Venmo/Cash App Are Changing – Here’s How to Approach Future Payment Methods and Credit Card Fees
There’s some big news in the world of Venmo, Cash App, Zelle, and more peer-to-peer payment methods. Starting January 1, 2022, any seller of goods or services receiving more than $600 per year will receive a 1099-K and be required to report that income on their taxes. This is a game-changer for small businesses that use those platforms for all kinds of payments.
Not only will the taxes increase on the business, according to an article covering the update, facility owner workload just increased. Owners/managers will need to print all transaction reports, sort through and distinguish each transaction from the peer-to-peer payment apps, and gather invoices and receipts as supporting documentation for the IRS.
That is a lot of additional work, right in time for the busy season.
Alternative Payment Methods – Credit Cards (But Without The Crazy Fees)
With credit card companies forcing facility owners into 2-3 year contracts, constantly changing their rates, and requiring monthly minimums – all topped with horrible customer service that will keep you on the phone for hours – payment methods and processing seem like a hopeless case.
But here’s our approach…
CardConnect/CardPointe
eSoft Planner’s partner CardConnect/CardPointe is the fix that facility owners are looking for.
Here are the benefits our team negotiated for facility owners in need of a new payment method:
- 2.75% Flat Rate for Visa, Mastercard, and Discover
- No Monthly Minimums
- No Contracts
- PCI Compliance Check Ins from eSoft Planner – yearly reminders for facility owners
- Customer Support through eSoft Planner – no bouncing from person to person, we can answer your questions.
Learn more About eSoft Planner.
eSoft Planner is flexible, affordable, simple, and perfect for small business owners. Request your free demo today to see how we can help you consolidate effort, save time, increase revenue, and grow your business.
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