With the PGA Coach app you have flexibility when it comes to collecting payments. In this article we'll walk through setting up your Stripe account to start accepting payments, and turning it on per booking type or group event.
Things to know:
Payments are facilitated through our payment processing provider Stripe. Each payment is subject to a processing fee which is applied to the transaction total.
Click on your avatar on the top right, then click payments, then manage online payment accounts.
Click Add Payment Account:
Choose a payment account name and you will be brought to the Stripe site to register your business:
Stripe will take you through a series of questions. They'll collect:
Personal information, name, address, etc.
Information about your business, such as industry
Banking information so they know where to remit payments you've collected through the service.
Finally, your payment account will be set up and displayed back on your payments dashboard:
You're all set!
A Note about Form 1099-K
The U.S. Congress recently passed legislation changing the 1099-K thresholds for 2022. Activities exceeding $600 in aggregate will now receive a 1099-K. Previously, 1099-K’s were issued at a threshold of $20,000 and 200 transactions.
All merchant providers like Stripe are required to issue 1099-K’s if the new threshold is met . Therefore, coaching fees received via PGA Coach, PGA Jr. League and PGA Family Cup are subject to the new 1099-K requirements.
On December 23rd, 2022, the IRS delayed this new $600 threshold for the 2022 tax year. 1099-K's will only be issued if the old threshold of $20,000 or 200 transactions is exceeded. The full release from the IRS can be found here, with more information to come in the near future.
Please review the IRS website for detailed information on the 1099-K requirements and FAQs. We encourage you to speak with your tax advisor regarding any questions you may have about this legislation and its impact.
More related to Payments
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