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To participate in the Pay My Taxes™ sales tax escrow program, merchants will apply for credit card processing with Express Merchant Solutions (EMPS) powered by First Data. No additional fees will be charged to participate in the Pay My TaxesTM sales tax escrow program.
Funds from the merchant's daily credit card batch process will be diverted to a designated account through a split funding process. Based on an algorithm of merchant sales, a specific percentage of a merchant's total credit card transactions can be put into the merchant's designated account, while the remaining percentage will go directly to the merchant's normal depository account.
The diverted funds will remain in the designated account until the end of the taxing period. On that date, the accumulated funds will be available to the state's department of revenue, to be applied toward the merchant's state sales tax obligation. Merchants will then file their sales tax return and can settle any additional balance due, if applicable, for that taxing period. Enrollment in Pay My Taxes™ allows participating businesses a convenient and efficient means to budget for their state sales tax obligations. Pay My Taxes™ allows businesses a stress free solution for the always-looming sales tax bills that cause many business owners problems.
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