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[Addition to Article, December 16, 2014: Please see the Marketplace Fairness Act News Feed for more information about the MFA]

The Marketplace Fairness Act or MFA is a bill proposed by Senator Michael Enzi [R-WY]. It is legislation that would require U.S. e-commerce retailers whose gross annual revenues exceed $1 million, and sell products and services in states where they don't have physical presences, to collect and remit state and local sales taxes in those states. It was passed in the Senate, 69/27, on May 6, 2013, and will continue to the House next for consideration.

 

"Require" Is The Magic Word Here

 

uncle-sam-in-computerThe requirements to collect taxes have been gentle on ecommerce for over 2 decades. Currently, under the Supreme Court’s 1992 holding in Quill v. North Dakota, retailers don’t always have to collect taxes. They must collect sales tax from out-of-state customers only if they have a physical presence (store, warehouse or office) in the customer’s state. Online sellers are already required to collect sales tax from customers in their own states. The Marketplace Fairness Act doesn’t impose a federal tax or even a new state tax but begins to enforce tax collections on the government's behalf more uniformly.

 

Passing the MFA will result in highly impactful administrative changes for large complex ebusinesses, then having to calculate and execute tax levies to buyers. For brick and mortar businesses, the changes will blast waves of relief and joy through the Country when ecommerce no longer has a leg up where tax breaks are concerned.

 

The Government Wants Their Share Now

 

Whether you lean Left or Right, there is no question that our government coffers are suffering for no small influx of cash. This bill garners bipartisan support - though energetic debate ensues!

 

Allaying Concerns for Smaller Businesses

 

"... the online sales tax collection bills before Congress have certain exemptions for small businesses, so shops need not worry about collecting sales tax if they make less than $500,000 in annual sales", says David Campbell, the CEO of TaxCloud, a free internet sales tax calculation service. Campbell also points out (and anyone who works with the power of online programming is aware of this): "[Collecting taxes is] no more complicated than calculating shipping costs. Sales tax management software is available at every price point, including free. So collecting sales tax can be easy and cheap for anyone, including sole proprietorships."

 

There is reason to believe that this bill will not become a law, "[The] debate is so heated that passage into law still seems unlikely." says Robert W. Wood in Forbes.com in Online Sales Tax Inevitable, Senate Passes Marketplace Fairness Act but certain ecommerce companies, such as Amazon, are already accommodating the changes, preparing for some future law that will, in fact, have us pay taxes on ecommerce regardless of anyone's location. The depth and breadth of that is yet to be known.

 

Read the The Marketplace Fairness Act bill here.

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The FD 300Ti's multi-merchant capability allows the merchant to conveniently designate to which business the sale is applied at the time of purchase, all with one point-of-service terminal. Each transaction that is designated for a specific business results in a single, easy-to-read statement.

 

fd300It accepts virtually all payment options, including Visa®, MasterCard®, Diners Club®, American Express®, and Discover®. The large, intuitive, color touch-screen interface is easy to understand, reducing training time and user errors. Transactions take just seconds through the Internet Protocol (IP) connectivity, with dial-up as a backup. It provides outstanding performance, reliability and security for high-volume, multi-user merchants.

 

  • Large, easy-to-use color touch-screen display
  • High-quality manufacturing design for durability
  • WIFI* enabled (optional)
  • Supports up to 99 individual merchants, each with its own merchant identifier, from a single terminal
  • Streamlines back-end accounting and reporting
  • Completes transactions and generates receipts quickly
  • Accepts all major credit, debit, EBT and gift cards, plus checks

 

Please order the FD 300Ti through your salesperson - or call 888-494-9988 x1 to contact the TRI Sales Team. We make it easy to purchase and quickly start using the FD 300Ti:

 

1. Sign a TRI Purchase Agreement to place the order

2. The TRI Customer Service team programs the FD 300Ti

3. We ship it to you, the merchant

4. Depending on your geographic location, either the TRI salesperson will provide the product training to you and your staff in person, or the training service will be provided over the phone by the TRI Customer Service Team

 

*The WIFI terminal only supports WPA-PSK Security Mode with TKIP Encryption Mode. Your router must support this configuration in order to use these terminals on your wireless LAN.
 

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In a series of periodic articles we are providing our merchants and partners with insights into EMV payment cards. We want to help you prepare with timely Payment Industry updates.

 

emv card 300wNot a new technology, EMV cards have been used in Europe for 20 years+ already. The U.S. is one of the largest developed nations that has not yet switched to EMV. EMV stands for Europay, MasterCard and Visa. It is a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals, and automated teller machines (ATMs), for authenticating credit and debit card transactions.

 

Though all new technology changes incur a significant cost to merchants, well-informed retailers recognize that EMV technology is here to stay, and will offer superior security over the magnetic strip variety of payment cards. Walmart has already installed EMV capable terminals, fully acknowledging that this is not a wait-and-see moment. 

 

"The payments business is rapidly evolving. Today's tech-savvy consumers are quickly adapting to their digital devices and turning them into a new generation of powerful payment vehicles. There is also great demand from issuers, acquirers, merchants and consumers for stronger safeguards to secure card transactions...

 

Security Considerations Appear to Dominate the Adoption of the EMV

 

...An upgrade to the EMV standard enables safer, smarter and more secure transactions across cards, contactless, mobile, and remote payment channels. It also enables us to offer consumers the next generation of digital payment innovations.", says MasterCard.

 

master-card-image-displaying-payment-optionsMasterCard and Visa feature useful timelines, both referred to as "Roadmaps", that reveal the steps toward full implementation of the EMV program. See MasterCard's timeline here. One can see that the credit card companies venture to make this transition as pain-free as possible with various incentives along the way.

 

TRI will help keep you informed.