Most store operators use less than one tenth of the built-in reports.  It is a good idea to select each report and read the description of what information the report includes.  Listed below are a few of the most useful reports.

Most store operators use less than tenth of the built-in reports.  It is a good idea to select each report and read the description of what information the report includes.  Many users miss out on valuable information simply because they haven’t taken the time to learn the figures that each report generates and how it will benefit their business.  Listed below are a few of the most useful reports.

• N-VX670-WIFI (VeriFone P/N M267-012-11-USA)
• N-VX670-WIFI-SC (VeriFone P/N M267-512-11-USA)

Please consider the following VX670 WiFi EOL timeline:

• February 29, 2012: Last day to order.
• June 1, 2012: VeriFone will cease all software development.  Software fixes will still be issued as necessary.
• February 1, 2015: VeriFone will discontinue all software support, including fixes, product support and service.

The replacement product is the VX680.  This wireless terminal is EMV certified with optional contactless capability.  It will also be compatible with VX670 applications and accessories.  For more information, download the data sheet here.

Subscribe to this blog to be notified when the VX680 is available.

Recent Press Releases

Congressmen Aaron Schock (R-IL) and Bobby Schilling (R-IL) today introduced H.R. 3877, the 1099K Overreach Prevention Act, which will prohibit the Internal Revenue Service (IRS) from implementing a new tax reporting requirement that would have far reaching implications for small business owners nationwide.

“This is an unnecessary IRS requirement that will only lead to more accounting headaches for businesses. My concern is that the IRS is asking for flawed information from small businesses by requiring them to reconcile their internal numbers with that of third party entities,” said Congressman Aaron Schock. “When you take into consideration all of the types of merchant transactions that occur between a customer and a small business all this adds up to unnecessary administrative costs, a new accounting burden, and more time away from growing their business. At a time when there is still record unemployment, adding another job killing regulation on small businesses is not the right solution.”

“As a small businessperson, I’ve seen the impact of government red-tape and paperwork firsthand.  When I speak to fellow small business owners, I frequently hear that they are burdened with a lot of complicated paperwork that is difficult and time-consuming to navigate,” said Congressman Bobby Schilling.  “For small companies, the cost of tax compliance is already $1,584 a year.  If not overturned, this IRS requirement will undoubtedly add to that cost.  It is wrong to weigh down the very folks we are asking to put Americans back to work and lead us into economic recovery.”
The Housing and Economic Recovery Act of 2008, requires the IRS to collect a new document known as a 1099K from third party payment entities, such as credit card companies. The 1099K will show all credit transactions within a merchants business for a given year. Unfortunately, the IRS is using the 1099K to add additional burdens on small business tax forms by requiring them to reconcile this report with the merchants own internal numbers, which was NOT the original intent of the law.

Customers asking for cash back, returning merchandise bought on credit for cash, or collecting the deposits for rentals can all lead to discrepancies when reconciliation occurs.

“We want to applaud Congressmen Schock and Schilling for introducing a bill that will restrict the IRS from placing this unprecedented paperwork mandate on the backs of small businesses who accept merchant payment cards,” said Giovanni Coratolo, vice president of small business policy for the U.S. Chamber of Commerce. “Unless the IRS eliminates this directive, 8 to 10 million businesses will be subjected to the folly of data collection and paperwork rather than focusing on adding jobs and growing the economy.”

“Small-business owners across the country are thankful for the leadership from Congressmen Schock and Schilling to repeal this new IRS demand. This new requirement for small-business owners is more than a mere paperwork burden, it is an additional complication in an already complicated tax-reporting process,” said Dan Danner, CEO of the National Federation of Independent Business.  “The tax code, as it currently stands, ultimately puts the small-business owner at a disadvantage with compliance and their ability to succeed in business is falling further and further behind government demands on their time.”

As many small businesses don’t have the specialized accounting software, bookkeeping technology, time, or personnel to cross reference and reconcile their own internal numbers with third party generated numbers, this reconciliation requirement increases the accounting workload and costs for small businesses.

The 1099K Overreach Prevention Act prevents the IRS from using the 1099K data to require new reconciliatory calculations on the part of the small business, returning this provision to the intent of the law when it was enacted.

Republican Senator John Thune of South Dakota plans to introduce the same legislation in the Senate.

Source: http://schock.house.gov/News/DocumentSingle.aspx?DocumentID=277530

Florists can capture more sales when they are able to accept credit card payments in-store, online, over the phone, and through electronic invoicing.

Accepting credit card payments in-store and over the phone

Florists can use one credit card machine to accept and process credit cards for in-store purchases, where the card is present, and over the phone purchases, where the card is not present.  When the credit card is present,  simply swipe the card in the credit card machine.  When the credit card number is taken over the phone,  enter the customer’s credit card number, their credit card billing zip code and the three digit security code on the back of their card in to the credit card machine.

Accepting credit card payments online with an electronic invoice

Using ePNBillPay Online Bill Payment Solutions, florists can email an invoice to a customer, and give the customer the option to click on a link in the invoice taking them to a secure payment page where they can pay with their credit card.  Sending a customer an invoice, and letting them pay securely online means the customer’s credit card number is never in the store, helping to eliminate credit card fraud liability.  The credit card number is stored securely on a PCI compliant server.  Also, sending the customer an invoice and allowing them to pay online is can be more convenient for both parties.  Time spent on the phone confirming credit card information is time that could be spent doing something more productive.

Accepting credit card payments online with a shopping cart

Using ePNCart online shopping cart, florists can easily sell their arrangements online.  Credit card payments are completed online and authorized automatically. A notification of an order is sent to the store where the orders can be processed and shipped. Creating product pages is easy and does not require any HTML knowledge.

Please contact us to get started today.

In addition, we have a multi-merchant credit card terminal, allowing up to nine independent tax preparers to have their own merchant account on the same terminal saving the cost of having to purchase additional credit card terminals.

Please contact us to get setup today!

The Internal Revenue Service recently announced a one-year delay in the penalty provisions of newly mandated requirements for yearly reporting of merchant credit and debit card receipts by acquirers and processors. That’s good news for companies that have been struggling to provide more processes and systems for collecting that information. Those companies also need to be ready to support backup withholding when TIN matching discrepancies arise and are not resolved in accordance with the new IRS procedures.

In a statement released in late October 2011, the IRS also said it would delay by a year the start of penalty assessments for filing incorrect TINs and related information, provided “good faith efforts” are made by acquirers and other covered organizations to file required information correctly. Backup withholding requirements are delayed, as well, until January 2013.

The reporting requirements set forth under IRS Code Section 6050W have been the source of much consternation for an industry still reeling from the financial sting of Payment Card Industry (PCI) Data Security Standard (DSS) compliance and backlash from the Durbin Amendment to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

Section 6050W established a new annual reporting document - Form 1099-K - that processors and acquirers must generate yearly, just as they now complete 1099 forms for contract workers. The 1099-K reporting requirement, which was passed into law as part of the Housing and Economic Recovery Act of 2008, goes into effect in Jan. 1, 2012, when the first 1099-K reports need to be generated and filed. The reports can be filed with the IRS electronically or as paper documents.

Meanwhile, at least three states (California, New York and Hawaii) plan to follow the IRS lead with new information reports for state tax filing purposes; so far, only California has called for backup withholding. “On its face, perhaps, it seems easy,” said Jeff Fortney, Vice President, ISO Channel Management at Clearent LLC, a Missouri-based processor. But it takes a lot of time, money and effort to comply with the new IRS rules, he added.

Aite Group LLC, a consultancy headquartered in Boston, estimated that 35 percent of U.S. merchants were not in compliance with IRS 6050W, and that as many as 560,000 merchants (8 percent of the total) could still be at risk for mandatory withholding at the end of January 2012. For example, the IRS noted in a statement about its decision to delay implementation of the penalty and withholding requirements that it “does not apply to a payor who erroneously fails to file an information return or payee statement.”

Read more

What is EMV?

EMV is a global payment security standard consisting of a chip-and-pin or chip-and-signature process conducted at the time of payment. The United States is the last major market to adopt this standard.  EMV-enabled devices are expected to begin deploying sometime in 2012.

	Where can I get more information?
	We’ll post more information about EMV enabled credit card machines as they become available.  Below are some links to help answer any general questions you may have:
	Visa’s EMV Press Release EMVCo, Inc - Organization that maintains EMV EMV Frequently Asked Questions - by EMVCo