Merchant Providers Recognize Merchant Maverick Ratings

I’m pleased to observe that credit card merchant account providers are starting to consider Merchant Maverick’s ratings seriously. I believe that when i refine and my reviews, that trend continues.

Until recently, TopTenReviews and also the BBB happen to be the only real two review and mediation platforms out of which to judge an MSP, and from what I have seen, neither of the two really are a complete online status solution. Although I personally use the BBB included in my reviewing process, I believe that as stand-alone services, both TTR and also the BBB get their flaws. I’m wishing will be able to solve individuals issues with my website.

I am not stating that Merchant Maverick is ideal at all, but by exclusively concentrating on the payment processing industry, I’ve got a far better chance at painting the entire picture.

With this stated, I encourage other merchant providers to embrace Merchant Maverick as the second, better, online status management funnel. I’ve already observed a few ISO/MSPs which have proudly displayed their five star ratings, including:

More in the future. I’ll add them here, when i locate them. 🙂

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What you ought to Know of the IRS’s New Reporting Needs for Retailers

1099-k-form

I recall in October of 2009, a friend who’d lately opened up a company of their own, requested me “How will the IRS understand how much I process in charge card transactions?” My short answer was “They don’t.” The lengthy response is, the IRS doesn’t keep an eye on charge card transactions how they do, say, independent contractor earnings (1099).

However, everything has altered somewhat recently. A couple of in the past, the government quietly passed a brand new regulation that could affect you like a merchant.

Included in section 6050W from the Housing Assistance Tax Act of 2008, gross transaction levels of payment card and third-party network transactions should be filed using the IRS by banks along with other merchant providers.

Under new section 6050W, any payment settlement entity making payment to some participating payee in settlement of reportable payment transactions must create a return for every twelve months to become filed using the Service, and furnish an announcement towards the participating payee, setting forth the gross quantity of such reportable payment transactions, along with the name, address, and citizen identification number (TIN) from the participating payees.

The machine works almost the same as 1099 reporting for independent contractors – ought to be fact, the shape the IRS drafted up for reporting is known as form 1099-K.

What do 1099 K reporting needs mean for you?

The Government reporting needs for retailers, which entered effect this year, are the following: if your charge card sales exceed $20,000, as well as your transactions exceed 200, then you will be sent a 1099-K from your credit card merchant account provider that shows the gross quantity of transactions that you simply processed for your year. That’s about this! As long as you’re honest in your tax statements, you’ve got nothing to bother with.

And don’t forget, anybody with under $20,000 in charge card sales, and under 200 transactions won’t get a 1099-K.

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Cynergy Documents Chapter 11…Ouch!!

cynergy-data-logoI had been surprised to determine that one coming. Most likely simply because they made an appearance more lucrative compared to what they really were.

Within an affidavit, Moore, a senior md of CM&D Management Services LLC, stated he was hired after Cynergy discovered accounting errors in March 2009. He stated these errors misstated revenue and expenses for 2007 and 2008, resulting in a considerable stop by earnings carrying out a restatement.

Makes me question whether it would be a real mistake.

Anyway, appears like the non-public investment firm ComVest is going to be overtaking came from here. ComVest owns controlling interests inside a couple of other Bankcard the likes of Pipeline Data, CardAccept and SecurePay to mention a couple of. They’re clearly not newbies within this arena.

For individuals individuals which are merchant’s of Cynergy, don’t worry about it, they’ll be performing business as always. And when the offer experiences, so it most likely will, ComVest continues immaterial happened.

However, I’d consider this complete “accounting mistake” basically was you. When they intentionally fixed the books to exhibit greater gains, then we’re handling a serious problem here.

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Go Shorty, It’s Your Birthday! Merchant Maverick Turns One!

brownie-with-one-candleActually people! Merchant Maverick has become your child.

Today may be the one-year anniversary from the launch of the blog, and that i can’t even begin to let you know how quickly it’s all passed by. I still remember purchasing the website name enjoy it only agreed to be yesterday. It’s amazing how time marches on when you are covering the always exciting subject of merchant services and charge card processing. 😉

I believed of getting some kind of giveaway with this celebration, however i recognized that I’m virtually giving everything away already (free reviews). There isn’t anything else to provide out…right? I suppose I’m able to hand out some thank you’s.

All joking aside, I wish to thanks all for embracing this website, and gaining value from this. That’s been my primary goal in the beginning. It can make my day-to read emails of your stuff about how exactly my reviews have helped steer you within the right direction. As long as I continue delivering on my small finish, i then think we’ll be great.

After I initially began this web site, I had been very “pro-merchant” and “anti-provider”, consider then, I’ve arrived at land somewhere among.

I’ve recognized that nearly as much as the providers possess a responsibility to do something professionally and ethically when confronted with us we as retailers come with an equal responsibility to do something like rational people whenever we openly air out our complaints about individuals same providers.

My aim would be to steer clear of the belligerent attitude that you simply see on a lot of other review and complaint sites, for this reason I produced my user review and comment policy. It’s a piece happening, however i think together the largest it work.

Talking about cooperating, I’m always available to your suggestions. I realize that my reviews aren’t perfect, which your outdoors opinion can perform wonders to make the entire process better, so don’t hesitate to tell me your ideas. Either by contacting me directly, or by departing your comments lower below. For those who have any general demands, you can struck me up about the subject too.

Need to know much more about e-Commerce?
Need to know about PCI Compliance?
What about some assistance together with your internet marketing?
Never be shy…let me know.

Ok…that about covers it.

Here’s to a different year of processing charge cards! Cheers! 🙂

Amad Ebrahimi
Founder – Merchant Maverick
Connect w/ Me: Facebook LinkedIn Twitter

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Review Updates and Additional Features

extra-extraWanted to provide you with a manages about newer and more effective things that are connecting on at Merchant Maverick this month.

Review Updates
I’m almost finished updating all the merchant company reviews. They ought to be updated through the finish from the month, so stay tuned in!

Live Chat and Toll-Free Number
I went ahead and added both an active chat feature along with a toll-free number, so you can get in touch most likely through funnel. You’ll spot the live chat button docked at the end right side of the page, and also the toll-free number is 888-400-4068.

New Releases
I additionally added a “Services” tab that showcases some services that I’m offering now, like payment gateway integration, merchant fee reduction talking to and credit card merchant account setup talking to. For those who have any queries about these new releases, you can get in touch.

That’s about this for the time being, more updates not far off. Have you got any recommendations for Merchant Maverick? Leave your comments below.

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Merchant Maverick Adds New Team Member Launches POS Software Reviews

pos-logosI’m pleased to announce that Merchant Maverick is not a 1-man show.

I’ve added a brand new team member (shout to Justin) who’s likely to be tackling the great realm of POS (point-of-purchase) for all of us. It’s lots of work, but somebody’s gotta get it done.

I’m glad it’s him, because I’m already far too busy using the credit card merchant account aspect.

What exactly will Justin do, you may well ask?

He’ll be writing POS software reviews. Particularly for individuals individuals that require not only a terminal, but don’t have time or persistence to examine all of the POS solutions available.

These are in-depth reviews people! We’re not speaking about quick “once-overs.” We’ve left nothing unturned, so we challenge you to identify a far more comprehensive review process.

Btw, here’s the rating criteria that we’ll be utilising.

A few of the reviews is going to be for web-based pos yet others is going to be for software that you simply install by yourself computer.

We’ve made the decision to pay attention to software (not hardware) because this is where your research must start. It is best to pick your hardware according to which software you choose to use.

We’ll be adding new reviews within the coming days/several weeks so sign up for our Feed or go to the POS comparison page for updates.

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Merchant Maverick Turns Four!

merchant-maverick-turns-4Merchant Maverick has formally switched four! We were so busy with work that people almost didn’t remember it’s our bday!

We honestly only have you to definitely thank for the ongoing success. Your support is a lot appreciated! Thinking about that you’re the most crucial bit of the puzzle, we’d like to hear your ideas about where we move from here. Can there be something that you would like us to get this done year? New reviews? Different design? Etc…? Send us an email, or leave your comments below.

We should also thank our referral partners for supplying great services and products to the readers for many years. Our on-going promise for you is the fact that we’ll still judge your organization according to fair and honest metrics, so when we’re wrong, we’ll be honest. As lengthy once we have the merchant in your mind, I believe we’ll work.

Incidentally, here’s a few of the progress we’ve made since last year…

We’re not even close to finished. 🙂

Many thanks,
Amad Ebrahimi – Founder/Editor

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Get % Transaction Charges Whenever You Upgrade to a different POS

zero-percentPaypal is managing a promotion at this time that essentially waives your charge card transaction charges until The month of january 31st, 2014 whenever you change your current POS to some modern system. The participating POS vendors are:

What all of this means is the fact that you can integrate Paypal with either Shopkeep or Vend enabling you to accept charge card payments using your POS system. There’s often a 2.7% charge for doing this, but Paypal is waiving individuals charges for qualifying transactions.

Listed here are the needs:

  • You have to purchase no less than $450 in POS hardware from whichever POS vendor you select (Shopkeep or Vend).
  • PayPal will waive swipe and PayPal Payment transaction charges as much as $20,000/month.

This is actually a no-brainer. I’d hop on this immediately because it’s only accessible until September 30th, 2013.

Get % Transaction Charges with Shopkeep and Paypal

Get % Transaction Charges with Vend and Paypal

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5 Years and Counting!

merchant-maverick-five-year-anniversary

It’s unreal in my experience that Merchant Maverick has existed for which has become one half ten years. Our ongoing progress arrives mainly to the readers (YOU) who’ve helped us improve our process within these past 5 years. We can’t thanks enough for distributing the term about our website as well as for having faith in us enough to really take our reviews at face value. We’re not necessarily right, but we all do our very best to become as accurate as you possibly can, and sometimes it means carrying out a second or third round of research.

Additionally to the wonderful readers, I wish to thank our extremely gifted group of authors, researchers, and skillfully developed whom are a massive a part of our success. This website will come to screeching halt without you. Thanks for all hard work men and women, you’re awesome!

For the following 5 years and beyond, our goal would be to constantly improve our consumer experience, so please tell us the way we can alter for that better.

P.S. Hopefully you want our new site design. 🙂

Cheers!
Amad Ebrahimi – Founder

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Ebay and paypal Refer To It As Quits: Split Arriving 2015

eBay PayPal spliteBay is nearly single-handedly accountable for championing PayPal and reworking it in to the world’s premier online payments option. The internet auction marketplace scooped in the fledgling company in 2002, after greater than a decade together, they’re prepared to refer to it as quits. Later this season, PayPal will spin removed from eBay and be its very own full-fledged (and openly traded) company.

This can be somewhat surprising, especially thinking about that PayPal makes up about roughly 1 / 2 of eBay’s revenues. Chief executive officer John Donahoe initially rejected the thought of splitting the 2 companies, too.

It is also important to note the decision came in the finish of September 2014, soon after Apple Pay broke to the scene. Mounted on eBay because it is, PayPal certainly offers quite a bit to deal with when it comes to mobile wallets and e-commerce.

And thus we now have the breakup looming ahead. But it’s not necessarily a bad breakup. Actually, it’s quite the friendly one. Not things are obvious yet, but here’s what we should can say for certain.

The Nitty-Gritty from the Breakup

The greatest takeaway out of this breakup is the fact that Ebay and paypal continue to be greatly buddies. Actually, they’ve signed a 5-year agreement (along with a 1-year transition period) that ensures they’ll carry on doing business together, by having an choice to renew. Basically, if PayPal transactions drop below 80% of eBay’s volume, eBay will need to compensate the organization towards the tune of $13 million each year. If PayPal transactions surge, it’ll need to compensate eBay. And when PayPal’s part of eBay transactions hits below 75% percent, eBay is going to be spending $50 million year for each additional percentage point.

In addition, there’s a non-compete agreement in position. We will not be seeing an eBay branded payments platform, or perhaps a PayPal marketplace whenever soon — unless of course PayPal will get selected up by an eBay competitor, by which situation eBay is free of charge to build up its very own platform after 18 several weeks.

The 2 companies also share some consumer data. PayPal has announced changes to our policy and described the way the information exchange works. Follow the link to discover how you will be affected.

Finally, PayPal provides eBay exactly the same rates it provides other clients (for example Amazon . com or Alibaba), and PayPal will begin having to pay eBay referral charges for each eBay customer who results in a PayPal account.

In a nutshell, regardless of the breakup, it appears as though a great deal is going to be business as always, a minimum of for the moment. The only real major change is management.

When PayPal spins off into its very own company later this season, current eBay Chief executive officer John Donahoe will step lower from his executive position at eBay and join the PayPal board of company directors. PayPal’s current president, Dan Schulman, will step-up to get PayPal Chief executive officer, and Devin Wenig, current president of eBay Marketplaces, will require over as eBay Chief executive officer.

That stated, both eBay and PayPal are likely to look much more appealing to others since they’re not during sex with one another. We probably won’t see an instantaneous acquisition or partnership from either company — but there’s certainly a great deal that may happen.

5 Predictions for What’s in the future

Conjecture abounds so far as what could happen next. Who’s the first to snap up a brand new partner? What new items can we see? How will all this affect consumers and retailers? Here’s what we’re thinking:

1. Will PayPal Retailers See Additional FeaturesOrAbilities? 

With PayPal in a position to pursue new partnerships with various companies, it’s highly likely that retailers using PayPal to simply accept online payments may benefit, whether it’s by means of additional integrations (there’s already a substantive list) or all-additional features. In a nutshell, this really is potentially an excellent factor.

2. Will Some eBay/PayPal Integrations Disappear?

One huge advantage to the present partnership backward and forward companies, a minimum of for eBay sellers, is when carefully the 2 are integrated. Using the split, can we use whatever of individuals features disappear? Probably not. Actually, PayPal continues to be dedicated to developing eBay-specific tools.

3. Will PayPal Make Buddies with Amazon . com? 

Using the split, PayPal is free of charge to partner track of Amazon . com, that has been a been a large speaking point online. Since PayPal has lengthy been underneath the supervision of Amazon’s greatest competitor, it’s no shocker that you simply can’t use PayPal to accomplish purchases on Amazon . com.

While it’s certainly possible we’ll see some arrangement come through, I simply don’t think it’s be likely. Amazon features its own platform, Amazon . com Payments. Why would Amazon risk stunting the development of its very own product? Granted, Amazon . com comes with its fingers in many pies — from data warehousing for enterprise companies to payments and shortly even craft creativity-and-crafts marketplace à la Etsy, known as Hand crafted at Amazon . com.

Alibaba, however, is most likely searching just like a great friend for PayPal to possess. Alibaba is really a China-based marketplace which has really removed previously couple of years, and PayPal integration would most likely help it to expand its achieve.

However, Alibaba lately were built with a massively succesful IPO here in the usa. Additionally, it already has its very own payments platform, Alipay, that has mobile abilities. Actually, Walmart has drawn on Alipay to simply accept mobile payments in the Chinese stores. (Ironic, thinking about Walmart belongs to the Merchant Customer Exchange, a company backing the QR code-based mobile payment option CurrentC here in america, rather from the popular NFC.) A partnership between Alibaba and PayPal is much more likely than a single with Amazon . com, but it’s still no sure factor.

4. Will eBay Make Buddies with Google Wallet or Apple Pay? 

It’s most likely that eBay might consider a partnership with Google, which already features its own full-fledged mobile/digital wallet, known as – surprisingly enough – Google Wallet. Google Wallet has battled for a great deal to obtain off the floor, along with the arrival of Apple Pay, it’s certainly looking for a lift. In the past eBay is a fan of Google compensated advertising and Google Shopping, therefore it will make lots of sense.

It’s much less likely that we’ll visit a partnership with Apple Pay. For just one factor, PayPal has partnered with Apple’s longtime rival Samsung to integrate mobile payments into its next-generation smartwatch, exactly the same way Apple Pay is going to be hitting Apple Watches later on.

5. Is really a PayPal Mobile Wallet Within the Works? 

PayPal already includes a massively effective card swiper mobile application for retailers along with a business bank card. With mobile payments increasing, if the organization isn’t already focusing on a complete-fledged mobile wallet solution for consumers, it will likely be beginning soon. Their bond with Samsung is simply further proof that PayPal is searching to get involved with the mobile game. There’s some 165 million people to sell to, and they’d be simple sells, given that they already use PayPal.

It’s a thrilling amount of time in e-commerce and mobile payments, with the much new technology constantly appearing. No matter what to with the PayPal-eBay split, it’s likely to be interesting to determine how everything plays out.

Melissa Johnson

Melissa Manley is definitely an independent author and editor who loves e-commerce, internet marketing, technology, and social networking. Not so long ago, she earned a journalism degree, but she continued to uncover that they could work at home, researching, editing, and covering the items she found most fascinating. When she’s not associated with her laptop, Melissa usually can be based in the kitchen, studying a magazine, or doing something from the nerdy persuasion.

Melissa Johnson

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