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by theshortofit
2677 days ago
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All processors ( FDC, Worldpay, Global Payments etc) are required to report credit card sales for each of their customers through 1099 reporting , This reporting is done on what is called a MID ( Merchant Identification)number. Every merchant accepting credit cards has one ( sometimes multiple) Some processors charge merchants for this reporting services to the IRS which further drives up Merchant Services cost. |
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