If you are receiving payments from Payable as a business using your EIN, Payable collects the information of an authorized "Business Representative" as a second factor in authenticating your account. This information is used only for identity verification. It does not impact any tax forms - it is meant to indicate that someone working for the company has been authorized to use this bank account and EIN to receive payments.
Verifying identities in this way helps us comply with Federal laws and regulations by the Treasury Department and National Credit Union Association for protection against fraud, money laundering, and terrorist funding. Specifically, this requirement is outlined in Section 326 of the US Patriot Act.
This business representative could be the business Owner, CEO, CFO, Head of Operations, or anyone else with the authority to allow Payable to make/receive payments and the appropriate tax forms 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