If you use Storable Payments, you will receive a 1099-K form for tax purposes. The 1099-K form is used to report income from electronic payment methods, such as credit and debit card transactions.
When will I receive a 1099-K?
Forms are sent out the last week of January.
Who sends the forms?
Forms are sent from Worldpay/Payrix, our processing bank.
Where will the form be sent?
Forms are mailed to your facility's physical address. If that's not a good mailing address for you, please contact our Support Team to request an e-copy of the form.
How do I reconcile my 1099-K?
Keep in mind
1099-Ks show the total gross card transactions processed.
ACH/Cash/Check/Other and External Credit Card Machine are not included.
Card transactions made in the tax year that was refunded need to be added back to your revenue total.
1099 monthly totals are based on when transactions were paid out, not on when they were processed.
You can reconcile your 1099 with your Storable Payments reports in Easy.
Statements Report
On the Monthly Statement Report, the monthly CC Payments total will match the 1099 total.
Transactions Report
On the Transactions Report, apply the following filters:
Dates: Select the date range you would like to view.
Payment Method: Credit Card only
Status: Settled
Click Apply.
Once the report has loaded, the total shown under Credit Card Amount will match the 1099 report. This report includes card transactions processed and refunded during the selected time period.
This report can be exported by clicking the Export button.
Review the grand total for the selected time period. If it is less than the amount reported on your 1099, there are two items to review:
The deposit on the first day of any month may include transactions from the previous month. If applicable, that amount will need to be added to your Transactions total.
Refunds: Add the total refund amount back to the Transactions total.