Settlement Reconciliation Service
All credit card processors are required to annually report gross processing amounts to the Internal Revenue Service (IRS) for each merchants' credit, debit, gift card, and e-commerce transactions. Gross processing volume is reported to the IRS on Form 1099K. All merchants will be sent a copy of Form 1099K each January.
Burlington Bank Card's Settlement Reconciliation Service (SRS) helps merchants understand the breakdown of gross credit, debit, and gift card transaction activity as it is reported on Form 1099K. This simple, clear and complete reporting service provides flexible access to reports on transactions, chargebacks and other expenses related to electronic payments processing:
- Tax ID Number (TIN) Validation: Check to ensure we have your correct TIN and legal business name on file to avoid mandated backup withholding. If your information does not match, you will be directed to securely submit a Form W9 online.
- Processing Volume: Easy access to processing amounts are updated monthly to provide reports on your transactions, chargebacks and other expenses.
- Simple, Clear and Complete Reporting: Reports are easy to understand, comprehensive and roll-up monthly, quarterly, and annually.
- Electronic 1099K: Sign up to receive your Form 1099K electronically to avoid postal delays.