TaxBandits Knowledge Base

Who is referred to as Electronic Payment Facilitator in Form 1099-K?

An Electronic Payment Facilitator offers payment services for merchants who want to process customer payments online. Regardless of the business size, merchants can get their own accounts from banks or other payment service providers with access to the payment services or systems. After you get your account, your customers can complete payment transactions through your account.

Some of the Electronic Payment Facilitators are Amazon, PayPal, Stripe, and Due.