Changing your business name seems like a small thing… but a lot goes into that! Because we are federally required (per the Patriot Act) to disclose your credit card processing back to the IRS, we are required to open a new, separate account when your business entity changes. To be clear – [...]
Updating your bank account on file with Dharma allows us to deposit your funds and collect our fees from a new account. Per Visa/Mastercard regulations, any bank account update will require a few things: We’ll need the new account information – bank name, routing number, DDA account number We’ll need proof of [...]
What's a 1099 Form? Starting in 2011, the IRS began mandating that all Merchant Service Providers, like Dharma, report income back to the IRS on an annual basis. Per federal law, we are required to report this information to the IRS. 1099-K forms will include the gross processing figures for [...]