How the right payment processing platform can help save time and money

As a small business owner, finding ways to optimize your business is critical to the success of your operations. Having the ability to accept payments in a fast and efficient manner is at the core of running a successful business. That said, it is extremely critical to invest in a payment processing tool that allows you to maintain optimal efficiency while saving you time and money. Here’s what you should look for in your payment processing platform in 2021: 

Pricing transparency 


When it comes to payment processing there can be quite a bit of uncertainty when it comes to pricing. Many processors have hidden fees and charge for additional line items not initially disclosed to the business. When deciding what payment processing platform would be best suited for your business make sure to do your homework. Find out if the company charges different pricing tiers for different card types. With a tiered pricing model, similar transactions are grouped and categorized into tiers, each tier is then charged a different rate. Depending on the types of transactions, you could be paying upwards of 4% in processing. When thinking of tiered pricing think – your hard-earned money down the drain. 


As a general rule of thumb, try to steer clear of pricing models that seem “too complicated” and opt-in for a flat fee or subscription pricing whenever possible. Subscription pricing removes the uncertainty that often plagues business owners thanks to its fixed monthly rate. Businesses know exactly what they’re paying for each month and save a great deal on processing. 

Cutting-edge technology 


As the adage goes, time is money. And this remains true when selecting a payment processing solution. Not only is it important to pick a platform with transparent pricing that saves money, it’s also important to choose a technology-forward solution that allows you to operate your business smarter. Your business needs an all-in-one platform that equips you to operate at peak efficiency. With that in mind, here are some features you may consider when selecting a payment processing solution: 



What business tools do you use most often? Do you use Quickbooks for your accounting? Do you use shopping carts for your website? Be sure to find technology-forward solutions that allow you to integrate with your top-level business needs. For example, Fattmerchant provides you with direct integration into QuickBooks Online. This integration syncs information in two ways, changing the way you manage your payments.

Dashboard and Analytics 


Business owners need access to data to make profitable business decisions. That’s why features that allow you to get a full-throttle view of your data are critical. When possible opt-in for a payments solution powered by data and analytics. Features like a high-level summary, that shows sales trends in a simple view, allows you to be aware of growth or areas of concern for your business. A heatmap highlights your busiest times of day (and slowest) helping you make smarter staffing decisions and more impactful offers and promotions. Find solutions that make running your business simpler and comprehensive. 

Customer Support


When things go wrong, businesses need to know that they are taken care of and will be able to resolve their queries quickly. The lack of timely support can be detrimental to a business since it can impact your cash flow and ability to run your business effectively. This makes it increasingly important to find a processing solution that offers around-the-clock support and has systems in place to answer your queries so you can operate your business at the highest caliber.  Look for companies that offer dedicated, reliable, and timely support – via chat, email, and phone. A good way to see if a company offers this is by looking at company reviews on sites like Merchant Maverick and Software Advice. 


Payment processing is an important facet of your business and should not be taken lightly. Invest in a solution that offers the best savings, technology, and customer support, and run your business at peak efficiency. 

About Fattmerchant: 


Fattmerchant is a merchant services company with an innovative payment technology platform that saves its customers an average of 40% per month on their credit card processing fees with their subscription-based pricing model. With its integrated payment platform, business owners and partners have access to the card-present and card-not-present solutions they need to process payments and invoices, robust data analytics on those transactions, and advanced business tools such as their integration to QuickBooks Online. For more information on Fattmerchant + Xendoo partnership, visit 



This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.

The Ultimate Tax Deductions Checklist for Small Business Owners

Are you claiming all the income tax deductions you’re entitled to? Here’s a handy checklist for U.S. businesses that are structured as sole proprietorships, partnerships, or limited liability companies (LLCs).

Home Office

The portion of your home that you use for an office can qualify you for a wide range of deductions, as long as that area is used exclusively and regularly for business purposes.

First, figure out the square footage of that area (the maximum allowed is 300 square feet). Then figure out what percentage that is of your home’s total square footage. That’s the percent you can deduct for home-related expenses including:
• Repairs and maintenance
• Utilities
• Security

As an alternative to itemizing these deductions, you may choose to take a standardized deduction of $5 per square foot of the area used for business.

Property Insurance

Deduct insurance premiums on the company’s real estate holdings and equipment. If you work from a home office, you are eligible to take this deduction for your homeowner’s or renter’s insurance.

Medical Care and Insurance

As a self-employed business owner, you can deduct the premiums of your personal health, dental and long-term care insurance, as well as those of your spouse and/or dependents. But if your spouse’s employer offers a plan that covers you, you won’t be able to claim a deduction on any other plan.

Out-of-pocket medical expenses, such as doctor and hospital fees, in-home care, and medications, can be deducted on your 2018 return if they exceed 7.5% of your adjusted gross income. In 2019, that minimum goes up to 10%.

Child and Dependent Care

This includes the costs of hiring care for your children (age 12 or younger) and individuals (of any age) who are physically or mentally incapable of self-care. If you were working or looking for work while the care took place, these expenses are 100% deductible.

Real Estate Taxes

Any real estate taxes you pay to your state, city, and even another country are deductible.


Deduct the amount of interest you paid on:
• Business loans
• Business credit cards
• Mortgage loans to buy or improve your home or business property
• Home equity loans
• Money borrowed for investment (if the investment has more interest than income, you can carry forward the overage to next year)

You can also deduct bank fees and charges on business accounts.

Depreciation on Equipment

This deduction helps offset the cost of expensive equipment such as computers and vehicles. You can take the entire amount in the year you bought the item or spread it out over the years that you own it. Which is the better route depends on the expected life of the equipment and other factors; your tax advisor can help you make the right decision.

Energy Efficiency Improvements

You may be able to deduct 30% of the cost of alternative energy equipment in your place of business (including your home if you work from a home office), such as:
• Solar electric equipment
• Solar water heater
• Wind turbines

Salaries and Benefits

What you pay employees (other than the company’s owner, partner, or LLC member) is deductible. Wages, benefits, and even paid time off are included.

Telephone and ISP Charges

As long as you’re using these services for business, they’re deductible. If your phone and internet are used for both business and personal communications, you’ll have to document the percentage of business use.

Car Expenses

For any vehicle used solely for business purposes, you can deduct 100% of the costs of operation. If you use your car for both personal and business trips, you must divide up the costs.

You can either itemize the actual costs of fuel, depreciation, registration fees, parking fees, etc. or take a standard mileage deduction (which is easier and maybe to your benefit if your actual costs are less than the standard rate). The mileage rate changes each year; for 2018 it’s $0.545 per mile.


Deduct 50% of business-related food and beverage costs. Be sure to keep receipts showing the amount of the expense, place, and date of the meal and business relationship of the person(s) whose meal you paid for.

Travel Expenses

A business trip that is ordinary, necessary, and far enough away from the tax home that you would need to sleep or rest before completing it qualifies for tax deductions. Allowable expenses include:
• Travel to and from the destination
• Shipping of baggage and work materials to the destination
• Taxis, car rental, parking and toll fees
• Lodging and meals
• Tips
• Business calls
• Dry cleaning


Deduct 100% of the costs associated with increasing your knowledge and expertise that adds value to your business. These include:
• Classes, seminars, webinars and workshops
• Books and subscriptions to trade publications
• Transportation expenses to and from the education venue

Professional and Legal Fees

This deduction covers any consultants you hire in connection with running your business, including attorneys, accountants, tax preparers and advertising agencies.

Advertising and Promotion

These costs are 100% deductible. They include:
• Newspaper, magazine, radio, TV, internet and billboard ads
• Printing flyers, sales letters, business cards, and forms
• Postage costs for direct mail promotions
• Trade show entry fees or booth rental

Charitable Contributions

As long as the contribution is made to a qualified organization, you can deduct this on your personal tax return.

For more information about tax planning and filing for small businesses, please consult your Xendoo team.

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.

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Xendoo, a fintech company offering innovative online accounting and bookkeeping solutions with data-driven insights for small business owners, is now fully integrating QuickBooks into its proprietary platform…

How Do I Pay Myself and My Taxes as a Single-Member LLC?

The LLC (limited liability company) is a popular alternative to a sole proprietorship set-up for single-owner businesses. It gives you the same simplified income processing that a sole proprietorship enjoys, plus financial and legal protection similar to a corporation’s.

Here’s how the owner’s salary and taxes are handled for a single-member LLC.

Paying Yourself: The Owner’s Draw

If you were the owner of an S-Corporation, you would have to pay yourself a salary as if you were any other W-2 employee. Thus you would need to create a separate bank account; use a payroll system; and withhold, report, and submit payroll taxes. A lot of hassle for just one person, right?

An LLC, on the other hand, can be treated the same as a sole proprietorship — as long as you choose to be taxed that way, not as a corporation. That means you can take money out of the company’s profits whenever you need it, in what’s called the owner’s draw, simply by writing yourself a check.

For bookkeeping purposes (if you’re doing your own books), create a “drawing account” on your balance sheet. Whenever you take money out of the company, enter it as a debit in the drawing account, then enter the same amount as a credit in your personal account.

Paying Income Tax

The IRS classifies a single-member LLC as a “disregarded entity,” with basically the same rules as a sole proprietorship. That means you won’t have to file separate tax returns for your business and personal income.

Instead, the business profits and losses are “passed through” to your personal account, and will be reported on your personal federal tax return — IRS Form 1040, generally with Schedule C, E, or F.

The one drawback to this situation is that you will have to pay the full amount of payroll taxes (Social Security and Medicare) all by yourself. If your business were a corporation, you’d split the cost half-and-half with your “employer.”

The rules for paying state income tax vary, so be sure to check how your state treats the LLC as a taxable entity.

Still not sure about the ins and outs of bookkeeping, paying yourself or preparing your tax return as a single-member LLC? Our small business experts can clear things up, answer your questions, and help you decide what’s best for you and your business. At Xendoo, our mission is to take those hassles off your shoulders, so you can concentrate on making your business thrive.


This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.


The Benefits of Selling on eBay

eBay and Amazon were both founded in 1995. Amazon back then specialized in selling
books, and eBay had few other competitors in the ecommerce selling space at first.

As we know, this is no longer the case – by a long shot. eBay is now up against giants
like Amazon and Walmart (whose relatively new marketplace has taken the ecommerce
industry by storm) and Shopify to name a few.

With these kinds of competitors, what could give eBay an edge for sellers, and why
should you consider the platform if you aren’t already using it?

  • The Auction Format: what eBay is known for (although you do have the ‘Buy It
    Now’ option available too). Particularly good for rare or collectible items, the
    auction format allows buyers to bargain for products and may result in higher
    profits. It can also move your inventory quickly, if you need faster sales.
  • Simple and Quick Set-Up: your eBay store can be set up and ready to go in a
    matter of minutes. Great for newer sellers to get started and build on over time.
    Scroll down for a step-by-step on this process.
  • Competitive Fees: there are six subscription options for sellers on eBay, starting
    from as low as $4.95/month. You then have insertion fees (approximately $0.35c
    per listing), final value fees (around 10%) and if you choose, listing upgrade fees.
    These are relatively easy to stay on top of compared to some other platforms.
  • eBay Managed Payments: eBay’s new Managed Payments system eliminates
    the extra fee previously paid to PayPal for a transaction, saving sellers a little in
    the process. It gives buyers more payment options, generates reports on your
    financials, provides tax documentation, and allows direct transfer to your bank
    account, saving you time. Plus, with A2X now able to integrate with Managed
    Payments, you can level up these bookkeeping tools even further – more on this,
  • Third-party Sellers Only: sellers on eBay escape the added challenge of
    competing with own-brand products like Amazon Essentials for example, being a
    platform for third-party sellers only.
  • More Global Reach: typically, more than half of eBay’s annual sales revenue is
    generated from its 60 million buyers outside the US, setting it apart. Sellers are
    able to choose to list their items on international eBay sites, expanding their
    reach and tapping into that huge overseas customer base.
  • Global Shipping Program: reaching international customers requires
    international fulfillment, and eBay delivers. You will need to meet a few criteria to
    be eligible for the program, including earning a rating of Above Standard or
    higher. If eligible, your items may be covered by eBay’s Money-Back Guarantee,
    and any bad feedback received due to mistakes in the handling will be
    automatically removed from your store.
  • Highest Mobile Reach (for Android): approximately 6.27% of Android users
    can be reached with the eBay app compared to Amazon’s 0.97% and Walmart’s
    1.78%. Those numbers may look small, but with mobile ecommerce sales
    expected to make up around 54% of total ecommerce sales by 2021 – they add
    up. And don’t underestimate the portion of people using android; the number of
    Android smartphone users is forecast to reach 130 million in 2021 and only just
    lost the top spot to iOS at the beginning of 2020.
  • More Room for New Brands and Private Label Sellers: large established
    brands flock to sell on platforms like Amazon, flooding the seller space and
    making things a little tougher for the smaller or younger businesses to cut
    through. Sellers still developing their customer base and brand might have more
    success on eBay, as may private label sellers, due to a few changes in eBay’s
  • More Room for the Miscellaneous: eBay has the option for sellers to select
    “does not apply” when they can’t find a product identifier relevant to their listed
    item. There are also no ‘gated categories’ as found on other ecommerce
    platforms (but there are some prohibited and restricted products to be aware of).
  • Diversifies Your Portfolio: diversification is a great step to grow and future-
    proof your ecommerce business. Having all your virtual business eggs in one
    basket is never a good idea. Not only can you sell more stuff by branching out,
    but you can protect yourself from complications if you are suddenly suspended
    on one site. You can also expand your reach and learn more about your
    customers’ buying behavior beyond one platform, and ultimately grow your brand
    awareness and loyalty.


This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.



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Fort Lauderdale-based Xendoo, which offers online accounting and bookkeeping solutions, announced partnerships with finance companies Fattmerchant, Cogent Bank and MyCorporation to meet growing demand.