Transcription of Frequently Asked Questions - IRS tax forms
{{id}} {{{paragraph}}}
Example: quiz answers
Frequently Asked Questions - IRS tax forms
IRC Section 6050W Frequently Asked Questions What are payment settlement entities ? Payment settlement entities are the organizations responsible for reporting the payments made to participating payees. A payment settlement entity may be a domestic or foreign entity. For payment card transactions, merchant acquiring entities are the payment settlement entities , and for third party network transactions, third-party settlement organizations are the payment settlement entities . What is a third-party settlement organization? A third-party settlement organization is a central organization that has the contractual obligation to make payments to participating payees (generally, a merchant) in a third party payment network. Characteristics of a third party payment network include: (i) the existence of a central organization with whom providers of goods and services have established accounts, (ii) an agreement between the central organization and providers to settle transactions between the providers of goods and services and purchasers, (iii) the establishment of standards and mechanisms for settling such transactions and (iv) the guarantee of payment in settlement of such transactions.
acquiring entities charge merchants a fee for facilitating their charge transactions. Merchant ... The term “participating payees” includes any governmental unit as well as any agency or instrumentality thereof. What qualifies as a “payment card”? Under the regulations, a payment card is a card, issued to a cardholder that a network of ...
Tags:
Information
Domain:
Source:
Link to this page:
Please notify us if you found a problem with this document: