PCI Compliance Firm Offers Tax Info Reporting to Processors
Sept. 29, 2011
ControlScan, a PCI compliance and security solutions provider for small merchants and their acquirers, has entered into a referral partner agreement with Convey Compliance Systems, a provider of tax information reporting services and software, to offer tax information reporting solutions to merchant payment processors. “Our partnership with Convey… greatly reduces the impact of tax regulation on our acquirer customers,” said Joan Herbig, CEO of ControlScan. “Paired with our guidance through PCI compliance and security issues, acquirers and the merchants they serve can focus more on business and services and less on the ever-changing and increasingly-demanding regulatory landscape.” Starting this year, Herbig said, all merchants who handle electronic money transfers must adhere to the IRS’ “Section 6050W” code, which requires every electronic payment to be reported. The code change significantly increases tax information reporting on merchant payment data by merchant banks and acquirers. Convey said it reduces the impact of these changes by validating tax identification numbers (TIN), reducing slowdowns in merchant on-boarding and 1099-K reporting compliance and assistance.