If the merchant uses an integrated Payment Facilitation partner solution, they should update the information on that solution, which should in turn update ProPay's system. How should a merchant correct inaccurate data? If you are not receiving this report, please contact your relationship manager or Client Support to begin receiving it. Report Name Example: Affiliate 1099K Report for. Payment Facilitators should be receiving a report via in the /Report1099K folder on a monthly basis containing data related to 1099-K eligible merchants. ACH volume is reported as '3rd Party Processing'.įrom tax year 2021 forward, volumes will no longer include Spendback and SplitPay volume.Īs a Payment Facilitator, how do I locate data that requires updates to ensure proper TIN matching (Tax Identification Number)? Volumes include all settled/completed credit card transactions or ACH transactions.Ĭredit Card processing is summed as Payment Card volume. If the merchant qualifies for both forms of payment, they may receive two forms. Otherwise, they are sent to the Know-Your-Customer (KYC) validated home address on file, typically the merchant principal's home address.Ĭredit card processing and ACH volumes are reported separately. Digital copies will be provided on request for corrected, missing or updated 1099-Ks.ĭigital copies may be available for partners on SFTP site in February.įorms are sent to the business address on file (if present). Generally, corrections must be submitted by the 11th of the month in order to be included in files sent to the printer.ĭirect mail from ProPay. If the data update is only for current and future years, no notification is needed to the ProPay support teams.Īddress corrections only apply to subsequent years and do not generate a corrected form to be mailed.Ĭorrected or updated 1099-K forms may take 4-6 weeks to process.Ĭorrections are accepted until the end of June for the prior year. Merchants who use can correct their data there and contact ProPay's Customer Service team to request an updated 1099-K.Ĭhanges for amended 1099-Ks should always be accompanied by an email to the ProPay support teams with accompanying documentation and a request for an amended 1099-K. Integrated Partners should leverage the ProPay API Account Edit function to keep merchant information up to date. These may still be provided by ProPay, but are not intended to replace the process of physically mailing the forms to merchants directly. Previously, bulk PDF forms were delivered to some partners via. Payment Facilitation partners whose merchants primarily interact with their website/solution may want to inform their merchants to expect the form directly from ProPay to avoid confusion about its purpose. Otherwise, they are mailed to the Know-Your-Customer (KYC) validated home address on file-the merchant principal's home address. *API edits do not affect prior-year data - a ticket must be submitted to make a correction to the prior year.įorms are delivered to the business address for the account (if present). Integrated Partners who host their own user interfaces can use the ProPay Account Edit API method to update merchant business information. Merchants using can manage their information by logging into the website. Payment Facilitation Partners with qualified merchants should receive a TIN-matching report via their SFTP Report subscriptions at monthly, which can be used to confirm with merchants that their data on file is correct. Partners and merchants should ensure their business, address and Tax Identification data on file with ProPay is accurate prior to Dec 31 each year to ensure accurate and timely delivery of 1099-K forms. This was intended to be part of tax year 2022, but the IRS has elected to delay implementing it. Any merchant that processed more than $600 in ACH Payments (any # of transactions) will get a distinct 1099-K.ProPay Annually sends IRS 1099-K forms to qualified merchants.ĭetails of qualification criteria can be located at Īdditionally, some states have specific reporting requirements that may generate a 1099-K for a merchant. Modified on: Tue, 14 Feb, 2023 at 6:05 PM Solution home ProPay Solutions Credit Card and ACH Processing 1099-K Information and FAQs
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |