Business owners, have you received a message regarding incorrect TIN/EIN or SSN on file?
January is quickly approaching! If your business accepts credit cards and the business tax identification information is incorrect on your merchant account, you could be subject to a federal withholding of 30%. If you have received any messages from your credit card processor regarding incorrect tax identification information, you have been identified as a business that has invalid tax information on file for your merchant account.
The business name on file with your credit card processor must match exactly with the business name you use to file your business income tax return. If you are a business owner, you should confirm this information with your credit card processor. Any extra spaces, punctuation, or abbreviations in the business name may cause an invalid TIN/EIN and a federal withholding.
Is your business processing credit cards with COCARD? We make it easy to verify your tax identification information; give us a call at 800.317.1819 to verify your account information today.