Wilmington, DE (PRWEB) September 23, 2013
Electronic Payment Exchange (EPX), a direct connect, tier one payment processor, and FedTax, creator of TaxCloud, the internet’s only free sales tax management service, today jointly announced partnership to make TaxCloud available as an included option for all EPX merchants. By embedding TaxCloud within EPX’s existing systems, any merchant using EPX for payments processing will be able to easily comply with all current and future sales tax laws in every jurisdiction in the United States—at no cost.
The announcement has additional significance as House Judiciary Chairman Bob Goodlatte (R-VA) recently issued seven “Principles on Internet Sales Tax [Collection]” - http://judiciary.house.gov/news/2013/09182013.html - that will guide the House of Representatives as it takes up consideration of the Marketplace Fairness Act, which overwhelmingly passed the Senate in May. Once enacted, the Marketplace Fairness Act will grant states the option of requiring remote retailers (including internet and mail-order sellers) to collect sales tax, just like local retailers. However, the legislation fairly balances this expanded authority by requiring that any states seeking to exercise such authority first modernize and simplify their sales tax laws.
The proposed legislation also requires that states ensure retailers have access to no-cost sales tax management software—a requirement that TaxCloud instantly satisfies for all EPX merchants. With this partnership, all EPX merchants will have access to TaxCloud’s award-winning, state-certified sales tax compliance service, which determines the sales tax due at the time of sale, allows for sales tax exemptions and holidays, provides merchants with detailed collection reports, and creates and files merchants’ sales tax returns. In addition, because TaxCloud has already been certified by many states, it can indemnify businesses in the unlikely event of errors and even respond to sales tax audit inquiries on behalf of participating EPX merchants.
Ray Moyer, CEO of EPX reported, “We have a strong history of innovation in the payment processing industry. EPX was the first to process payments over the Internet and EPX was the first to introduce a tokenization and encryption solution to secure payment data. Likewise, we are excited to be the first payment processor to offer an integrated sales tax compliance solution that alleviates the significant forthcoming complexity and cost of computing, collecting and remitting sales tax by merchants. EPX’s goal is not only to lead innovation but to also ensure that our new technology is exceptional and TaxCloud is clearly the superior solution.”
“As we have been saying for years, sales tax compliance doesn’t need to be difficult or costly, and it can happen at any level in the commerce ‘stack’—not just at the order-management level,” said R. David L. Campbell, FedTax CEO. He continued, “Aligning our efforts with EPX, a leader and respected innovator in e-commerce, is a natural fit for TaxCloud, and we look forward to working with them and their merchants.”
About Electronic Payment Exchange
Electronic Payment Exchange is a global, industry-leading provider of fully integrated, end-to-end payment solutions for merchants and banks in all payment environments and across all distribution channels. EPX offers a full range of encrypted and tokenized-based payment processing services for leading merchants and banks in retail, ecommerce and card-not-present transactions in the United States, Canada, Europe, Latin America, and the Caribbean. For more information about EPX, visit http://www.epx.com or contact EPX at 302-288-0600.
FedTax, the home of TaxCloud, was founded in Seattle in 2008 to offer online businesses a free and easy way to calculate and collect sales tax. Today over 3500 retailers use TaxCloud to manage sales tax. For more information, visit http://www.taxcloud.com.