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We onboard and collect all the necessary tax information from your form recipients in 5 easy steps.
Invitations to tax form recipients will be sent on the business’s behalf. Stripe Connect or Professional Package companies can customize the email logo and text to set more context for the recipients to help them understand Payable's role in the tax process.
Add your company logo first from the "Settings" page (transparent PNG files work best).
In this step, contractors and vendors are asked to provide: First Name, Last Name, and email will be pre-filled. Next, the recipient just needs to add a password.
Recipient then confirms name, country, and business type (whether they're an individual or registered business).
Next, all relevant tax information will be populated with information imported from Stripe. Recipients will have the ability to add info where missing, update out of date details, and/or confirm that all necessary tax data is correct.
We capture delivery preference based on the IRS requirements regarding E-delivery of statements to recipients. One of the key reasons to invite recipients to Payable is to obtain their 1099 form delivery preference. Companies are required by the IRS to obtain consent from the form recipient that they prefer e-delivery, or else the default is paper delivery.
The IRS states, “The consent by the recipient must be made electronically in a way that shows that he or she can access the statement in the electronic format in which it will be furnished.” And “You must notify the recipient of any hardware or software changes prior to furnishing the statement. A new consent to receive the statement electronically is required after the new hardware or software is put into service”
$0.99 per payment