Legislative Update - New IRS Requirements

   The Housing and Economic Recovery Act of 2008 is a federal regulation created to help the IRS identify underreported sales.  It requires all credit card processors to report year-end gross amounts of their merchants' credit card, debit card, gift card, and e-commerce transactions to the IRS.

   Our credit card processor, Elavon, falls under this federal regulation and is beginning the process of collecting and verifying information on all its merchants.  To report to the IRS, Elavon must make sure that it has the correct federal tax identification number (TIN) and legal business name on file for each merchant.

   The federal tax id number is a general term used to refer to a business' Employer Identification Number or the business owner's Social Security Number.

   Merchants may receive a letter asking for a W-9 form to verify the business' information. 

Merchants should respond to this request by filling out a form W-9 and returning it to the fax number, email address, or mailing address provided in their letter.

  When filling out your W-9, please verify that the information you give matches what is on your business tax return. Also, use the optional account number field on the form to provide your merchant number, to assure that your form is processed.

   If you experience any problems with your W-9 or have questions about the IRS reporting requirements, email us or give us a call at 1-888-257-8429.

- Download and Print a W-9 Form

- Visit the IRS website for information on tax forms

- Read more about HR 3221 and reporting requirements

- Visit Elavon's website for more information

InternetSecure

Turn your company website into a virtual commerce center with InternetSecure, a payment gateway that allows your customers to complete the online checkout process in seconds.

InternetSecure is compatible with many different shopping cart technologies and the direct connection to Elavon's processing network eliminates third-party gateway fees. When you sign up for InternetSecure, you get free integration support, compliance assistance, and help in getting your site up and running quickly.

Click here to read more and then contact Payment Plus to get set up today. 

Fraud Protection Tips

In today's increasingly electronic business world, fraudsters are becoming more and more sophisticated.  Here are some common schemes to watch out for in your business:

Relay Calls - A relay call is an operator assisted telephone call.  Criminals have misused the service to place fraudulent orders.  It is recommended that you call the Authorization Center number and request a Code 10 for any order recieved via relay call.

Multiple Cards - Customers who provide multiple card numbers for the same purchase, especially when the card numbers differ only by the last few digits, may be using counterfeit cards.

Alternate Delivery Address - Requests for delivery to an address other than the billing address may be because the caller is using a stolen card number.

Remember, on any transaction that you suspect may be fraudulent, you can call the Authorization Center and request a "Code 10" authorization.  The Authorization Center number may be found on the sticker on your terminal, or call 1-800-725-1243 and ask to be transferred to the Voice Authorization Center.

  Payment Plus, Inc.

Promote Your Page Too

Congratulations to Laura K Thornton, winner of the drawing for our book offer from the February Edition of Insight.  Laura will receive a copy of Adam Penenberg's Viral Loop : From Facebook to Twitter, How Today's Smartest Businesses Grow Themselves.

"Being on par in terms of price and quality only gets you into the game. Service wins the game."

 Tony Alessandra, Author of The Platinum Rule