, 2019. It explains the settlement in a class action lawsuit. It also explains your rights and options in this case. The court also issued a “Notice of Exclusion” to the Dismissed Plaintiffs and an additional notice to those merchants explaining their right to file claims.Click Here to Submit a ClaimNeed for information? Please give us a call! 954-938-2420Merchant Processing Solutions Inc.Please Call Merchant Processing Solutions Inc. @ 954-938-2420
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