Learn how to send a request for you to be able to accept flexible spending account (FSA) cards.
What are flexible spending accounts/flexible spending cards?
A flexible spending account (FSA), also known as a flexible spending arrangement, allows an employee to set aside a portion of earnings to pay for qualified expenses, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, thereby resulting in substantial payroll tax savings. The employee is provided a flexible spending card for the FSA, which they must then use when paying for qualified medical expenses.
One significant disadvantage to using an FSA is that funds not used by the end of the plan year are lost to the employee, which is known as the "use it or lose it" rule.
To request the ability to accept flexible spending cards
- Write a brief paragraph requesting the ability to receive flexible spending cards.
- State the type of product and/or service you provide.
- State the name of your business.
- Include your 16 digit merchant account number.
- Your request must be signed by the principal on your merchant account.
- Fax your request to Account Setup & Maintenance at Fax # 818-301-2158 or email to IMSOASISQUALITY@INTUIT.COM
- Once your request is received you will be ready to accept flexible spending cards in 2-3 business days as long as business type is medical.