APEX MERCHANT GROUP MERCHANT SERVICES FOR SMALL BUSINESS

Brian McWherter and his wife, Katie, moved to Asheboro in 2016. They started Apex Fencing Company in 2018 and have built it up significantly since then through quality, customer service and dependability. After growing their fence company, Brian quickly realized that there was much more to running a successful business than merely being a good carpenter and builder.

In the last two years, Brian has switched his focus to overhead reduction and operations management to keep costs down, without sacrificing the quality his company is known for. He realized there are many aspects of running a business where small business owners are taken advantage of. One of the most evident of these being credit card processing. As he researched the true cost of merchant services, he realized that it could be done with more transparency, security, and fair treatment for all business owners no matter their sales volume.

What Are Merchant Services?

Merchant services refer to the services and technology that a business uses to accept and process payments. The process for merchant services begins when a customer hands you their credit card and ends when the funds are deposited into your business bank account. Your merchant services dictate how you accept payments, the type of payments you accept, and which provider you choose.

Brian formed Apex Merchant Group as a means to educate and assist fellow business owners in controlling their overhead costs, give them the assurance of fair pricing, and provide secure technology that reduces the risk of credit card fraud. His goal is to remove these stresses, so you can return your focus to what is truly important; running your business with less overhead and less stress.

The Apex Merchant Group is now a leading provider of payment processing services to businesses of all sizes. From the very first moment of contact, they work to have a complete understanding of your business by listening to you to find out what the needs of your business are.

They leverage their advanced knowledge of payments to set you up in a matter of hours with a low and transparent rate plan or even a Zero Cost Processing option, whichever will save you the most money. They supply you with an easy to use, reliable, state-of-the-art processing solution that enables them to fund your transactions the NEXT business day! They also make sure you are provided with a tailored, dedicated support team to allow you and your business to navigate through the sometimesconfusing world of payment processing.

Interchange Pricing and Zero Cost Processing Plans

The first pricing plan they offer is Interchange plus a fixed percentage rate and transaction fee. This straightforward pricing structure enables business owners to understand what they are actually being charged for their merchant transactions. Your rates will never be raised unless Visa and/or MasterCard alter their own Interchange rates, which stabilizes your monthly operating costs and allows you to accurately forecast business profitability.

The second plan they offer is a Zero Cost Processing option for retail businesses and restaurants. This plan shifts the percentage rates over to your customers and saves your business a great deal of money, which is very helpful during all economic cycles.

These plans are superior to deceptively advertised tiered pricing models, but how your business operates and how much you process in monthly credit card charges are the key factors in determining the best processing program for you. Brian is an expert in payment processing and he understands that no singular pricing model, regardless of how beneficial it is, fits every type of business. This is why he makes sure every one of his customers is set up with the correct program for their business.

Dedicated, Personalized Support Team

Brian believes that every merchant should receive unparalleled support, and understands running a business is not always simple and easy. From the approval process, through the entire life of your merchant account, he provides a dedicated support team committed to providing service that delivers peace of mind in your payment processing experience.

Fast & Easy Set Up

Time is of the essence for most merchants, which is why Apex Merchant Group has an easy online application. This allows them to approve your account within two to 48 hours. They are able to ship your processing equipment via overnight delivery, and most of their retail and mobile merchants are processing credit cards within 72-96 hours of first contact. For those internet or mail order/telephone order merchants who receive their processing solution securely online, credit card acceptance can be achieved in as little as 48 hours.

No Long-Term Contracts or Cancellation Fees

Apex Merchant Group has a standard monthto-month contract. This gives their merchants the peace of mind that comes with flexibility. They are confident you will be completely satisfied with their services and support and don’t feel the need to lock customers into long term contracts with lots of fine print.

The different tools that Apex Merchant Group offers to enable businesses to accept and process payments from their customers are:

• Payment Gateway

A payment gateway is the software that works with your website or ecommerce store and allows you to take and process secure credit card payments online.

• Credit Card Terminals

A device that allows you to physically swipe, dip, or tap a credit card when accepting in-person payments. Credit card terminals come in a variety of shapes and sizes—from simple magstripe swipers to handheld terminals.

• Point of Sale Systems

A point of sale system typically consists of the software and hardware required to accepts payments, but it also helps manage a business’s day-to-day operations such as processing sales, running reports, tracking inventory, managing employees, reconciling tips and commissions, accepting gift cards, and setting up loyalty programs.

Since point of sale systems usually encompass everything a business needs to manage their sale and payment processes, “merchant services” and “point of sale” are often used synonymously.

Merchant Service Providers

At the heart of the merchant services industry are merchant service providers, the companies that provide all of the financial and business services that have been described thus far. To help you choose a payment processing company, let’s first explore the difference between merchant account providers and payment service providers.

Merchant Account Providers

Merchant account providers provide businesses with merchant accounts and are considered the more traditional type of merchant service providers. A merchant account is the bank account required to accept credit card payments. When you work with a merchant account provider you receive this account through them and they work with you to get your account set up.

In addition, a merchant account provider provides you with the tools you need to accept payments— whether a POS system, payment gateway, or mobile credit card terminal.

Merchant account providers typically require a more involved application and setup process but can also offer some of the lowest merchant processing fees. The Apex Merchant Group is a full service merchant account provider and also offers the lowest possible processing fees.

Payment Service Providers

Payment service providers aggregate all of the funds from their different clients into a single merchant account and then distribute the funds from this account to each individual business bank account. The major difference between payment service providers and merchant account providers is that payment service providers do not include unique merchant accounts for their customers.

Similar to a merchant account provider, however, a payment service provider can also offer a variety of different tools—POS hardware and software, payment gateways, and more, to allow a business to accept and process payments.

However, these advantages are often paired with account instability, as payment service providers combine all of their customers’ funds into one account.

Big-name payment service providers include Stripe, PayPal, and Square and can have high fees and sometimes hold your money without warning.

How

to Choose Merchant Services for Your Business

How do you choose the right merchant processing service for your business? Here are some points you want to be mindful of when exploring your various options:

• How are you accepting payments? Will your business accept payments solely online, or will you be taking in-person payments, too?

• Are you going to be taking credit cards, debit cards, and contactless payments?

• Do you need a full POS system or a simple credit card terminal? Do you only need a payment gateway?

• Does your business need a unique merchant account? Would you prefer to be able to set up your account quickly and easily online?

• What kind of pricing structure do you prefer? What costs will you need to pay besides processing fees? What does your budget look like?

Answering these questions helps you understand exactly what you need from your merchant processing services. With these qualifications established, you can compare different providers and see which one will be able to best fulfill your needs.

If you have questions or would like an assessment of your current merchant processing and a comparison to what Apex Merchant Group can offer you, give Brian a call today at 336-523-8080 or email him at Brian@apexmerchantgroup.com. You can also find more information on their website at www. apexmerchantgroup.com.

CAN YOU DEDUCT WORK-FROM-HOME EXPENSES?

Ccross the nation, remote work has boomed during the pandemic. And as the workplace gradually returns to “business as usual,” more employers than ever are opting to make a permanent switch to hybrid or full-remote work. With work-fromhome emerging as the new normal, it’s only natural for taxpayers to weigh the tax implications of home offices.

In this article, we hope to illuminate the world of work-from-home deductions, who is eligible to claim them, and how they can be calculated.

Who Is Eligible for the Home Office Deduction?

Before 2018, most W2 employees could claim certain home office tax deductions. However, since the 2018 tax year, the rules have tightened significantly. As a result, home office tax deductions are no longer available to W2 employees.

However, self-employed individuals who conduct their business at home are still eligible for the home office deduction, with a few exceptions.

What Does an Eligible Home Office Look Like?

A qualifying home office may consist of space within an apartment, condo, or home, whether owned outright or rented by the taxpayer. Freestanding structures such as outfitted sheds, barns, and detached studios are also eligible. However, temporary lodging such as a hotel or motel rooms does not qualify.

To qualify as a deductible home office, the space in question has to meet several criteria, the first being the “regular and exclusive use” requirement. To meet this requirement, you must use the space exclusively for conducting business. If you conduct your business in your kitchen, you probably won’t be able to claim the home office deduction.

Of course, like most things tax, there are exceptions to the rule. For example, if you use your home office to store business inventory or you are a licensed care provider for children, the disabled, or seniors (defined as 65 years of age or older), the regular and exclusive use requirement loosens.

In addition, your home office must be your “principal place of business,” meaning that the bulk of your administrative duties takes place within that space. If you conduct most of these duties away from home and only utilize your home office as a secondary workspace, you will not be able to claim the home office deduction.

Ryan Dodson has a Masters in Accounting from North Carolina State University. He worked in public accounting with Deloitte and Arthur Andersen. He and his wife Tiffany own and operate Liberty Tax Service.

What Home Office Expenses Can Taxpayers Deduct?

While using Schedule C to outline business expenses, self-employed taxpayers with qualifying home offices may be able to deduct a portion of their mortgage interest, homeowner’s insurance, utilities, property tax, or other home-related expenses. In addition, you may be able to deduct office furniture and equipment such as printers, desks, chairs, cabinets, and modems — if you use the furniture and equipment exclusively for business.

How Is the Home Office Deduction

Calculated?

Qualifying taxpayers can choose one of two methods to calculate their home office deduction: the standard method or the simplified method. In some cases, one approach is better than the other — and you can change the method used from year to year.

The Standard Method

The more involved of the two methods, the standard method of calculating your home office deduction consists of keeping meticulous, detailed records of each home office expense and calculating your annual total home office expense. When using this method, it is essential to be thorough — one misclassification or error could spell disaster in the event of an audit.

The Simplified Method

If you do not have the time for meticulous recordkeeping, the simplified method may be your best bet. Although your deduction is limited to 300 square feet of home office space and you cannot deduct depreciation, the simplified method is, well, simple; just multiply the square footage of your home office space by $5. As previously mentioned, the simplified method is limited to just 300 square feet — because of this, the maximum possible deduction using this method is $1500. If you would like to claim more, you must use the standard method.

Regardless, it is always helpful to know what your deduction would be with both methods so you can choose the maximum deduction for your tax situation.

Having TAXiety? We Have the Answers.

It’s no secret — taxes can be a challenge to understand. If preparing for this year’s tax season gives you TAXiety, don’t hesitate — Give us a call at 336629-4700 or visit us at 405 E. Dixie Drive in Asheboro 2 doors down from Jimmy Johns. Let the tax pros at Liberty Tax be your tax resource.