by Chandra Spary-Kontinos | Nov 22, 2024 | Bank gift cards, Data Security Credit Card, Featured, Gift Cards, Level III B2B, Mobile Processing, News Alerts, Pin and Chip, Safety Tips
12/9/24 UPDATE:
A U.S. District Court Judge ruled the enforcement of the BOI filing is unconstitutional. However, until FinCEN takes the filing off their website, you should still consider filing, just in case.
Penalties will begin after January 1st 2025
Have you heard of FinCEN and the newly required BOI reporting? FinCEN, which stands for Financial Crimes Enforcement Network, is part of the US Department of Treasury. This department is in charge of preventing financial crimes and promoting national security. The newly required BOI (Beneficial Ownership Information) report was created to help FINCEN on its mission by ensuring more transparency of ownership for companies operating in the US. Reports are due January 1st, 2025, for companies that began before 2024.
The report is easy to file online, or you can fill out the PDF and submit it.
You will need:
- Company name
- Tax ID
- Location
- Owner’s name
- Owner’s date of birth
- Owner’s address
- A government-issued ID or a FinCEN ID
You must file a BOI report for each owner who owns 25% or more of the company.
File here https://boiefiling.fincen.gov/fileboir
Instructions on how to file https://boiefiling.fincen.gov/help
All the information you need can be found here https://www.fincen.gov/boi
by Chandra | Jun 5, 2019 | Business to Business News, Invoicing and Paying, Level III B2B
Today, B2B Merchants need to save money every way they can. If you are selling to other businesses, you are probably paying higher rates because of the types of cards you are accepting. It’s difficult to control this because of the cards your clients are paying with. If you are one of these merchants, it’s time you looked into optimizing your interchange. Level III processing accomplishes just that, it saves you on every transaction by adding the required data needed transaction. All you have to do is upgrade your current processing system.
Real Numbers
Some examples from the MasterCard interchange schedule at the time of this writing illustrate how savings happen with Level III Processing. The standard interchange is 2.95% plus 10 cents. Processing rates are adjusted, more often than we’d all like. Other factors come into play like the amount of the depending on the amount of the transaction. But say the rate is 1.8% plus 10 cents, which is realistic if the transaction is about $7,500. Higher transaction amounts yield even more significant savings. But using the data above, a $5,000 transaction would cost a merchant $47.60 with standard processing. With an uplifted Level III, the cost would be $90.10, for a single transaction savings of $57.50! For more information about MasterCard processing, got to https://www.mastercard.us/en-us/merchants/get-support/merchant-interchange-rates.html.
Simple Solutions
Credit Card Processing Software Programs today are more intelligent and many are integrated into a company’s ERP System. They should always include up-to-date security technologies that safeguard customers’ credit card data. A responsible and forward-thinking company not only wants to save money but also wants a system that is efficient and secure. Implementing a Level II & III Payment Processing System enables you to pay less per transaction. At the same time, these systems are routed for more information which is conveyed per transaction. The system can also save buyer information for future transactions, and that streamlines the process later. More details are sent per transaction with Level II & II Data processing means merchants will now also have a better system to keep track of a customer’s purchases. This heightens reporting power give a merchant the ability to market better and manage their business better.
