Settlement Reconciliation Services FAQS

Settlement Reconciliation Services FAQS

1.What is SRS?

SRS stands for “Settlement Reconciliation Service.” Per the requirements of the IRS (Internal Revenue Service) each processor desires to report your transaction amounts to them. The IRS also necessitates you to have the correct Federal Tax ID/ Social Security number. If you do not do this, you may be investigated by IRS and have 28% withholding on your daily credit card processing.