MainStream Expands Next Day Funding Settlement Window to 11:00 p.m. Eastern
ALPHARETTA, GA – April 14, 2016
MainStream Merchant Services is pleased to announce that the Next Day Funding window for daily settlement has been extended by two hours from 9 p.m. to 11 p.m. Eastern. This change has had an immediate positive impact for existing MainStream clients qualified to participate in next day funding as a faster alternative to traditional two-day funding. This enhancement also offers new opportunity for MainStream’s sales force as businesses continue to seek non-cash payment providers who provide greater efficiency to their cash flows. MainStream is now among the most competitive providers in that regard.
Like many cardholders, restaurants, bars, nightclubs and taverns live for the weekend. Now those businesses participating in MainStream’s Next Day Funding service have another reason to celebrate as all activity captured from Friday through Sunday that is batched and settled prior to the 11 p.m. Eastern cut-off will be posted to their respective bank accounts by the next business day.
MainStream Merchant Services, Inc. is a leading provider of payment processing solutions with processing volume in excess of $1 billion annually. Our customers represent a diverse array of industries ranging from family-owned restaurants to nationwide retailers. We are at the forefront of helping transform the merchant and consumer payment experience at the point-of-sale. We enable merchants to accept the latest forms of payment from consumers such as Apple Pay, Google Wallet, Chip and PIN, Tap and Go, gift cards, and all major credit and debit card brands. Whether you are seeking your next career, your next relationship to propel your business forward, or your next business solution provider, we encourage you to experience the MainStream different today!
For information about MainStream, please contact Dana Adams Sills at Dana.Sills@MainStreamMS.com or 678 736-7125.
COLUMBUS, Ga., Oct. 8, 2013 — TSYS (NYSE: TSS) announced today the signing of a contract extension with MainStream Merchant Services, Inc., of Alpharetta, Ga., to continue providing a full range of services to include authorization/capture and clearing/settlement, as well as bank identification number (BIN) sponsorship. MainStream Merchant Services has become a leader in payment processing, with more than $1 billion annually in credit card transactions.
“We are pleased to be selected by MainStream Merchant Services as their full-service payment processor,” said Tim Munto, group executive of Sales and Client Relations for TSYS Acquiring Solutions. “This expanded agreement confirms our common goal of providing our clients with advanced payment processing products and services, along with unsurpassed service and support.”
“MainStream is excited to extend and build upon our strong partnership with TSYS,” said J. Vignale, president of MainStream Merchant Services, Inc. “TSYS’ state-of-the-art processing platform has provided a secure foundation for MainStream to seamlessly integrate our own proprietary systems directly to TSYS, which MainStream uses to control all aspects of merchant processing and portfolio management. This enables us to enhance our customers’ and sales representatives’ overall experience. The integration is further improved by MainStream’s ability to now offer qualified merchants next-day funding and American Express® OnePoint®, while continuing to provide access to the industry’s best merchant online reporting.”
Terms of the agreement were not disclosed.
At TSYS, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief “People-Centered Payments℠.” By putting people at the center of every decision we make, TSYS supports financial institutions, businesses and governments in more than 80 countries. Through NetSpend, a TSYS Company, we empower consumers with the convenience, security, and freedom to be self-banked. TSYS offers issuer services and merchant payment acceptance for credit, debit, prepaid, healthcare and business solutions.
TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, and has been named one of the 2013 World’s Most Ethical Companies by Ethisphere magazine. TSYS routinely posts all important information on its website, for more please visit us at www.tsys.com.
About Mainstream Merchant Services, Inc.
MainStream Merchant Services, Inc., is a leading provider of merchant payment processing solutions. With processing volume exceeding $1 billion annually in credit card transactions, our customers represent a diverse array of organizations in the restaurant, retail, lodging, petroleum and other industries, all with unique credit card processing needs. Our mission is simple: to provide our customers with the best merchant payment processing products and services available to grow their revenue and meet their business goals, at the most competitive rates.
MainStream provides a wide array of debit and credit card processing solutions, offering the best in custom gift card programs, POS terminals and credit card terminals, Web and PC credit card processing solutions, and check conversion and guarantee services. All of MainStream’s products and services come with sophisticated online reporting, the latest in data security and top-notch, 24/7 customer support. For more information, please visit www.mainstreamms.com.
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Beginning in January, 2012, payment settlement entities (PSEs) were required by the Housing Assistance Tax Act of 2008 to report on Form 1099-K all payments made in settlement of payment card transactions (e.g., credit card).
Filing Deadlines & Procedures
1099-Ks were mailed to merchants by January 31, 2013. Electronically filed 1099-Ks are due to the IRS April 1, 2013 (normally March 31), while paper 1099-Ks are due February 28, 2013.
You can find more about the 1099-K and other information returns at the IRS Third Party Reporting Information Center.
You may also want to see Frequently Asked Question about Backup Withholding.