Sales Tax Automated Collection (STAC) enables payment providers with the ability to bifurcate state sales tax at settlement without the need to modify devices and solutions at the point of credit and debit card acceptance, reducing overhead for proprietors and ensuring the state obtains unaltered sales tax in near real time upon settlement.
State sales tax collection systems are broken because they rely on ancient methodology
State sales tax collection is vulnerable to fraud and loses money already paid by taxpayers
STAC will help:
capture billions annually in “lost” revenue
result in close to 100% compliance
provide third-party oversight to ensure compliance
transfer financial gains generated by the “float” to the State where it belongs
broaden the tax base without raising taxes
