The Merchant Services Single-Source Service Center®
Effective with the 2011 tax year, the Internal Revenue Service (IRS) 6050W mandate requirers all acquirers and payment processors to provide the following information on our customers:
- Provide 1099-K forms to the IRS and customers. These will report gross payments made by a processor to a customer (a business that accepts card-based payments)
- Verify that legal names and tax identification numbers match IRS files
- Send Notice B letters to customers as required by the IRS to verify legal name and tax identification numbers
- Hold percentage of payments for businesses as determined by the IRS if tax identification numbers fail to match
Changes you can expect from us based on the new requirements:
- Verification of the legal name and tax identification number of your account(s) beginning in 2011
- Possible Notice B letters if required by the IRS beginning in 2012
- Reserve or hold placed on payments if required by the IRS in 2012
- Receive a 1099-K form in early 2012
- Contact from us if your account does not match IRS records
Wholesale Merchant Processing is a nationwide provider of merchant services spanning the full range of payment processing options and acceptance methods.
Wholesale Merchant Processing provides products and services from electronic payment processing solutions, online payments, mobile commerce and mCommerce solutions, multi-function POS systems, and ATM sales & service, to world class customer and technical support.
Whether your business accepts credit cards at a physical location, whether it's an Internet based business accepting credit cards via a website, or if you're a Merchant On The Move accepting mobile commerce or mCommerce payments, Wholesale Merchant Processing has custom tailored payment solutions to fit the way you're already doing business, and new payment solutions to help you grow and expand your business.
From initial programming to deployment, installation, and after the sale support,
Wholesale Merchant Processing is The Merchant Services Single-Source Service Center®
for all your business payment processing and acceptance needs.
