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Settlement Reconciliation Service (SRS)
Credit card processors are now required to annually report gross processing amounts to the Internal Revenue Service (IRS) for merchants’ credit, debit, gift card and e-commerce transactions. Gross processing volume is reported to the IRS on Form 1099-K.
MerchantConnect offers a Settlement Reconciliation Service (SRS) to help you understand the breakdown of all your gross credit, debit and gift card transaction activity. This simple, clear and complete reporting service provides flexible access to reports on transactions, chargebacks and other expense related to electronic processing.
- Tax ID Number (TIN) Validation: Check to ensure correct TIN and legal business name on file to avoid mandated backup withholding.
- Processing Volume: Easy access to processing amounts, updated monthly to provide reports on transactions, chargebacks and other expenses.
- Simple, Clear and Complete Reporting: Reports are easy to understand, comprehensive and roll-up monthly, quarterly, and annually.
- Electronic 1099-K: Receive your Form 1099-K electronically to avoid postal delays