26 U.S. Code § 6050W - Returns relating to payments made in settlement of payment card and third party network transactions
The term “merchant acquiring entity” means the bank or other organization which has the contractual obligation to make payment to participating payees in settlement of payment card transactions.
The term “third party settlement organization” means the central organization which has the contractual obligation to make payment to participating payees of third party network transactions.
In any case where an electronic payment facilitator or other third party makes payments in settlement of reportable payment transactions on behalf of the payment settlement entity, the return under subsection (a) shall be made by such electronic payment facilitator or other third party in lieu of the payment settlement entity.
The term “reportable payment transaction” means any payment card transaction and any third party network transaction.
The term “payment card transaction” means any transaction in which a payment card is accepted as payment.
Except as provided by the Secretary in regulations or other guidance, such term shall not include any person with a foreign address.
The Secretary may prescribe such regulations or other guidance as may be necessary or appropriate to carry out this section, including rules to prevent the reporting of the same transaction more than once.