Clearent RSS Feed

IRS Eases 1099-K Rules for Credit Card Payment Processing

Have you heard the latest news about the 1099-K? Merchants everywhere are breathing a sigh of relief as the IRS recently eased its approach to the new Form 1099-K that details merchants’ credit card payment processing volume. Now before I get into the details, please know that I’m not a tax expert or a tax [...]

The Basics of Next Day Funding

Next day funding is a hot topic in merchant services these days, and Carrie Notheis recently described how you can use it to grow your financial institution’s merchant services program. Despite the growing interest in next day funding, merchant account providers often ask us questions about how it works. To appreciate the benefits of next [...]

Jump on the Social Media Bandwagon

In my last blog post about social media, I spoke to the importance of connecting with customers where they live, work and play – in social media channels. With the Nielsen Company reporting that 4 out of 5 active Internet users frequent social media sites and blogs and that nearly 40% of social media users [...]

Break Away From the Pack: Next Day Funding Merchant Accounts

Undoubtedly, one of the hottest products in merchant services right now is next day funding. This product can make a significant difference in a merchant’s cash flow, as it delivers the funds from the prior day’s processing activity the very next morning. Payment processors everywhere are using their programs to open doors, and are touting [...]

Get Ready! Here Comes the New 1099-K

After much anticipation, the time has come for payment processors to distribute the new Form 1099-K to their merchant credit card processing customers. As I spoke to in an earlier blog post, the Internal Revenue Service (IRS) recently implemented changes which require merchant acquiring entities, such as Clearent, to report merchants’ annual processing volume on [...]

Should I Stay or Should I Go? (To Trade Shows, That Is…)

As we hit the ground running in 2012, now is the time to start planning your calendar and adding relevant shows for the merchant processing industry. Between the national and state banking associations, your choices are plentiful. That’s why before you register, it’s critical that you evaluate whether the focus of the show is in [...]

Resolutions for Your Credit Card Processing Service

Along with the New Year comes a time for new beginnings, one that is often marked by setting New Year’s resolutions. This is the time when we’re most likely to reflect upon the prior year and identify things in our lives that we would like to change or improve upon. Chances are your personal resolutions [...]

Grow Profits & Cut Costs With Your Merchant Services Program

With the end of the year rapidly approaching, rarely a day goes by where I fail to see an article that talks about how banks are constantly looking for ways to increase their fee income and reduce expenses. This sentiment rings true for both the local papers and the industry publications. The tone of these [...]

Customers Are Changing. Is Your Merchant Services Program?

Your future customers will be different than the past, creating opportunities for community banks to grow their franchises and merchant services programs. Those that fail to recognize this will eventually be left behind. Last week, the Missouri Bankers Association held its 2011 Executive Management Conference. Our Board Member, Norm Tice, attended a fascinating presentation on [...]

Durbin’s Impact on Debit Card Processing Costs

As you know, the implementation of the Durbin Amendment brought with it a significant reduction in debit card processing costs. To better understand the impact on interchange, we recently analyzed a significant amount of data from our merchant services program. Below is a summary of the findings. 1. Debit interchange dropped by 40% In comparison [...]

Visa Changes Challenge Discount Pricing

Visa is introducing more changes to its fee structure for merchant accounts as it continues to adapt to the environment of regulated debit interchange. Visa is adding more fees that lie outside of pure interchange, making it very challenging for ISOs and agents to effectively use discount (tiered) pricing. This is a significant development because [...]

IRS Relaxes Treatment of 1099-K

The IRS relaxed its approach regarding the new 1099-K, which has instilled both relief and confusion for merchants with respect to their credit card payment processing. First, a disclaimer: I am not a tax accountant or a tax expert, and I didn’t even stay at a Holiday Inn Express last night. Please consult a true [...]

Don’t Give Up on Discount Pricing

What if selling was easy? What if all it took was for you to introduce yourself and the merchant would sign immediately for your credit card processing service? Wouldn’t that be great? Just think of all the money you would make. No, this isn’t another “I can make your life easier and you can make [...]

Using Tablets to Grow Your Credit Card Processing Business

Recently I needed a home repair professional. Because it wasn’t a simple job, I decided to get a few estimates. I made several phone calls, and received four proposals. Since these were just that, estimates, I expected hand-written documents or to have something emailed to me later. In one case, it was hand written, but [...]

NEAA Highlights & the Importance of Networking

It was great seeing many of you this week at the Northeast Acquirers Association (NEAA) Winter Seminar in Mt. Snow, VT! With attendance up 20% over last year’s show, Terry Nawara and I were able to see a lot of familiar faces, plus meet many new ones. Our compliments go out to the NEAA and [...]

It’s Here: the New 1099-K for Merchant Card Payments

After many months of planning, it’s now time for credit card processing companies to deliver the first Internal Revenue Service (IRS) Form 1099-K to their merchant customers. As described in a previous post, the IRS now requires acquirers such as Clearent to report merchants’ annual payment card transactions on a new form called the 1099-K, [...]

Are Acquiring Trade Shows Worth The Cost?

It’s trade show season, and I’m often asked the same question, “Should I go to a trade show?” I know they’re looking for a yes or no answer, but it’s not that easy. There are many variables and personal questions one should address before deciding whether or not to attend a trade show. In the [...]

Stop Selling & Grow Your Credit Card Processing Business

As we begin the New Year, you’re not alone if one of the goals for your credit card processing business is to sign more merchants. This is a common goal, and I’ve heard it from many of your peers in the merchant processing industry. The answer for how you’ll accomplish that goal is also familiar, [...]

Twas the Night Before Big Residuals Would Appear

While doing my part to keep the economy rolling by purchasing numerous gifts for family and friends, my thoughts turned to how nice it is to have accurate, timely residual payments to help finance all of my holiday purchases. As you ready my poem below, I’m curious to know if this sounds like a credit [...]

Your Merchant Processing Holiday Wish List

As children, one of the most exciting parts of the holiday season was writing our “wish list” of all the wonderful things we so desperately hoped would be under our tree on Christmas morning. Even as adults it’s fun to participate in this tradition, which helps ensure we’ll get what we want most, instead of [...]