Systems and Methods For Bifurcating Sales Proceeds and Transmitting Sales Taxes To Taxing Authorities In Near Real Time

摘要

Systems and methods for bifurcating sales proceeds and transmitting sales taxes to a taxing authority include a point of sale (POS) terminal configured to assemble payment transaction data into a batch processing request including a sales price component and a sales tax component. The system also includes a primary payment processor configured to transmit first proceeds from the reconciliation of the sales price component to a merchant account, and a fiduciary payment processor configured to transmit second proceeds from the reconciliation of the sales tax component to a fiduciary account.