The short answer is, no, you do not. Employers do not prepare 1099-NEC or 1099-MISC forms for any of their credit card business-related payments. The rule extends to some other forms of payment that are similar to credit cards. They include: debit cards, mobile wallets (e.g. PayPal), and store-valued cards (e.g. gift cards). Prepare a Form 1099-NEC or a Form 1099-MISC if you pay one of your contractors with cash, check, or another similar method of payment. The entity that is responsible for the payment settlement (e.g. a credit card company) must issue a 1099. They send Form 1099-K to contractors who use the credit card payment method.