In preparation for the January 1, 2012 deadline, SecurityMetrics’ new TIN Matching Service helps payment processing entities recover and match merchant tax identification numbers (TIN) and legal business names to streamline the matching process for a subset of SunTrust Merchant Service merchant clients that have not yet validated with Internal Revenue Service (IRS) records. SunTrust Merchant Services today announced it has selected SecurityMetrics’ new TIN Matching Service to streamline the matching process for a majority of its merchants.
In accordance with new U.S. Government regulations originating from the Housing and Economic Recovery Act of 2008, payment settlement entities will be required to withhold 28 percent of daily gross merchant payment card transactions if a merchant fails to validate their TIN with their reporting entity. At present, many merchant TIN numbers remain unvalidated with banks, and unreported to the IRS.
“We never want our merchants to be potentially liable to a 28 percent government transaction withholding,” said SunTrust Merchant Services Senior Vice President Sarah Danielson. “Partnering with a trusted cardholder security advisor, SecurityMetrics, allows us to quickly help a majority of our merchants become compliant to this federal mandate and avoid that issue.”
An industry leader in merchant security and compliance, SecurityMetrics has more than 10 years of merchant validation experience, communicating with tens of thousands of merchants daily. Merchants can validate their TIN and business data in minutes by going online to the SecurityMetrics website or by calling SecurityMetrics’ call center.
“We’re thrilled that SunTrust Merchant Services proactively recognizes the extreme urgency of this mandate, and is quickly taking the initiative to safeguard their merchants from debilitating fines,” said SecurityMetrics CEO Brad Caldwell. “We are grateful to be selected to help them provide this important service for their merchants.”
About SunTrust Merchant Services
SunTrust Merchant Services, LLC, a payment processing consultant, provides merchant credit and debit card processing services to business clients in the United States. It provides terminal options, advanced payment, debit card, Telecheck, purchasing card, online statements, and Internet solutions for point-of-sale, phone, mail, and Internet transactions. The company also offers merchant processing products and services for various credit, debit, stored value cards, and checks, as well as electronic check acceptance services in the Southeast and Mid-Atlantic regions. In addition, it provides hardware and software, electronic-commerce, and Internet transaction processing solutions, as well as Web site design and hosting, set up payment enabled storefronts, and secure Internet payment acceptance services. The company was founded in 2002 and is based in Pompano Beach, Florida. SunTrust Merchant Services, LLC operates as an alliance between First Data Corp. and SunTrust Banks, Inc.
SecurityMetrics is a leading provider of merchant data security solutions, including a mass-merchant compliance model for the Payment Card Industry (PCI) Data Security Standard (DSS) that has assisted 750,000 small and mid-sized merchants in validating their PCI DSS compliance to date. The company is certified to perform PCI Scans (ASV), PCI audits (QSA), Payment Application Data Security Standards audits (PA-QSA), penetration tests and Payment Card Industry Forensic Investigator (PFI) assessments. SecurityMetrics also offers a security appliance that includes vulnerability assessment, intrusion detection and intrusion prevention capabilities.