Press Release - For Immediate Release
Electronic Payments Launches UpdateMyTin.com, Another Out-of-Scope Service for Merchant Partners
Calverton, New York - October 3, 2011 - Electronic Payments, a premier provider of merchant accounts and payment processing solutions, today announced the launch of updatemytin.com, an online tool enabling merchants to research and update their Taxpayer Identification Number (TIN) as required by the Internal Revenue Service (IRS).
Effective January 1, 2011, the IRS mandates that all merchant acquirers report all payment card and third party network transactions. Electronic Payments will file an annual information return on behalf of every merchant partner and provide merchants with a Form 1099-K, which reports monthly and annual gross sales. Additionally, Electronic Payments is required to maintain current Tax Identification Numbers and Tax Filing Names for each merchant.
Updatemytin.com will streamline this process as it allows Electronic Payments to collect a merchant's TIN at the click of a button. Upon login, merchants will be prompted to submit their information, which will either be approved instantaneously as a favorable response from the IRS or the merchant will be required to submit additional information via the website. The site also contains a downloadable Form W-9 that may be mailed or faxed directly to Electronic Payments.
"It is essential to provide accurate data to the IRS and we've established this tool to make the process as convenient and simplified as possible for our valued customers," commented Michael Nardy, Founder and CEO. "Of course, merchants may still contact our customer support staff directly, but we wanted to provide them with several options in order to accommodate their schedules and business operations."
Based on the new IRS regulations, inaccurate information may lead to the withholding of 28% of a merchant's processed sales. This is another primary reason Electronic Payments created updatemytin.com. "We want to ensure that merchants are not penalized because they did not understand what information is required from the IRS or how to update their TIN," explained Mr. Nardy. "This service is quick, convenient, and guides merchants through the system, step-by-step. Plus, there is no cost to use the service, so it's even more readily available to our merchant partners."
With the addition of UpdateMyTin.com to the company's website network, Electronic Payments offers yet another out-of-scope service to merchants. Merchants now have the ability comply with IRS regulations wit hout having to extend their own resources and time.
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About Electronic Payments
With “Innovation through every transaction™”, Electronic Payments has distinguished itself as one of the fastest growing and highly regarded privately held payment and transaction processing companies in the United States. Electronic Payments currently serves businesses in all industry types and acquires new businesses through a network of agent banks, sales agents and independent sales offices (ISOs). Visit www.electronicpayments.com for additional information or visit www.bankcardprogram.com to learn more about our ISO and MLS programs.