Retail Credit Card Processing

For businesses planning on processing more than $2000 each month in a store-front location. An electronic terminal will allow you to process quickly at a very low discount rate, these terminals electronically read the
magnetic stripe on a credit card and prints a receipt for the customer. Fast and efficient, the electronic swipe terminal is a top choice among businesses looking to accept high volumes of credit cards from high volumes of customers.

Lowest Discount Rate Available
Processing credit cards through a terminals electronic card reader allows you to transact at the LOWEST DISCOUNT RATE AVAILABLE. At rates as low as 1.69%, your business will save significantly over other processors.

Equipment Cost
We are in the processing business not the equipment business so we sell equipment at cost. Typically starting around $249.00 for a brand new terminal.

Versatility
In addition to sliding a card through the card reader, businesses can key in the card information on a terminals key pad. This gives merchants the ability to accept credit cards from customers over the phone.

Multiple-User Compatible
Do you work with other independent contractors? Most new terminals allow each of you to accept credit cards under your own, individual merchant account. One machine can support up to nine individual users. This is the most cost effective method for salons and other similar businesses to allow each independent contractor to accept credit cards for his or herself

PCI DSS Security, what does it mean for me?

IRS 6050

The Housing Assistance Tax Act of 2008 included the enactment of Section 6050W of the Internal Revenue Code, which requires reporting entities to report payment card transactions and third party network transactions to the Internal Revenue Service (IRS) for each calendar year beginning January 1, 2011. As a result, reporting entities will be required to file an annual information return with the IRS and provide each merchant payee with a corresponding Form 1099-K, reporting monthly and annual gross sales. 

In order to perform this function in 2012 and each year thereafter, the reporting entities must have the correct TIN/EIN and Tax Filing Name for each merchant by January 1, 2011.   In addition, amounts reportable under Section 6050W are subject to backup withholding requirements.  Reporting entities are required to perform backup withholding from merchant funding by deducting and withholding income tax (currently 28%) from reportable transactions if (a) the merchant fails to provide the merchant’s TIN to the reporting entities, or (b) the IRS notifies the reporting entity that the TIN (when matched with the name) provided by the merchant payee is incorrect.

In response Effective February 1st, 2011 SPS will begin billing all merchant the following fees:

-IRS 6050W Annual Tax Filing Fee = $9.25

-IRS monthly reporting fee = $2.10