While it may be old news, many merchants are going to first be finding out about these new monthly fees from Visa over the coming weeks ahead of their April 2012 processing month. These fees, while seemingly small to larger entities, can certainly take a big bite out of smaller businesses’ bottom lines, especially those [...]
WELLS AND CHASE EXPERIMENT WITH MONTHLY DEBIT FEE As a result of the Durbin Amendment which passed in 2010 and was successful in keeping the bill from being repealed earlier this year, large banks have cut free checking and debit card rewards programs to compensate for the coming loss of debit card interchange. So far [...]
As you may be aware, The Housing Assistance Act of 2008 included the enactment of Section 6050W of the Internal Revenue Code, which requires the reporting of certain monetary processing information for each calendar year beginning in 2011. The Internal Revenue Service (IRS) encourages processors to validate Tax ID Numbers (TINs) when submitting merchant accounts [...]
Sign up and be the first to get notified of new posts and important messages from CCNJ!
Subscribe to our newsletter