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Which U.S. credit card processors will send you a 1099, and which will not?

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  • Which U.S. credit card processors will send you a 1099, and which will not?

    Taxes - PayPal, other credit card processors reporting income (gross receipts) to IRS - Free EBAY, PayPal, Business and Law Forums - Ebay Suspension, PayPal Limited

    All U.S. credit card processors MUST send you a 1099 if you process over $20,000. in transactions AND which represent over 200 transactions during the calendar year. SO, if for example in 2013 if you processed $21,000. in transactions AND this was processed in say, 210 separate transactions, then your payment processor is required to send you a 1099. This is required by law and there is no way around it.

    HOWEVER, some payment processors will send you a 1099 even if you process a single dollar in transactions! In other words, some processors will send you a 1099 no matter what - even if you are under the $20,000. / 200 transaction threshold.

    So far, I have determined that the following payment processors follow the law, and send you the 1099 ONLY if you cross that $20,000. / 200 threshold:

    PayPal
    Amazon
    Square / Venmio
    Braintree (through BankCard USA)



    The following will send you a 1099, even if you process under the threshold:

    iPayment (through First Data)
    Intuit
    Wells Fargo
    EVO Merchant Services (Merchant Focus)



    What about your experience? Please post and let us know! as we update this list.
    Please read the forum rules before you post.

    And if you need extra help:
    Modee Tech Support

  • #2
    What about Merchant Inc?

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    • #3
      I have not used Merchant Inc. - the ones with which I have personal experience are above.
      Please read the forum rules before you post.

      And if you need extra help:
      Modee Tech Support

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