Henry Helgeson Talks About Jan 2011 IRS Requirement to Report Merchant Credit/Debit Transactions

On February 17, 2010, Merchant Warehouse Co-CEO, Henry Helgeson spoke with PaymentsSource.com regarding the Housing and Economic Recovery Act passed by George W. Bush in July 2008, which requires merchant acquirers report their merchants' credit and debit card transactions to the IRS as of January 1, 2011.

The article, "Processors, Not ISOs, to Bear the Brunt of Legislation", addresses the impact these regulations will have on the industry, and Helgeson believes that the majority of the responsibility should be on the Processors since they have easier access to the information needed. However, Helgeson also believes that ISOs and merchants will need to get educated about the requirement to ensure all are abiding by the new law.

To view the article in its entirety, click here.