W9 & 1099-MISC for Independent Contractor Payments via Stripe.com & PayPal.com
My company will be making payments to Independent Contractors via Stripe.com & PayPal.com through our online platform.
We will be requesting their EIN & SS# on our platform, but nothing else... all other interactions are through PayPal and Stripe.
I've heard that payouts via PayPal don't need a 1099-MISC because PayPal has their own internal 1099 delivery system.
I've also heard that Stripe.com has it's own 1099 system as well via Payable.com, and that they will acquire and store all detailed tax information from my contractor (full name, entity type, home address, etc. etc.)
Can someone confirm this for me?
And also, I've heard that W9's are only required for Cash or Check payments... and because my company will not be paying contractors via cash or check, we don't have to worry about W9's? Is that correct as well?