If you are making payments through Payable as a business using your EIN, Payable collects the information of an authorized "Business Representative" as a second factor in authenticating your account against fraud. This is meant to indicate that someone working for the company has been authorized to use this bank account and EIN to send payments and file appropriate taxes, such as the 1099-MISC and 1099-K.
Verifying identities in this way helps us comply with Federal laws such as The Patriot Act and regulations by the Treasury Department and National Credit Union Association for fraud, anti-money laundering, and anti-terrorism funding.
This business representative could be the business Owner, CEO, CFO, Head of Operations, or anyone else with the authority to allow Payable to make payments and file 1099 taxes for the company.
Don’t hesitate to Contact Us with your questions or concerns. We’re eager to help make sure you’re use of Payable is safe, secure, and efficient.
$0.99 per payment